Advanced Financial Accounting: Reporting and Analysis

This document presents a detailed solution to an advanced financial accounting assignment. The assignment includes an analysis of financial reporting practices, specifically focusing on recommendations for the International Accounting Standards Board (IASB) based on the annual reports of Westpac and ANZ Bank. The solution provides journal entries related to share capital transactions, including application, allotment, calls, and forfeiture, with detailed workings. Furthermore, the assignment covers current and deferred tax calculations, presenting worksheets and journal entries for both a profit and loss scenario. The solution demonstrates the application of accounting principles and tax regulations, offering a comprehensive understanding of financial accounting concepts. The document also provides insights into the communication of financial data and suggests guidelines for enhancing the efficiency of financial reports. It provides the analysis of the annual reports of two banks and uses formatting in a proper way as one of the guidelines that will assist in producing active communication of financial details written in the financial report of institutions.