Financial Accounting Analysis Report: Blackham Resources Limited 2017
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This report provides a comprehensive analysis of Blackham Resources Limited's financial statements. It begins by examining the company's equity, detailing the components of issued capital, reserves, and accumulated losses, along with the reasons for their changes between 2016 and 2017. The report then assesses the company's tax expenses, highlighting that Blackham Resources had no tax liability due to sustained losses. A comparison between accounting income and taxable income is presented, explaining the differences arising from timing and permanent variances. The analysis further delves into deferred tax assets and liabilities, noting the absence of deferred tax liabilities and the increase in unrecognised deferred tax assets. Finally, the report concludes by summarizing the income tax expenses and paid, emphasizing the absence of tax obligations due to the company's financial performance. The report uses figures from the 2018 financial statement to support its claims.
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Running head: ACCOUNTING
Accounting
Name of the Student:
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Authors note:
Accounting
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1ACCOUNTING
Table of Contents
Introduction................................................................................................................................2
Items of Equity and reason of change........................................................................................2
Tax Expenses of the company....................................................................................................4
Accounting income and Tax Income.........................................................................................5
Deferred tax Assets or Liabilities...............................................................................................6
Current Tax Assets or Income Tax Payable...............................................................................7
Income Tax Expenses and the income tax paid.........................................................................8
Findings and conclusion.............................................................................................................9
Reference..................................................................................................................................10
Table of Contents
Introduction................................................................................................................................2
Items of Equity and reason of change........................................................................................2
Tax Expenses of the company....................................................................................................4
Accounting income and Tax Income.........................................................................................5
Deferred tax Assets or Liabilities...............................................................................................6
Current Tax Assets or Income Tax Payable...............................................................................7
Income Tax Expenses and the income tax paid.........................................................................8
Findings and conclusion.............................................................................................................9
Reference..................................................................................................................................10

2ACCOUNTING
Introduction
In this report, an attempt is made to analyse the latest annual report of Blackham
Resources Limited. The main purpose of the report is to discuss the items of the equity and
the reason for their changes. The report also highlights the tax expenses of the company and
the difference between accounting income and taxable income. The main aim of the report is
analyse the annual report and highlight the findings related to tax.
Items of Equity and reason of change
In this report, the company whose financial statement has been analysed is
BLACKHAM Resource Limited. In this part discussion regarding the company’s equity and
changes in it is being undertaken. In accounting concepts, the word equity has different
meanings. Generally, when the word equity is used it usually indicates the value of an asset
subtracted from the other liabilities (Conrad et al. 2016). But in this context, equity means
something else. Here equity means the total amount of contributions/ funds invested by the
owner of the company toward the capital of the company and as well as the amount of
retained earnings or reserves or any losses (Bruce-Twum and Mensah 2015). This figures
which are put up on the company’s balance sheet together forms the Equity for the company.
It is also referred as the Shareholders’ Equity. Under the head Equity, the items found in the
balance sheet of Blackham Resources Ltd. are Issued Capital, Reserves and Accumulated
Losses.
Figure 1: Equity
Introduction
In this report, an attempt is made to analyse the latest annual report of Blackham
Resources Limited. The main purpose of the report is to discuss the items of the equity and
the reason for their changes. The report also highlights the tax expenses of the company and
the difference between accounting income and taxable income. The main aim of the report is
analyse the annual report and highlight the findings related to tax.
Items of Equity and reason of change
In this report, the company whose financial statement has been analysed is
BLACKHAM Resource Limited. In this part discussion regarding the company’s equity and
changes in it is being undertaken. In accounting concepts, the word equity has different
meanings. Generally, when the word equity is used it usually indicates the value of an asset
subtracted from the other liabilities (Conrad et al. 2016). But in this context, equity means
something else. Here equity means the total amount of contributions/ funds invested by the
owner of the company toward the capital of the company and as well as the amount of
retained earnings or reserves or any losses (Bruce-Twum and Mensah 2015). This figures
which are put up on the company’s balance sheet together forms the Equity for the company.
It is also referred as the Shareholders’ Equity. Under the head Equity, the items found in the
balance sheet of Blackham Resources Ltd. are Issued Capital, Reserves and Accumulated
Losses.
Figure 1: Equity

3ACCOUNTING
(Source: Blackhamresources.com.au, 2018)
Firstly, the term Issued capital refers to the amount or the number of shares that the
company has already issued to its existing or new shareholders. The issued capital can never
exceeds the company’s authorised share capital as this portion of the capital is a part of the
authorised capital itself. On analysing the balance sheet of the company it was observed that
at the end of the financial year 2016, the issued capital for the company was $52,356,000
which increased to $109,960,000 in the year 2017. This implies that the company has issued
new shared to its shareholders amounting to $57,604,000 during the year 2017 (Dalnial et al.
2014). This is due to several events that took place in the year 2017 such as the company
issued shares on exercise of option amounting to $1,070,000. The company has also made
placements of shares amounting to $60,000,000 and also issued shares in lieu of payments
was 75,000 shares. Due to this, the company has to make some transaction expenses that
were amounting to $3,527,000 to give effect to the above issues.
Secondly, Reserves of the company was taken into account. Reserves refers to that
accumulated fund which are held in the form of liquid assets by any company, business and
even government so that they can meet any expected payments which are scheduled to be
made in future (Grant 2016). This reserves can also be used by the company to meet and
unforeseen or emergency events. Similar to the issued capital, the reserves for the company
was also found to be increased from $4,854,000 in the year 2016 to $6,310,000 in 2017. This
was due to fact that the company issued options amounting $759,000 and also performance
rights were also issued for $697,000.
Finally the last item found under the head Equity in the balance sheet was
Accumulated losses. During the past few years, the company was suffering losses thus in the
(Source: Blackhamresources.com.au, 2018)
Firstly, the term Issued capital refers to the amount or the number of shares that the
company has already issued to its existing or new shareholders. The issued capital can never
exceeds the company’s authorised share capital as this portion of the capital is a part of the
authorised capital itself. On analysing the balance sheet of the company it was observed that
at the end of the financial year 2016, the issued capital for the company was $52,356,000
which increased to $109,960,000 in the year 2017. This implies that the company has issued
new shared to its shareholders amounting to $57,604,000 during the year 2017 (Dalnial et al.
2014). This is due to several events that took place in the year 2017 such as the company
issued shares on exercise of option amounting to $1,070,000. The company has also made
placements of shares amounting to $60,000,000 and also issued shares in lieu of payments
was 75,000 shares. Due to this, the company has to make some transaction expenses that
were amounting to $3,527,000 to give effect to the above issues.
Secondly, Reserves of the company was taken into account. Reserves refers to that
accumulated fund which are held in the form of liquid assets by any company, business and
even government so that they can meet any expected payments which are scheduled to be
made in future (Grant 2016). This reserves can also be used by the company to meet and
unforeseen or emergency events. Similar to the issued capital, the reserves for the company
was also found to be increased from $4,854,000 in the year 2016 to $6,310,000 in 2017. This
was due to fact that the company issued options amounting $759,000 and also performance
rights were also issued for $697,000.
Finally the last item found under the head Equity in the balance sheet was
Accumulated losses. During the past few years, the company was suffering losses thus in the
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4ACCOUNTING
current balance sheet, the accumulated losses was reflected. A situation for a loss occurs only
when an asset of a company is sold or disposed of at a price which is lower than its purchase
price. Thus when a company is suffering losses over the years and it is carrying forward its
losses to adjust it with the profit of the current year is known as the accumulated losses for
the company. In the current situation it can be observed that the accumulated loss for the
company has increased from $23,101,000 in the year 2016 to $29,945,000 in the year 2017.
Therefore, it can be understood that the company in the current financial year has also
suffered from significant loss due to which the figure for accumulated loss has increased
(Kablan 2016).
Tax Expenses of the company
Figure 2: Tax expenses
(Source: Blackhamresources.com.au, 2018)
The business making profits or earning irrespective of small amounts or large
amounts are liable to pay income tax to the municipal, federal, state, or provincial
government at a specific rate that are decided by the government of the country where the
company is operating. The income tax is charged on the company gross profit after deducting
the applicable expenses (Ishibashi et al. 2016). But as it can be observed after analysing the
balance sheet of the company that during the past two year i.e. 2016 and 2017 the company
current balance sheet, the accumulated losses was reflected. A situation for a loss occurs only
when an asset of a company is sold or disposed of at a price which is lower than its purchase
price. Thus when a company is suffering losses over the years and it is carrying forward its
losses to adjust it with the profit of the current year is known as the accumulated losses for
the company. In the current situation it can be observed that the accumulated loss for the
company has increased from $23,101,000 in the year 2016 to $29,945,000 in the year 2017.
Therefore, it can be understood that the company in the current financial year has also
suffered from significant loss due to which the figure for accumulated loss has increased
(Kablan 2016).
Tax Expenses of the company
Figure 2: Tax expenses
(Source: Blackhamresources.com.au, 2018)
The business making profits or earning irrespective of small amounts or large
amounts are liable to pay income tax to the municipal, federal, state, or provincial
government at a specific rate that are decided by the government of the country where the
company is operating. The income tax is charged on the company gross profit after deducting
the applicable expenses (Ishibashi et al. 2016). But as it can be observed after analysing the
balance sheet of the company that during the past two year i.e. 2016 and 2017 the company

5ACCOUNTING
has undergone losses amounting to $8,009,000 and $6,844,000 respectively. Hence the
company is not liable to pay income tax as currently it has no income or profits. Therefore as
the company has no tax liability thus its tax expenses are also nil as shown in the company’s
income statement.
Accounting income and Tax Income.
As it was found in this case, that the accounting income of the firm was nil for both of
the financial years 2016 and 2017 hence the firm was not liable to pay taxes over its
accounting income. Due to this fact, as the accounting income was nil thus the tax expenses
or tax payable for the company was also nil. However, if there were any accounting profits or
income for the firm then the firm’s accounting income would not be equal to its tax expenses.
This is because, the tax payable for the company are calculated at a certain percentage over
its accounting income or profits (Buvaneswari and Lakshmi 2015).
The accounting income of a firm varies from that of its taxable income due to two
major causes. One of them is due to the differences in timings while the other reason is due to
the permanent differences (Maaloul and Zéghal 2015). The taxable income of a firm can be
considerably different from its accounting income due to differences in the methods of
accounting used. However, this timing differences can get solved or sorted out in the future
course of time as it is automatically settled by the firm’s general ledger and its tax
accounting. Moreover, this differences can also arise out because of the variances in methods
of depreciation or amortization which the company undertake. In addition to these,
sometimes a company record few incomes in its books of accounts before they are actually
received. This treatment also causes differences between the company’s accounting and
taxable incomes (Zeff 2016).
has undergone losses amounting to $8,009,000 and $6,844,000 respectively. Hence the
company is not liable to pay income tax as currently it has no income or profits. Therefore as
the company has no tax liability thus its tax expenses are also nil as shown in the company’s
income statement.
Accounting income and Tax Income.
As it was found in this case, that the accounting income of the firm was nil for both of
the financial years 2016 and 2017 hence the firm was not liable to pay taxes over its
accounting income. Due to this fact, as the accounting income was nil thus the tax expenses
or tax payable for the company was also nil. However, if there were any accounting profits or
income for the firm then the firm’s accounting income would not be equal to its tax expenses.
This is because, the tax payable for the company are calculated at a certain percentage over
its accounting income or profits (Buvaneswari and Lakshmi 2015).
The accounting income of a firm varies from that of its taxable income due to two
major causes. One of them is due to the differences in timings while the other reason is due to
the permanent differences (Maaloul and Zéghal 2015). The taxable income of a firm can be
considerably different from its accounting income due to differences in the methods of
accounting used. However, this timing differences can get solved or sorted out in the future
course of time as it is automatically settled by the firm’s general ledger and its tax
accounting. Moreover, this differences can also arise out because of the variances in methods
of depreciation or amortization which the company undertake. In addition to these,
sometimes a company record few incomes in its books of accounts before they are actually
received. This treatment also causes differences between the company’s accounting and
taxable incomes (Zeff 2016).

6ACCOUNTING
Secondly, the variations in the amount of taxable income and accounting income may
also arise due to permanent differences. There are few items which are recognised as
accounting incomes or profits by the company which are not taxable in nature. Due to such
circumstances, the company’s accounting profits get increased when such incomes does not
affect the tax liability of the company. Thus the company’s taxable incomes remains
unchanged. This creates significant differences among the company’s accounting and taxable
profits. Moreover unlike temporary variations, the permanent difference are not settled in the
future course of time for the company (Ehiedu 2014). Two such examples of permanent
differences among taxable and accounting incomes for a company are proceeds from life
insurances and interest earned bonds that are non-taxable in nature.
Thus, due to the following differences in accounting items and treatments, there
always exists a difference among the firm’s accounting incomes and taxable incomes.
Deferred tax Assets or Liabilities
Under any such situation, where a company pays its taxes well in advance or may
overpay its tax liability and that is shown on its balance sheet is known as deferred tax asset
for the company. On the other hand, any account on the balance sheet of the company that is
due to the temporary differences between the carrying values of tax and is termed as the
deferred tax liability for the company (Wang 2017).
In the balance sheet of the company, as shown in the below figure, under the notes to
accounts section and further under the head Income Tax, the workings for the deferred tax
assets have been provided which is not recognised in the balance sheet of the company. The
unrecognised deferred tax assets for the company was found to be $5,213,000 in the year
2016 which increased to $8,459,000 in the year 2017. Major items due to which the deferred
tax assets increased in the year 2017 were due to substantial increase of Income Tax losses,
Secondly, the variations in the amount of taxable income and accounting income may
also arise due to permanent differences. There are few items which are recognised as
accounting incomes or profits by the company which are not taxable in nature. Due to such
circumstances, the company’s accounting profits get increased when such incomes does not
affect the tax liability of the company. Thus the company’s taxable incomes remains
unchanged. This creates significant differences among the company’s accounting and taxable
profits. Moreover unlike temporary variations, the permanent difference are not settled in the
future course of time for the company (Ehiedu 2014). Two such examples of permanent
differences among taxable and accounting incomes for a company are proceeds from life
insurances and interest earned bonds that are non-taxable in nature.
Thus, due to the following differences in accounting items and treatments, there
always exists a difference among the firm’s accounting incomes and taxable incomes.
Deferred tax Assets or Liabilities
Under any such situation, where a company pays its taxes well in advance or may
overpay its tax liability and that is shown on its balance sheet is known as deferred tax asset
for the company. On the other hand, any account on the balance sheet of the company that is
due to the temporary differences between the carrying values of tax and is termed as the
deferred tax liability for the company (Wang 2017).
In the balance sheet of the company, as shown in the below figure, under the notes to
accounts section and further under the head Income Tax, the workings for the deferred tax
assets have been provided which is not recognised in the balance sheet of the company. The
unrecognised deferred tax assets for the company was found to be $5,213,000 in the year
2016 which increased to $8,459,000 in the year 2017. Major items due to which the deferred
tax assets increased in the year 2017 were due to substantial increase of Income Tax losses,
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7ACCOUNTING
Equity raising costs and minor increase in borrowing costs (Weygandt et al. 2015). Moreover
there were no deferred tax liabilities for the company was observed in the balance sheet. This
is because of the fact that as the company was suffering losses, thus there was no obligation
for the company to pay income tax and hence there was no deferred tax liability for the
company.
Figure 3: Deferred Tax
(Source: Blackhamresources.com.au, 2018)
Current Tax Assets or Income Tax Payable.
The company is liable to pay income tax at a certain rate over the company’s income
or profits. The amount which the company or a firm has to pay or it is liable to pay at a
certain rate over its income or profits as tax is known as the income tax payable for that
particular company. The amount of income tax varies from one country to another due to the
difference in the rate of taxation as fixed by the governments (Clor-Proell et al. 2015). In this
case, as already mentioned earlier that the company has not made any profit from its
Equity raising costs and minor increase in borrowing costs (Weygandt et al. 2015). Moreover
there were no deferred tax liabilities for the company was observed in the balance sheet. This
is because of the fact that as the company was suffering losses, thus there was no obligation
for the company to pay income tax and hence there was no deferred tax liability for the
company.
Figure 3: Deferred Tax
(Source: Blackhamresources.com.au, 2018)
Current Tax Assets or Income Tax Payable.
The company is liable to pay income tax at a certain rate over the company’s income
or profits. The amount which the company or a firm has to pay or it is liable to pay at a
certain rate over its income or profits as tax is known as the income tax payable for that
particular company. The amount of income tax varies from one country to another due to the
difference in the rate of taxation as fixed by the governments (Clor-Proell et al. 2015). In this
case, as already mentioned earlier that the company has not made any profit from its

8ACCOUNTING
operations thus it is also not liable to pay any tax. Hence there are no income tax payable or
current tax assets recorded by the company in its balance sheet.
Figure 4: Income tax Expenses
(Source: Blackhamresources.com.au, 2018)
An account which records the amount of tax which a company is liable to pay to the
government in any particular financial year which is further reflected in the company’s
balance sheet under the head current liabilities is known as income tax payable. The income
tax expenses is also very similar to the income tax payable. At the time of preparing any
financial report, every businesses follows certain guidelines that are often somewhat different
from those policies that are undertaken while calculating the income tax for the company
(Jahan 2016). Due to this, the actual or original tax bill of the company is not similar to that
of the tax amount figured out by the company. Thereafter, this difference is reflected on the
financial statements of the company which ends up creating a difference between the tax
payable and tax expenses.
Income Tax Expenses and the income tax paid
In the current case, the company Blackham Resources Limited was not able to
generate any income or profits during the past few years. This is also quite evident from the
fact that in the company current balance sheet the amount of accumulated losses have
operations thus it is also not liable to pay any tax. Hence there are no income tax payable or
current tax assets recorded by the company in its balance sheet.
Figure 4: Income tax Expenses
(Source: Blackhamresources.com.au, 2018)
An account which records the amount of tax which a company is liable to pay to the
government in any particular financial year which is further reflected in the company’s
balance sheet under the head current liabilities is known as income tax payable. The income
tax expenses is also very similar to the income tax payable. At the time of preparing any
financial report, every businesses follows certain guidelines that are often somewhat different
from those policies that are undertaken while calculating the income tax for the company
(Jahan 2016). Due to this, the actual or original tax bill of the company is not similar to that
of the tax amount figured out by the company. Thereafter, this difference is reflected on the
financial statements of the company which ends up creating a difference between the tax
payable and tax expenses.
Income Tax Expenses and the income tax paid
In the current case, the company Blackham Resources Limited was not able to
generate any income or profits during the past few years. This is also quite evident from the
fact that in the company current balance sheet the amount of accumulated losses have

9ACCOUNTING
increased from that of the previous year. This fact clearly signifies that the company has
made no profit during the current financial year (Ball et al. 2015). Hence due to the above
mentioned reason, the company is also not liable to pay any tax as its income is nil. Hence the
tax expenses for the company is also nil which is mentioned in its income statements.
Figure 5: Income tax expenses
(Source: Blackhamresources.com.au, 2018)
Similarly, as the company’s income is nil and subsequently the tax expenses or
liability is also nil, thus there is no obligation for the company to pay tax. Therefore, in the
company’s cash flow statement, there are no such item or entry recorded as income tax paid.
Findings and conclusion
In this case, the primary objective was to figure out the tax expenses of the company
that was provided. While working out the report, I was able to gather significant knowledge
regarding the concept of equity for a company. Moreover I also learnt how a firm actually
calculates its tax expenses. I found this quite an interesting experience. The most confusing
and difficult thing which I encountered was the difference among the accounting income and
taxable income for a firm. Both of them are so closely related to each other that it becomes
very difficult to figure them out individually and accurately. However, in this company there
was no tax liability for the firm as it was suffering losses for the past few year. This was a bit
increased from that of the previous year. This fact clearly signifies that the company has
made no profit during the current financial year (Ball et al. 2015). Hence due to the above
mentioned reason, the company is also not liable to pay any tax as its income is nil. Hence the
tax expenses for the company is also nil which is mentioned in its income statements.
Figure 5: Income tax expenses
(Source: Blackhamresources.com.au, 2018)
Similarly, as the company’s income is nil and subsequently the tax expenses or
liability is also nil, thus there is no obligation for the company to pay tax. Therefore, in the
company’s cash flow statement, there are no such item or entry recorded as income tax paid.
Findings and conclusion
In this case, the primary objective was to figure out the tax expenses of the company
that was provided. While working out the report, I was able to gather significant knowledge
regarding the concept of equity for a company. Moreover I also learnt how a firm actually
calculates its tax expenses. I found this quite an interesting experience. The most confusing
and difficult thing which I encountered was the difference among the accounting income and
taxable income for a firm. Both of them are so closely related to each other that it becomes
very difficult to figure them out individually and accurately. However, in this company there
was no tax liability for the firm as it was suffering losses for the past few year. This was a bit
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10ACCOUNTING
surprising to me. Hence due to lack of income and profit the tax expenses for the company
was also nil.
Reference
Ball, R., Li, X. and Shivakumar, L., 2015. Contractibility and transparency of financial
statement information prepared under IFRS: Evidence from debt contracts around IFRS
adoption. Journal of Accounting Research, 53(5), pp.915-963.
Blackhamresources.com.au. (2018). Cite a Website - Cite This For Me. [online] Available at:
http://blackhamresources.com.au/wp-content/uploads/2017/10/171023-BLK-Full-Annual-
Report-30-6-17-FINAL-5.pdf [Accessed 12 Jan. 2018].
Bruce-Twum, E. and Mensah, C.C., 2015. Financial Statement Analysis.
Buvaneswari, R. and Lakshmi, S., 2015. A study on financial statement analysis of Sri Ram
perfumes, Trichy. International Journal of Advanced Research in Management and Social
Sciences, 4(7), pp.232-253.
Clor-Proell, S., Koonce, L. and White, B., 2015. How do financial statement users evaluate
hybrid financial instruments?.
Conrad, J., Karpoff, J., Lewis, C. and Ritter, J.R., 2016. Statement of the Financial
Economists Roundtable: Crowdfunding.
Dalnial, H., Kamaluddin, A., Sanusi, Z.M. and Khairuddin, K.S., 2014. Detecting fraudulent
financial reporting through financial statement analysis. Journal of Advanced Management
Science Vol, 2(1).
surprising to me. Hence due to lack of income and profit the tax expenses for the company
was also nil.
Reference
Ball, R., Li, X. and Shivakumar, L., 2015. Contractibility and transparency of financial
statement information prepared under IFRS: Evidence from debt contracts around IFRS
adoption. Journal of Accounting Research, 53(5), pp.915-963.
Blackhamresources.com.au. (2018). Cite a Website - Cite This For Me. [online] Available at:
http://blackhamresources.com.au/wp-content/uploads/2017/10/171023-BLK-Full-Annual-
Report-30-6-17-FINAL-5.pdf [Accessed 12 Jan. 2018].
Bruce-Twum, E. and Mensah, C.C., 2015. Financial Statement Analysis.
Buvaneswari, R. and Lakshmi, S., 2015. A study on financial statement analysis of Sri Ram
perfumes, Trichy. International Journal of Advanced Research in Management and Social
Sciences, 4(7), pp.232-253.
Clor-Proell, S., Koonce, L. and White, B., 2015. How do financial statement users evaluate
hybrid financial instruments?.
Conrad, J., Karpoff, J., Lewis, C. and Ritter, J.R., 2016. Statement of the Financial
Economists Roundtable: Crowdfunding.
Dalnial, H., Kamaluddin, A., Sanusi, Z.M. and Khairuddin, K.S., 2014. Detecting fraudulent
financial reporting through financial statement analysis. Journal of Advanced Management
Science Vol, 2(1).

11ACCOUNTING
Ehiedu, V.C., 2014. The impact of liquidity on profitability of some selected companies: The
financial statement analysis (FSA) approach. Research Journal of Finance and
Accounting, 5(5), pp.81-90.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley &
Sons.
Ishibashi, K., Iwasaki, T., Otomasa, S. and Yada, K., 2016. Model Selection for Financial
Statement Analysis: Variable Selection with Data Mining Technique. Procedia Computer
Science, 96, pp.1681-1690.
Jahan, N., 2016. Financial statement analysis & internal audit procedure of Raj Lanka Power
Company Limited.
Kablan, A., 2016. Financial statement analysis in municipalities and an
application. International Journal of Research in Business and Social Science (2147-
4478), 2(3), pp.75-86.
Maaloul, A. and Zéghal, D., 2015. Financial statement informativeness and intellectual
capital disclosure: an empirical analysis. Journal of Financial Reporting and
Accounting, 13(1), pp.66-90.
Wang, J., 2017. ACCTG 663 Financial Statement Analysis.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & Managerial Accounting.
John Wiley & Sons.
Zeff, S.A., 2016. Forging accounting principles in five countries: A history and an analysis
of trends. Routledge.
Ehiedu, V.C., 2014. The impact of liquidity on profitability of some selected companies: The
financial statement analysis (FSA) approach. Research Journal of Finance and
Accounting, 5(5), pp.81-90.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley &
Sons.
Ishibashi, K., Iwasaki, T., Otomasa, S. and Yada, K., 2016. Model Selection for Financial
Statement Analysis: Variable Selection with Data Mining Technique. Procedia Computer
Science, 96, pp.1681-1690.
Jahan, N., 2016. Financial statement analysis & internal audit procedure of Raj Lanka Power
Company Limited.
Kablan, A., 2016. Financial statement analysis in municipalities and an
application. International Journal of Research in Business and Social Science (2147-
4478), 2(3), pp.75-86.
Maaloul, A. and Zéghal, D., 2015. Financial statement informativeness and intellectual
capital disclosure: an empirical analysis. Journal of Financial Reporting and
Accounting, 13(1), pp.66-90.
Wang, J., 2017. ACCTG 663 Financial Statement Analysis.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & Managerial Accounting.
John Wiley & Sons.
Zeff, S.A., 2016. Forging accounting principles in five countries: A history and an analysis
of trends. Routledge.

12ACCOUNTING
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