HI5020 Corporate Accounting 1: Analysis of Retail Food Group Ltd
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This report provides a detailed analysis of the equity, tax, and deferred tax aspects of Retail Food Group Limited based on its financial statements. It examines changes in equity items between FY 2015 and FY 2016, including issued capital, reserves, and retained earnings, explaining the potential reasons for these changes. The report also discusses the company's tax expenses, distinguishing between current and deferred tax, and clarifies why the company tax rate may differ from its accounting income. Furthermore, it comments on deferred tax assets and liabilities, explaining their possible origins and implications for the company. The report also clarifies the differences between income tax expense and income tax payable and analyzes the variances between income tax expense in the income statement and income tax paid in the cash flow statement, highlighting the accounting and tax law differences. Desklib offers a variety of study tools and solved assignments for students.
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HI5020- Corporate Accounting
1
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Contents
(i).................................................................................................................................................................3
(ii)................................................................................................................................................................4
(iii)...............................................................................................................................................................5
(iv)...............................................................................................................................................................6
(v)................................................................................................................................................................7
(vi)...............................................................................................................................................................9
(vii)............................................................................................................................................................10
References:................................................................................................................................................11
2
(i).................................................................................................................................................................3
(ii)................................................................................................................................................................4
(iii)...............................................................................................................................................................5
(iv)...............................................................................................................................................................6
(v)................................................................................................................................................................7
(vi)...............................................................................................................................................................9
(vii)............................................................................................................................................................10
References:................................................................................................................................................11
2

(i)
Information of Equity
In the balance sheet of retail food group limited in the year 2016 the items reflected are issued
capital, retained earnings and reserves. Issued capital is $ 324,072, Reserves stands at $ 1,925
and retained earnings at $ 108,247.
Issued capital: - it is that part of the authorised capital which is issued to the public for
subscription. The issued capital cannot exceed authorised capital.
Reserves:-reserves are maintained out of the profits for a particular work or to meet the
particular expenses. The expenses can be legal expenses, to purchase fixed assets or to make
payment for any other expense.
Retained earnings: - retained earnings are kept aside from the profits of the organization. They
are not distributed to the shareholders as dividends. It reflects the liquidity position of the
organization. Many of the times they are either maintained for reinvestment in the core business
of organization or used for making payment for the debt (Kaur, 2015).
Changes in the items of equity
There are changes in the items of equity in the year FY 2016 to FY 2015. The equity in 2015 was
$ 315,051 which has changed to $ 324,072 in the year 2016. The Retail food group limited has
issued the shares to the public 2031 shares in the year 2016. The shares are issued when the
company is in need of finance for expansion, diversification or any other long term requirement.
Reserves have increased in FY 2016 to 1,925 from $ 1,276 in FY 2015. The most probable
reason for change is the Retail Food Group might have transferred funds to reserve either at the
discretion of management or to meet any kind of debt.
Retained earnings in the FY 2016 are $ 108,247 whereas in the year 2015 it was $ 87,455. The
reason behind the increase is the hike in funds attributable to the members of company ( Retail
Food Group, 2016).
( Note all the amounts are in thousand dollars)
3
Information of Equity
In the balance sheet of retail food group limited in the year 2016 the items reflected are issued
capital, retained earnings and reserves. Issued capital is $ 324,072, Reserves stands at $ 1,925
and retained earnings at $ 108,247.
Issued capital: - it is that part of the authorised capital which is issued to the public for
subscription. The issued capital cannot exceed authorised capital.
Reserves:-reserves are maintained out of the profits for a particular work or to meet the
particular expenses. The expenses can be legal expenses, to purchase fixed assets or to make
payment for any other expense.
Retained earnings: - retained earnings are kept aside from the profits of the organization. They
are not distributed to the shareholders as dividends. It reflects the liquidity position of the
organization. Many of the times they are either maintained for reinvestment in the core business
of organization or used for making payment for the debt (Kaur, 2015).
Changes in the items of equity
There are changes in the items of equity in the year FY 2016 to FY 2015. The equity in 2015 was
$ 315,051 which has changed to $ 324,072 in the year 2016. The Retail food group limited has
issued the shares to the public 2031 shares in the year 2016. The shares are issued when the
company is in need of finance for expansion, diversification or any other long term requirement.
Reserves have increased in FY 2016 to 1,925 from $ 1,276 in FY 2015. The most probable
reason for change is the Retail Food Group might have transferred funds to reserve either at the
discretion of management or to meet any kind of debt.
Retained earnings in the FY 2016 are $ 108,247 whereas in the year 2015 it was $ 87,455. The
reason behind the increase is the hike in funds attributable to the members of company ( Retail
Food Group, 2016).
( Note all the amounts are in thousand dollars)
3

(ii)
What is your firm’s tax expense in its latest financial statements?
For the retail food group ltd operating in Australia the tax expenses constitute of total of current
year tax liability and deferred tax expenses.
Current tax for the year 2016 is $ 26,115 which is calculated at 30% of corporate tax on net
profit of retail food group ltd as per the Australian tax law and deferred tax is $ 172. The retail
food group adhere to all the legal compliance as per the Australian tax law. Current tax is the tax
which is paid by the Retail Food Group on the taxable profits for the FY. The tax of the Retail
food group has been calculated as per law enforce in Australia (Raine, 2015).
Deferred tax for the year is recognized as expenses for the year. Deferred tax is the difference
between the tax expenses as per the companies accounting and estimated tax payable by the
retail food group as per the tax law. Deferred tax liabilities and Assets are recognized for
temporary differences in various investments. Deferred taxes Assets and liabilities are not
recognized in case of they are arising from differences in goodwill. Deferred Tax of the Retail
Food Group for the FY 2016 is $ 8,279. It is deferred tax assets there are no deferred tax liability
( Retail Food Group, 2016).
( Note :- All the amounts are in thousand dollars)
4
What is your firm’s tax expense in its latest financial statements?
For the retail food group ltd operating in Australia the tax expenses constitute of total of current
year tax liability and deferred tax expenses.
Current tax for the year 2016 is $ 26,115 which is calculated at 30% of corporate tax on net
profit of retail food group ltd as per the Australian tax law and deferred tax is $ 172. The retail
food group adhere to all the legal compliance as per the Australian tax law. Current tax is the tax
which is paid by the Retail Food Group on the taxable profits for the FY. The tax of the Retail
food group has been calculated as per law enforce in Australia (Raine, 2015).
Deferred tax for the year is recognized as expenses for the year. Deferred tax is the difference
between the tax expenses as per the companies accounting and estimated tax payable by the
retail food group as per the tax law. Deferred tax liabilities and Assets are recognized for
temporary differences in various investments. Deferred taxes Assets and liabilities are not
recognized in case of they are arising from differences in goodwill. Deferred Tax of the Retail
Food Group for the FY 2016 is $ 8,279. It is deferred tax assets there are no deferred tax liability
( Retail Food Group, 2016).
( Note :- All the amounts are in thousand dollars)
4
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(iii)
Is this figure the same as the company tax rate times your firm’s accounting income?
Explain why this is, or is not, the case for your firm.
The corporate tax rate as per the Australian tax law is 30% of its taxable profits. This is the
taxable expense which is depicted in the profit and loss account. Accounting income is as per the
books of accounts of the Retail Food Group. Taxable income is calculated as per the Australian
Tax Law. Taxable expenses also take Provision of the Tax and Deferred Tax Assets and
Deferred Tax liability into consideration. Tax expense, Provisions for tax and DTA and DTL are
different concepts.
Accounting tax may also exceed the taxable expenses because of accrued expenses and prepaid
expenses (Sullivan, 2017).
Accounting tax may also be lesser than the taxable expenses because of unearned revenues and
accrued expenses. In accounting profits the company considers the accrual basis and while
calculating the taxable income we take unearned revenues and expenses on cash basis. Because
of difference in accounting system difference in the tax amount appears.
Retail Food Group’s financial statement shows the taxable income which is calculated at flat
30% corporate tax rate. The same has been calculated at taxable income not on the accounting
income. Accounting income tends to include expenses which are disallowed either wholly or
partly by the tax authority. Accounting income also includes revenue on accrual basis whereas
the tax income only takes the revenue and expenses on cash basis (Sullivan, 2017).
(Note:- all the amounts are in thousand dollars)
5
Is this figure the same as the company tax rate times your firm’s accounting income?
Explain why this is, or is not, the case for your firm.
The corporate tax rate as per the Australian tax law is 30% of its taxable profits. This is the
taxable expense which is depicted in the profit and loss account. Accounting income is as per the
books of accounts of the Retail Food Group. Taxable income is calculated as per the Australian
Tax Law. Taxable expenses also take Provision of the Tax and Deferred Tax Assets and
Deferred Tax liability into consideration. Tax expense, Provisions for tax and DTA and DTL are
different concepts.
Accounting tax may also exceed the taxable expenses because of accrued expenses and prepaid
expenses (Sullivan, 2017).
Accounting tax may also be lesser than the taxable expenses because of unearned revenues and
accrued expenses. In accounting profits the company considers the accrual basis and while
calculating the taxable income we take unearned revenues and expenses on cash basis. Because
of difference in accounting system difference in the tax amount appears.
Retail Food Group’s financial statement shows the taxable income which is calculated at flat
30% corporate tax rate. The same has been calculated at taxable income not on the accounting
income. Accounting income tends to include expenses which are disallowed either wholly or
partly by the tax authority. Accounting income also includes revenue on accrual basis whereas
the tax income only takes the revenue and expenses on cash basis (Sullivan, 2017).
(Note:- all the amounts are in thousand dollars)
5

(iv)
Comment on deferred tax assets/liabilities that are reported in the balance sheet
articulating the possible reasons why they have been recorded.
Deferred Tax: - It is majorly the difference between profit as per books and as per the tax law.
There are two kinds of differences in deferred tax. One is on the basis of timing and one on
permanent basis. The deferred tax is calculated on the basis of timing difference. That can be
reversed like depreciation or expenses which might not be allowed in one year but allowed in
next year.
Deferred Tax Assets: - Deferred Tax Assets are the taxes which are either paid in advance or
over paid. Such kind of over paid or advance payments are returned in coming years as reifies.
Such tax returns are the assets for the company. It is an accounting term. They are opposite of
deferred tax liability. They help in reducing the tax payable in future (Qurashi, 2016).
Deferred Tax Liability: - In general and simper way if we have to explain this concept we can
say it is the provision which is created in order to meet its future tax liability. It should not be
confused with the provision of taxation. Provision for taxation is for the current year where as
the deferred tax liability is for future date. The deferred tax liability arises due the difference in
timing of value in books of accounts and as per income tax. We can also put it across like
difference in the profits of books of accounts and the profit as per income tax.
In the retail food group balance sheet there exist Deferred tax Assets at $ 8,279 and deferred tax
liability do not exists in the financials of the company.
Deferred tax assets and liabilities consists of intangible assets, Unrealised exchange difference,
Employee benefits, Provisions, Doubtful debts, Unearned income, Share issue costs and other
tax credits.
The retail food Group Ltd records deferred tax assets because it either paid tax in advance or in
excess as the balance sheet schedule shows tax credits and also in order to avail the benefit of
unrealized exchange differences along with to avail benefits of unearned income (Qurashi,
2016).
6
Comment on deferred tax assets/liabilities that are reported in the balance sheet
articulating the possible reasons why they have been recorded.
Deferred Tax: - It is majorly the difference between profit as per books and as per the tax law.
There are two kinds of differences in deferred tax. One is on the basis of timing and one on
permanent basis. The deferred tax is calculated on the basis of timing difference. That can be
reversed like depreciation or expenses which might not be allowed in one year but allowed in
next year.
Deferred Tax Assets: - Deferred Tax Assets are the taxes which are either paid in advance or
over paid. Such kind of over paid or advance payments are returned in coming years as reifies.
Such tax returns are the assets for the company. It is an accounting term. They are opposite of
deferred tax liability. They help in reducing the tax payable in future (Qurashi, 2016).
Deferred Tax Liability: - In general and simper way if we have to explain this concept we can
say it is the provision which is created in order to meet its future tax liability. It should not be
confused with the provision of taxation. Provision for taxation is for the current year where as
the deferred tax liability is for future date. The deferred tax liability arises due the difference in
timing of value in books of accounts and as per income tax. We can also put it across like
difference in the profits of books of accounts and the profit as per income tax.
In the retail food group balance sheet there exist Deferred tax Assets at $ 8,279 and deferred tax
liability do not exists in the financials of the company.
Deferred tax assets and liabilities consists of intangible assets, Unrealised exchange difference,
Employee benefits, Provisions, Doubtful debts, Unearned income, Share issue costs and other
tax credits.
The retail food Group Ltd records deferred tax assets because it either paid tax in advance or in
excess as the balance sheet schedule shows tax credits and also in order to avail the benefit of
unrealized exchange differences along with to avail benefits of unearned income (Qurashi,
2016).
6

Deferred Tax Liability: - they are recorded by the Retail food group in order to properly
maintain provision for future, provision for doubtful debts and to record share issue costs.
(v)
Is there any a current tax asset or income tax payable recorded by your company? Why is
the income tax payable not the same as income tax expense?
Current tax assets: - current tax is the receivables in case the company has paid tax in advance
or in excess. In both the cases Retail food Group is allowed to avail the tax credit facility. As per
the accounting standards any liability paid in advance is the assets for the company and is shown
on the assets side of the balance sheet. Current tax assets of the Retail food Group is null in the
year 2016. Where as in the FY 2015 it stood at $ 1595. The company can avail the credit of the
amount paid in advance or in excess in subsequent year. As it is evident from the financials of
the company Retail Food Group has availed Tax credit of $ 802 in FY 2016 and tax losses of $
65.
Income Tax Liability (payables):- Income tax payables are the one which the company has to
pay within the year to the Australian authority. Income tax liability is always shown in the
current liability side of the balance sheet of the Retail Food Group. Income tax payable is
calculated as per the prevailing income tax law. In the case of Retail Food Group operates in
Australia hence it is to be calculated as per Australian Tax Law. They are calculated on the net
income according to the corporate tax. In Australia the corporate tax is at the rate 30%. It is
always considered as a current liability because it is to be written off with next year. In case if
any part of the current liability is attached for payment with one year than it is to be considered
as long term(Merritt, 2018).
Retail Food Group has Income tax payable at $ 5,167 which was nil the year 2015.
No, income tax payable is not the same as income tax expenses. Income tax as reflected in the
financial of the company is $ 26,287 in FY 2016 and income tax payable is $ 5167 it is not same.
Income Tax Payable is the provision which is created by Retail food Group in order to meet the
tax liability of the current year. It is to be written off within 12 months. Whereas the income tax
expenses are the one which the retail food group has incurred during the year. It is a liability
account shown in the balance sheet. When we actually pay the income tax we debit the income e
7
maintain provision for future, provision for doubtful debts and to record share issue costs.
(v)
Is there any a current tax asset or income tax payable recorded by your company? Why is
the income tax payable not the same as income tax expense?
Current tax assets: - current tax is the receivables in case the company has paid tax in advance
or in excess. In both the cases Retail food Group is allowed to avail the tax credit facility. As per
the accounting standards any liability paid in advance is the assets for the company and is shown
on the assets side of the balance sheet. Current tax assets of the Retail food Group is null in the
year 2016. Where as in the FY 2015 it stood at $ 1595. The company can avail the credit of the
amount paid in advance or in excess in subsequent year. As it is evident from the financials of
the company Retail Food Group has availed Tax credit of $ 802 in FY 2016 and tax losses of $
65.
Income Tax Liability (payables):- Income tax payables are the one which the company has to
pay within the year to the Australian authority. Income tax liability is always shown in the
current liability side of the balance sheet of the Retail Food Group. Income tax payable is
calculated as per the prevailing income tax law. In the case of Retail Food Group operates in
Australia hence it is to be calculated as per Australian Tax Law. They are calculated on the net
income according to the corporate tax. In Australia the corporate tax is at the rate 30%. It is
always considered as a current liability because it is to be written off with next year. In case if
any part of the current liability is attached for payment with one year than it is to be considered
as long term(Merritt, 2018).
Retail Food Group has Income tax payable at $ 5,167 which was nil the year 2015.
No, income tax payable is not the same as income tax expenses. Income tax as reflected in the
financial of the company is $ 26,287 in FY 2016 and income tax payable is $ 5167 it is not same.
Income Tax Payable is the provision which is created by Retail food Group in order to meet the
tax liability of the current year. It is to be written off within 12 months. Whereas the income tax
expenses are the one which the retail food group has incurred during the year. It is a liability
account shown in the balance sheet. When we actually pay the income tax we debit the income e
7
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tax payable. Income tax payable is not only based on the tax expenses but also subjected to other
adjustment (Retail Food Group, 2016).
Income tax expenses are the item of profit and loss account whereas the income tax payable is
the item of balance sheet. It is to be recorded in the year in which it is accrues. The income tax
expenses are always debit to Profit and loss account. It is the charge on the income of the Retail
Food Group (Retail Food Group, 2016).
(Notes :- All the amounts are in thousand Dollars)
8
adjustment (Retail Food Group, 2016).
Income tax expenses are the item of profit and loss account whereas the income tax payable is
the item of balance sheet. It is to be recorded in the year in which it is accrues. The income tax
expenses are always debit to Profit and loss account. It is the charge on the income of the Retail
Food Group (Retail Food Group, 2016).
(Notes :- All the amounts are in thousand Dollars)
8

(vi)
Is the income tax expense shown in the income statement same as the income tax paid
shown in the cash flow statement? If not why is the difference?
No, the income tax paid as the cash flow is $ (19,298), and as per the income statement is $
(26,287). Both the amounts are different from each other. There are many reasons for the
differences in the income tax as per cash flow and as per income statement.
One of the reasons is recording of expenses. Cash Flow statement shows the actual tax paid
by the Retail Food Group as per the Income Tax Act. Whereas in Profit and loss account
Retail Food Group has shown the Tax expenses as per the provisions.
Retail Food Group might have included the expenses which are disallowed by the income
tax authority. This in turn results in the differences in tax amounts. For Example many
times the organization tends to include the expenses which are not associated with the
business in the P&L account. Whereas income tax authority disallows the same.
Depreciation: - There are two ways of calculating Depreciation one as the income tax rate
and one as per the companies act. This results in the differences in cash flow and Income
Statement.
Deferred Tax Assets and liabilities: - Because of changes in the tax amounts it results in
deferred tax assets or liability. This is to be written of within one year. Hence every year
there is opening balance of either deferred tax liability or assets. This effect the amount of
tax paid (wellsforgs, 2015).
(Notes: - All the amounts are in Thousand Dollars)
9
Is the income tax expense shown in the income statement same as the income tax paid
shown in the cash flow statement? If not why is the difference?
No, the income tax paid as the cash flow is $ (19,298), and as per the income statement is $
(26,287). Both the amounts are different from each other. There are many reasons for the
differences in the income tax as per cash flow and as per income statement.
One of the reasons is recording of expenses. Cash Flow statement shows the actual tax paid
by the Retail Food Group as per the Income Tax Act. Whereas in Profit and loss account
Retail Food Group has shown the Tax expenses as per the provisions.
Retail Food Group might have included the expenses which are disallowed by the income
tax authority. This in turn results in the differences in tax amounts. For Example many
times the organization tends to include the expenses which are not associated with the
business in the P&L account. Whereas income tax authority disallows the same.
Depreciation: - There are two ways of calculating Depreciation one as the income tax rate
and one as per the companies act. This results in the differences in cash flow and Income
Statement.
Deferred Tax Assets and liabilities: - Because of changes in the tax amounts it results in
deferred tax assets or liability. This is to be written of within one year. Hence every year
there is opening balance of either deferred tax liability or assets. This effect the amount of
tax paid (wellsforgs, 2015).
(Notes: - All the amounts are in Thousand Dollars)
9

(vii)
What do you find interesting, confusing, surprising or difficult to understand about the
treatment of tax in your firm’s financial statements? What new insights, if any, have you
gained about how companies account for income tax as a result of examining your firm’s
tax expense in its accounts?
Analysing and understanding the financials of the Retail Food Group has been very interesting.
The assignment has helped in gaining insight into various factors which are to be considered
while accounting for taxable income. We have learned that there two kinds of incomes that exists
one of them is accounting income which is based on the books of the company without taking
tax law into consideration in detail. Other is the taxable income which is calculated as per the tax
law after disallowing expenses which might have been taken into account in accounting income
and also after allowing the income which is disallowed in accounting income.
It was also very interesting to know there are two ways of calculating depreciation. One of the
basis of companies act and other on the basis of income tax rate. While calculating the taxable
income we add back the depreciation as per companies act and deduct the depreciation amount
as per income tax (Sigidov, et. al 2016).
Another very important and interesting concept was of Deferred Tax Liability and Deferred tax
Assets. Both of them are results of tax payable and the actual expenses of tax.
Retail Food Group’s tax structure is very clear and transparent. The financial are very easy to
understand. Retail Food Group has adhered to all the tax implication and obligation as the
Australian Tax Law. For example the Retail food Group charges tax at 30% corporate tax rate
((Retail Food Group, 2016).
10
What do you find interesting, confusing, surprising or difficult to understand about the
treatment of tax in your firm’s financial statements? What new insights, if any, have you
gained about how companies account for income tax as a result of examining your firm’s
tax expense in its accounts?
Analysing and understanding the financials of the Retail Food Group has been very interesting.
The assignment has helped in gaining insight into various factors which are to be considered
while accounting for taxable income. We have learned that there two kinds of incomes that exists
one of them is accounting income which is based on the books of the company without taking
tax law into consideration in detail. Other is the taxable income which is calculated as per the tax
law after disallowing expenses which might have been taken into account in accounting income
and also after allowing the income which is disallowed in accounting income.
It was also very interesting to know there are two ways of calculating depreciation. One of the
basis of companies act and other on the basis of income tax rate. While calculating the taxable
income we add back the depreciation as per companies act and deduct the depreciation amount
as per income tax (Sigidov, et. al 2016).
Another very important and interesting concept was of Deferred Tax Liability and Deferred tax
Assets. Both of them are results of tax payable and the actual expenses of tax.
Retail Food Group’s tax structure is very clear and transparent. The financial are very easy to
understand. Retail Food Group has adhered to all the tax implication and obligation as the
Australian Tax Law. For example the Retail food Group charges tax at 30% corporate tax rate
((Retail Food Group, 2016).
10
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References:
1. Kaur, S., 2015. Share Capital. International Journal of Business and Management
Invention, Volume 4 Issue 1, pp. 60.
2. Merritt, C., 2018. Tax Payable vs. Deferred Income Tax Liability. [Online]. Available
at: http://smallbusiness.chron.com/tax-payable-vs-deferred-income-tax-liability-
48704.html [Accessed: 19 Jan 2018].
3. Qurashi, R., 2016. What is/are the difference(s) between deferred tax asset and deferred
tax liability and how it can be treated for financial reporting purposes? [ online]. Available
at: https://www.bayt.com/en/specialties/q/252684/what-is-are-the-difference-s-between-
deferred-tax-asset-and-deferred-tax-liability [Accessed: 19 Jan 2018].
4. Raine, M., Holt, O., 2015. Tax Accounting: Current and Deferred Tax. [Online]. Available
at: https://www2.deloitte.com/content/dam [Accessed: 19 Jan 2018]
5. Retail Food Group, 2017. About us. Retail Food Group [Online]. Retail Food Group
Available at: http://www.rfg.com.au/index.php/investor-news-rfg [Accessed: 19 Jan 2018]
6. Sigidov, Y., 2016. Methodological Aspects of Depreciation as an Economic Category.
International Journal of Economics and Financial.
7. Sullivan, D., 2017. What Is the Difference Between Accounting Profit & Taxable
Income?[online].Available at: https://bizfluent.com/info-12264918-difference-between-
accounting-profit-taxable-income.html [Accessed: 19 Jan 2018].
8. Wellforgs, 2015. Understanding income statements and cash flow statements. [Online].
Wellforgs Available at: https://wellsfargoworks.com/management/article/understanding-
income-statements-and-cash-flow-statements [Accessed: 19 Jan 2018].
11
1. Kaur, S., 2015. Share Capital. International Journal of Business and Management
Invention, Volume 4 Issue 1, pp. 60.
2. Merritt, C., 2018. Tax Payable vs. Deferred Income Tax Liability. [Online]. Available
at: http://smallbusiness.chron.com/tax-payable-vs-deferred-income-tax-liability-
48704.html [Accessed: 19 Jan 2018].
3. Qurashi, R., 2016. What is/are the difference(s) between deferred tax asset and deferred
tax liability and how it can be treated for financial reporting purposes? [ online]. Available
at: https://www.bayt.com/en/specialties/q/252684/what-is-are-the-difference-s-between-
deferred-tax-asset-and-deferred-tax-liability [Accessed: 19 Jan 2018].
4. Raine, M., Holt, O., 2015. Tax Accounting: Current and Deferred Tax. [Online]. Available
at: https://www2.deloitte.com/content/dam [Accessed: 19 Jan 2018]
5. Retail Food Group, 2017. About us. Retail Food Group [Online]. Retail Food Group
Available at: http://www.rfg.com.au/index.php/investor-news-rfg [Accessed: 19 Jan 2018]
6. Sigidov, Y., 2016. Methodological Aspects of Depreciation as an Economic Category.
International Journal of Economics and Financial.
7. Sullivan, D., 2017. What Is the Difference Between Accounting Profit & Taxable
Income?[online].Available at: https://bizfluent.com/info-12264918-difference-between-
accounting-profit-taxable-income.html [Accessed: 19 Jan 2018].
8. Wellforgs, 2015. Understanding income statements and cash flow statements. [Online].
Wellforgs Available at: https://wellsfargoworks.com/management/article/understanding-
income-statements-and-cash-flow-statements [Accessed: 19 Jan 2018].
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