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HI5020 Corporate Accounting Assignment-Bellamy Australia Limited

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In the file “Find Your Company” you will find the listed company you have been given for this course. This file will be made available on Friday of Week 4. Complete this assignment for the company you have been given. Please be careful to use the listed company you have been given. Your assignment will not be marked if you use a different company to the one you have been given; and you will be asked to resubmit your assignment using the right company.Go to the website of your company, by clicking on the URL next to your company in the list of companies in the file “Your Compa...

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Question Preview:

In the file “Find Your Company” you will find the listed company you have been given for this course. This file will be made available on Friday of Week 4. Complete this assignment for the company you have been given. Please be careful to use the listed company you have been given. Your assignment will not be marked if you use a different company to the one you have been given; and you will be asked to resubmit your assignment using the right company.Go to the website of your company, by clicking on the URL next to your company in the list of companies in the file “Your Company”. Then go to the Investor Relations section of the website. This section may be called, “Investors”, “Shareholder Information” or similar name.In this section, go to your firm’s annual reports and save to your computer your firm’s latest annual report. For example, these may be dated 30 June 2015 or 31 March 2016. Do not use your firm’s interim financial statements or their concise financial statements. You are need to do the following tasks:Please read the financial statements (balance sheet, income statement, statement of changes in owner’s equity, cash flow statement) very carefully. Also please read the relevant footnotes of your firm’s financial statements carefully and include information from these footnotes in your answer. Please remember some aspects of your firm’s treatment of its tax –can be a very complicated area, particularly for some firms.Within your firm’s latest annual report(i) From your firm’s financial statement, list each item of equity and write your understanding of each item. Discuss any changes in each item of equity for your firm over the past year articulating the reasons for the change. (ii) What is your firm’s tax expense in its latest financial statements? (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. (iv) Comment on deferred tax assets/liabilities that is reported in the balance sheet articulating the possible reasons why they have been recorded. (v) Is there any current tax assets or income tax payable recorded by your company? Why is the income tax payable not the same as income tax expense? (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? (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?

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Solution Preview

This is an individual assignment on corporate accounting in that an analysis of the financial statements of a listed company needs to be made. The selected organization for this assignment paper is Bellamy’s Australia limited that have listed its securities in the Australian Stock Exchange. The assignment makes focus on the changes occurred in the item of equity and also articulating the reasons for the changes occurred. Another area covered in this assignment is tax expense in the particular financial year of the company and other items of tax provided in the financial statements also analyzed. The annual report analyzed in this assignment paper is for financial year 2015-16.Introduction:Bellamy’s Australia Limited is mainly engaged in the business of sale, supply and making distribution of the organic foods and different types of formula products for toddlers and for babies. The business is developed in different countries; where different segments making focus in their market. Within Australia; the organization making focus on the retail business developed in the Australia. In other countries; the company is doing business with the distributors as well as through online channels. The company is producing more than 40 types of organic food and formula based products wherein snacks, cereals, toddler milk drink, pastas and other ready to eat packets included.

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