FNSACC514: Prepare Financial Reports for Corporate Entities - Accounting and Finance Assignment Help

Assignment Task:

Task:

1. Briefly describe benefits of using visual display to present financial information in financial reporting. Describe some examples of visual display which are commonly used in financial reports.
(Hints: Check the internet for information, following are few recommended websites for your reference :
https://www.edrawsoft.com/choose-diagram.php
https://www.mindtools.com/pages/article/Charts_and_Diagrams.htm
2. Explain the role of Australian Accounting Standards Board and Australian Securities and Investments Commission in regulation of companies operations.
3. Briefly explain the procedures for the incorporation of a company.
4. Which accounting standard addresses the requirements for accounting for taxation? Discuss the differences between the tax payable method and the tax effect method of accounting for income tax, in accordance with current business taxation requirements. Provide examples of each.
5. Briefly explain the steps involved in tax effect accounting.

6. Read “Accounting Principles and Accrual Accounting” and “Accounting for GST” located in the Supplementary resources section in Connect site.
Identify and explain the key principles of double-entry bookkeeping and accrual accounting. Please note the principles should also include all conventions, policies and bases.

7. Tax professionals are required to comply with the Tax Practitioners Board’s Code of Professional Practice. Discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements as outlined in the Code.
8. Explain the key features of integrated computerised accounting systems, and how they assist to present financial data formatted to both organisational and industry standards.

9. Some accounting items are treated differently under tax legislation than under accounting standards. Outline the different treatments, options, methods and practices for recording and reporting expenses/deductions, benefits and depreciation.

10. Identify and explain business legal requirements relating to delegated authorities, reporting periods and taxation payment timings.

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