RevisionS12017.docx - ACW2491 Financial Accounting Semester...

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ACW2491 Financial Accounting Semester 1 2017 Revision Topic 1 Regulations of companies and disclosure requirements Topic 2 Financing Company Operations - Elements of financial statements (AASB Framework) - Public issuance of shares (note terms of issuance and actual applications received) - Steps: Application, allotment (allotment of shares, close cash trust, transfer excess money to allotment and call, refund to unsuccessful applications), cash from allotment, call made, cash from call, shares forfeited, shares reissued. - Fully accept, reject, pro-rate - Preference shares, share options, right issues, debentures Topic 3 Accounting for Income Tax: Current Tax Consequence (AASB 112) - Adjustment to Accounting Profit to derive at Taxable Income - Accounting Profit + Accounting Expenses – Allowable Deductions – Accounting Income + Assessable Income - Entry: Dr ITE Cr CTL - Tax loss: Dr DTA Cr ITE - Payment of tax- 4 instalments Topic 4 Accounting for Income Tax: Future Tax Consequence (AASB 112) - Carrying amount (CA) vs Tax Base (TB) -
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