‘Creative accounting’

1.What is ‘creative accounting’?

2.‘The disclosure of accounting policies will eliminate creative accounting.’ Discuss.

3. What is an accounting policy? Give an example.

What guidance does AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors’ provide for statement preparers on the selection of accounting policies?

4. Under what circumstances does AASB 108 ‘Accounting Policies, Changes in Accounting

Estimates and Errors’ permit an entity to change an accounting policy?

1.Under what circumstances will the amount of income tax expense be different from the amount of current tax liability using the statement of financial position approach to tax allocation?

2. What are the advantages and disadvantages of the statement of financial position approach to tax allocation? In your opinion, should the tax allocation method be used in Australia? Justify your answer.

3. Is a deferred tax liability a liability as the element is defined in Framework 2014? Explain your answer.

Solution:

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