Individual Assessment
International Accounting and Taxation
| Module Code: | MANG6401 | Assessment: | Individual assessment | Weighting: | 70% | |||
| Module Title: | International Accounting and Taxation | |||||||
| Module Leader: | Mohamed Houssam Al-Kaddour | |||||||
| Submission Due Date: 16:00 | 28th of May 2021 | Word Count: | 2000 words | |||||
| Method of Submission: | Electronic via Blackboard Turnitin ONLY (Please ensure that your name does not appear on any part of your work) |
| Any submitted after 16:00 on the deadline date will be awarded mark of Zero |
| This assessment relates to the following module learning outcomes: A. Knowledge and Understanding A1. the differences in accounting systems worldwide; A2. how social, economic and cultural factors lead to differences in accounting systems; A3. the efforts being made to harmonise accounting systems; A4. framework, theories and techniques of foreign exchange risk management; A5. the potential influences of taxation and behavioural responses in an international context. B. Subject Specific Intellectual and Research Skills B2. translate foreign financial statements into local currency using appropriate rates; B3. calculate and decide the most cost-effective way to hedge against foreign exchange risk; B4. discuss the costs and benefits of International Accounting Standardisation; B5. evaluate the tax implications of international transactions. C. Transferable and Generic Skills C1. demonstrate problem solving; C2. demonstrate numeracy; 3 |
| Coursework Brief: Answer ALL the questions in section A&B Section A International Accounting Q1- Different approaches have been identified for segment reporting. Critically describe the approach of segment reporting required by IFRS8, and critically discuss the benefits and constraints of segment reporting. Support your answers with academic literatures and practical examples. (words limit 800 words, 30 Marks) Section B: Taxation Q1- Set out below is a summary information relating to the results of Halitax plc for the year ended 31st March 2021: £, 000 (i) Profit before tax per the income statement. 164,000 (ii) This is after charging/crediting the following: Interest received gross on a long-term deposit 9,000 Dividend received from a UK resident company 52,000 Dividend received from an overseas company 20,000 Research and development (R&D) 20,000 Legal fees relating to a claim for damages from a faulty product 34,400 Interest paid on bonds issued for trade purposes Interest paid on arranged overdraft used for trade 38,400 400 Profit on disposal of land and buildings 48,000 Service charge received from an overseas subsidiary 8,400 Legal fees relating to an unsuccessful bid to buy another company 5,000 (iii) The net book value of the plant and machinery as at 31st March 2021 (after deducting depreciation at 25% reducing balance method) was £33,000,000. Net purchases of fixed assets in the year were 5,000,000. Of these, 40% qualified for capital allowances at 25% per annum. (v) The tax written down value of expenditure qualifying for capital allowances as at 1st April 2020 was £36,000,000. (vi) Unutilised trading losses brought forward were £23,500,000. (vii) The chargeable gain on the land and buildings has been calculated at £28,000,000. (viii) The company was considered as small company in 2019-20 financial year. (ix)The UK corporation tax rate for 2020-21 financial year is 19%. Required: Using UK tax principles and the information given above, calculate the company’s corporation tax liability for the year ended 31st March 2021. Your calculations should be to the nearest £1,000. (20 Marks) Q2– Discuss and critically evaluate the transfer pricing methods of determining Arm’s Length Prices and evaluate the effectiveness of the transfer pricing Legislation to tackle tax-Havens? Support your answers with academic literatures and practical examples. (words limit 600 words, 25 Marks) Q3– Critically evaluate the objectives and structures of the double taxation treaties with critical reflection on the convention between the government of the UK and the government of Canada? (words limit 600 words, 25 Marks) (Total: 100 Marks) Please note that the convention is available in Blackboard The End |
| Nature of Assessment: This is a SUMMATIVE ASSESSMENT. See ‘Weighting’ section above for the percentage that this assignment counts towards your final module mark. Word Limit: +/-10% either side of the word count (see above) is deemed to be acceptable. Any text that exceeds an additional 10% will not attract any marks. The relevant word count includes items such as cover page, executive summary, title page, table of contents, tables, figures, in-text citations and section headings, if used. The relevant word count excludes your list of references and any appendices at the end of your coursework submission. You should always include the word count (from Microsoft Word, not Turnitin), at the end of your coursework submission, before your list of references. Title/Cover Page: You must include a title/ cover page that includes: your Student ID, Module Code, Assignment Title, Word Count. This assignment will be marked anonymously, please ensure that your name does not appear on any part of your assignment. References: You should use the Harvard style to reference your assignment. The library provide guidance on how to reference in the Harvard style and this is available from: http://library.soton.ac.uk/sash/referencing Submission Deadline: Please note that the submission deadline for Southampton Business School is 16.00 for ALL assessments. Turnitin Submission: The assignment MUST be submitted electronically via Turnitin, which is accessed via the individual module on Blackboard. Further guidance on submitting assignments is available on the Blackboard support pages. It is important that you allow enough time prior to the submission deadline to ensure your submission is processed on time as all late submissions are subject to a late penalty. We would recommend you allow 30 minutes to upload your work and check the submission has been processed and is correct. Please make sure you submit to the correct assignment link. You will know that your submission has completed successfully when you see a message stating ‘Congratulations – your submission is complete…’. It is vital that you make a note of your Submission ID (Digital Receipt Number). This is a unique receipt number for your submission, and is proof of successful submission. You may be required to provide this number at a later date. We recommend that you take a screenshot of this page, or note the number down on a piece of paper. You should also receive an email receipt containing this number, and the number can be found after submitting by following this guide. This method of checking your submission is particularly useful in the event that you don’t receive an email receipt. You are allowed to test submit your assignment via Turnitin before the due date. You can use Turnitin to check your assignment for plagiarism before you submit your final version. See “Viewing Your Originality Report” for guidance. Please see the Module Leader/lecturer on your module if you would like advice on the Turnitin Originality report. The last submission prior to the deadline will be treated as the final submission and will be the copy that is assessed by the marker. It is your responsibility to ensure that the version received by the deadline is the final version, resubmissions after the deadline will not be accepted in any circumstances. Important: If you have any problems during the submission process you should contact ServiceLine immediately by email at Serviceline@soton.ac.uk or by phone on +44 (0)23 8059 5656. Late Penalties: Further information on penalties for work submitted after the deadline can be found here. Special Considerations: If you believe that illness or other circumstances have adversely affected your academic performance, information regarding the regulations governing Special Considerations can be accessed via the Calendar: http://www.calendar.soton.ac.uk/sectionIV/special-considerations.html Academic Integrity Policy: Please note that you can access Academic Integrity Guidance for Students via the Quality Handbook: http://www.southampton.ac.uk/quality/assessment/academic_integrity.page?. Please note any suspected cases of Academic Integrity will be notified to the Academic Integrity Officer for investigation. Feedback: Southampton Business School is committed to providing feedback within 4 weeks (University working days). Once the marks are released and you have received your feedback, you can meet with your Module Leader / Module Lecturer / Personal Academic Tutor to discuss the feedback within 4 weeks from the release of marks date. Any additional arrangements for feedback are listed in the Module Profile. Student Support: Study skills and language support for Southampton Business School students is available at: http://www.sbsaob.soton.ac.uk/study-skills-and-language-support/. |