This assignment aims at developing an understanding of students on different concepts of accounting

Purpose: This assignment aims at developing an understanding of students on different concepts of Accounting for Income tax and the application of those concepts in the practical financial setting. In addition to answering theoretical questions on different concepts on accounting for income tax, students will need to analyse the tax related disclosures made by an ASX listed company in its financial statements and the associated notes to the financial statements. Assessment task:Please answer the following questions relating to Accounting for Corporate Income Tax.Question 1:Why do deferred tax assetsor deferred tax liabilities arise?Explain your answer with suitable example.Question 2:Will the existence of unused tax losses always lead to the recognition of a deferred tax assets?Explain your answer with suitable example.Question 3:Do the liabilities and assets that are generated by using the 'balance sheet method' of accounting for tax appear to be consistent with the definition and recognition criteria of assets and liabilities promulgated within the Conceptual Framework?Question 4: Under what condition deferred tax assets can be offset against deferred tax liabilities?Question 5: Critically examine thedisclosures made by an Australian Securities Exchange (ASX) listed company in its latest financial statements and associated notes regarding income tax issues. While every company will have unique tax matters and position, your discussion should highlight the following:(i)Identify the income tax expense (income) shown in the income statement.On what basis this amount has been calculated?