Technology Has Exceeded Our Humanity - 1511 Words

Technological Terror Famous mathematician, Albert Einstein once said, â€Å"It has become appallingly obvious that our technology has exceeded our humanity.† What Einstein is trying to say is that what had once made us human has vanquished into thin air with the growth of technology in our society today. The Earth is constantly in motion and so is the human race. From the beginning of our history and even our prehistory, the human race has evolved and changed the world they had been given. All they had was the greatest weapon they could find; their minds. Each individual brain cell worked hard to make a civilization that could expand and improve for generations to come. Sadly, as civilization flourished, more and more technology was developed and integrated into our daily lives.Technology is not a bad thing, but it has taken away our humanity. Our humanity is our instinct to survive and use our mind. Nowadays, people struggle to divulge into the real essence of humanity; education, the arts and c ulture, and living a healthier lifestyle. They fall prey to obesity, lack of interest in arts like theater, distraction from work, loss of religion, etc. Without technology in this world, I can broaden my spectrum of knowledge, dive into the culture and arts the world can offer, and lead a happy and healthy lifestyle. In the technological world of today, people begin to drift away from learning in school due to technology. Technology is defined as using scientific knowledge towardShow MoreRelatedTechnology Has Exceeded Our Humanity1807 Words   |  8 Pagesrather the very ideas and innovations that are often conjured up by engineers. â€Å"It has become appallingly obvious that our technology has exceeded our humanity.† – Albert Einstein. Technological advancements in the medical, industrial, and agricultural industries have expanded the carrying capacity of the earth several times over as well as lengthened the average lifespan for human beings. However, as technology advances to improve life, it also begins to create opportunities for misapplicationsRead More Effects of Technology on People Essay1182 Words   |  5 PagesDoes technology affect people or do people affect technology? Technology affects every aspect of our lives, we all use it every day with little thought. People take it for granted, sometimes knowing little about what brought that technology into existence. At the same time older generations have a hard time adopting the new technologies and continue to favor technology they are accustomed. The idea of technology is as old as the human race. To understand technology; first we need a common definitionRead MoreThe Is A New Day796 Words   |  4 Pagesdesire for automated existence, has sunk into the decadence of comfort. Alive with consumption, humanity inhabits a pushbutton technotopic paradise revolving around the InterFace. InterFace advocates implant technologies on an evolutionary, convenience, and necessity basis, where the enhancement of the human body advances communication, intensifies information absorption, and supersedes the body’s physical limitations for newfound human freedoms . The technology becomes a contemporary savior, overcomingRead MoreThe Idea of a Garden by Michael Pollan644 Words   |  3 PagesIt has become appallingly obvious that our technology has exceeded our humanity†, these are the quotes of the famous German physicist Albert Einstein in relation to how the world has become overly reliant on technology. As a result, we have taken nature for granted while also ignoring the adverse effects of technology. The making of steam engine, the usage of fossil fuel and the creation of chlorofluorocarbon are all technologies which has benefited us greatly and are continuing to do so, but likeRead MoreHuman Population And Its Impact On The Environment921 Words   |  4 Pa gespopulations of species are limited to a specific number, called its carrying capacity, which refers to the ability of an ecosystem to support their needs. Once a population grows to the point where it extends past the limit, the environment no longer has the capacity to support them and individuals must die to stabilize the population. Humans are no exception to this rule, as their populations are constrained by such density dependent factors as the availability of food, land, and other resources. GrowthRead MoreWall-E versus Feed on Society1223 Words   |  5 Pagesâ€Å"Technological progress has merely provided us with more efficient means for going backwards† (â€Å"Brainy Quotes† 1). While this epitomizes modern time, it also represents M.T. Anderson’s Feed and Pixar’s Wall-E. Feed is a book about a dystopian society influenced by a device, called â€Å"feed†, implanted in the brains of the citizens. The author describes a group of regular teenagers that venture to the moon for a spring break vacation of partying and going â€Å"in mal†. The main character, Titus, falls forRead MoreWall-E versus Feed Essay1212 Words   |  5 Pagesâ€Å"Technological progress has merely provided us with more efficient means for going backwards† (â€Å"Brainy Quotes† 1). While this epitomizes modern time, it also represents M.T. Anderson’s Feed and Pixar’s Wall-E. Feed is a book about a dystopian society influenced by a device, called â€Å"feed†, implanted in the brains of the citizens. The author describes a group of regular teenagers that venture to the moon for a spring break vacation of partying and going â€Å"in mal†. The main character, Titus, falls forRead MoreThe Flight From Conversation By Sherry Turkle1103 Words   |  5 PagesAlbert Einstein once said, †It has become appallingly obvious that our technology has exceeded our humanity†(Einstein). Everyday, techno logy is advancing at a rapid pace, improving many lives and making things more convenient. For instance, in Japan, robots have been created by researchers at the University of Tokyo to assist home chores. Although technology has made our lives better, we have lost an important part of our self: the skills necessary for human communication. In her essay, â€Å"The FlightRead MoreEssay on Impact of Technology on Society941 Words   |  4 PagesTechnology is continuously developing and has begun creating shortcuts for the American society. As a society we need to find a balance between our technological use and our everyday life. In my opinion, society has become too dependent on technology. The more advanced technology becomes, the more it seems to be gaining control over our lives. Even though technology is offering society many beneficial qualities; it also is causing many negative effects to occur. Technology is affecting society sociallyRead MoreThe Adverse Effects of Anti-Soci al Media Essay662 Words   |  3 Pagesillustrious Albert Einstein once voiced his opinion and stated that, It has become exceedingly obvious that our technology has exceeded our humanity. Einstein’s perspicacious accomplishments have made his name equivalent to â€Å"mastermind†. Although the technology was not nearly as advanced in the early and mid-20th century, when Einstein was quoted, his words of wisdom are nevertheless remarkably relevant to the modern-day era of technology, including text messaging and social media. Cell phone and internet

The Impact Of A Globalized Economy Economics Essay Free Essays

string(29) " markets that are coming up\." In the current twenty-four hours, we are populating in an economic system which is globalized and this is clearly apparent. The whole universe is undergoing transmutation at a really high velocity as clip goes by. Krueger ( 1994 ) observes that, Local, national and regional economic systems one time comparatively insulated from each other are engaged in a apparently grim procedure of planetary integrating characterized by spread outing trade and competition, private sector-driven investing, market friendly authorities financial and pecuniary policies, the spread outing embracing of scientific discipline and modern engineering, and the planetary spread of a common, cross-cultural mass consumer products-driven civilization ( p13 ) . We will write a custom essay sample on The Impact Of A Globalized Economy Economics Essay or any similar topic only for you Order Now While it is established that the procedure of globalisation commenced 100s of old ages ago, on the other manus, the velocity at which this procedure has been traveling has merely increased in the last century ( 20th century ) and in this new century, the velocity is seen to be increasing even more. The international corporations are playing a major function in rushing up the rate at which globalisation is taking topographic point. Merely until in the recent times, people lived in a universe that was extremely divided in which there was capitalist economy and communism and the universe was besides being greatly militarized, with each state traveling its ain manner. However, in the present twenty-four hours, things are different and have greatly changed. In the current universe, each and every state is endeavoring to deduce some political and economic benefits coming from the economic growing which is broad and market driven. This paper is traveling to see the extent to which globalisation of the economic system has taken topographic point. It is traveling to be established that, globalisation of the economic system is presently at a higher degree as compared to the globalisation of the economic system in the last century. It is besides traveling to be indicated that, the planetary economic system is traveling to be at a even a higher degree in the approaching 20 old ages and besides beyond this clip. The Extend to which the economic system is globalized Harmonizing to the Association of Chartered Certified Accountants ( 2010 ) , in the current twenty-four hours, the planetary economic system is at a tipping degree. This association points out that â€Å" the old readings of success, growing and planetary stature has been based on motion in Fortune, CAC, FTSE, DAx and Hang Seng indices, tracking multinationals based in a few dominant states † ( Page 6 ) . An reading like this one is undergoing alteration at a extremist gait to do acknowledgment of the strengths that are based in the parts which are holding the market strengths that are non similar but are instead diverse. These diverse strengths are traveling to give a definition to the planetary economic system in clip to come. The Association of Chartered Certified Accountants ( 2010 ) observes that globalisation will still travel on in the hereafter and this will convey about a universe of â€Å" flatter † . Harmonizing to their apprehension, globalisation which is invariably undergoing development will derive form ensuing from these strengths in the diverse markets that is being perceived in the assorted parts of the universe. At the corporate degree, it is expected that there will come up a universe of what is referred to as â€Å" tradesmans † and fresh concern federations and this will come along with those coactions that are greater among the markets, community and besides among concerns. The support for this cooperation will arise from the support that is traveling to be offered by increasing ordinances in harmonisation. Following this, the planetary concern ‘ hereafter is seen to be more complex and non really much clear cut. At the present, the planetary argument is being dominated by a larger group formed by the states in the universe. The Association of Chartered Certified Accountants ( 2010 ) , points out that, â€Å" originally steered by the G5 – France, Germany, Japan, the U.S and the U.K- the planetary economic system was progressively influenced by Canada, Belgium, Italy, the Netherlands, Sweden, and Switzerland, taking to G11 † ( page 6 ) . However, doing acknowledgment of the developing state ‘s impact has resulted in the leaders all over the universe to hold credence of the G20 states as the fresh planetary foundation. Following this credence, the universe leaders have embraced an of all time broader group in argument sing the planetary economic system while there is distributing of economic influence to several parts. In the hereafter, there will be much powerful competition for the natural resources. This will name for the demand to hold an international attack that will hold to be coordinated at a higher degree in order to recognize entree to adequate resources every bit good as procuring these resources. Among resources are oil, being the most of import one, nutrient, H2O and minerals. It is besides projected that, there will be growing of the planetary market in ways that are varied and this growing will be dependent upon the handiness of resources, the parts and on the partnerships that will be formed. There will be convergence of the ordinances regulating fundss across the markets all over the universe and at the same clip there will be traveling on of the universe regulative cooperation. From this, there will be facilitation in conveying about an addition in the handiness of the beginnings of fundss and besides an addition in capital flow volumes every bit good as the values of this capital. The function that will be played by each authorities in the hereafter is given definition to by stressing private concern facilitation. Careful administration is rather important while globalisation of the economic system goes on. In the hereafter, new systems will be set up in order to guarantee seting the universe of tradesmans in a better place ( Association of Chartered Certified Accountants, 2010 ) . Basically, there is altering of the universe phase and this is ensuing from globalisation and growth of the markets that are coming up. You read "The Impact Of A Globalized Economy Economics Essay" in category "Essay examples" It is projected that by the twelvemonth 2030, this tendency will hold brought about a flattering of the economic scene ( Association of Chartered Certified Accountants, 2010 ) . In the hereafter, a smaller figure of the restrictions on globalisation will convey approximately much more competition. However, this competition that is projected to come up will non be looked at as being a conflict. The states in the universe are seen to be sharing among themselves wealth and helping one another in the class of the competition. Therefore, in the hereafter, competition will non be looked at as being a game in which there will emerge also-rans and victors but instead as a instance in which all the participants in the game are playing in one squad with those economic systems that are developed and those that are coming up sitting on the same tabular array to portion thoughts every bit good as capital and the best ways of transporting out concern. The Association of Chartered Certified Accountants ( 2010 ) , quotes the manager of PriceWaterCoopers, Malaysia in which he says that there will be equilibrating once more of the planetary economic system while it tries to set to the crisis ( fiscal ) by turning out to be to a great extent reliant to the United States of America. The manager hopes that the economic systems that are emerging will come up with the market bunchs that are new and this will hold to hike an economic chance that is two manner between the United States of America and other states with which they trade. Therefore, there will be publicity of the trade in which there is a two manner flow of goods and services alternatively of holding a universe in which the goods are transported to the United States of America and at the same clip capital is taken to the East. Establishing on this is information, it is expected that globalisation will no longer be driven by the transnational corporations that have roots in the economic systems that are developed but instead it will every bit good be driven by the international concern organisations that are based in those markets that are coming up or emerging ( Jagdish, 2004 ) . The indexs or instead, the marks of the lifting adulthood are clearly being seen in the current yearss at an increasing degree. In the class of the last 10 old ages, the entire figure of the transnational corporations based in emerging economic systems in the Fortune Global 500 has gone up by more than three times. For case, in the twelvemonth 2008, there were over 70 transnational companies from the emerging markets and the portion of these markets is increasing together with the significance they have in the universe equity markets. The Association of Chartered Certified Accountants ( 2010 ) points out that at the clip there had been recovery from fiscal crisis of the 1990s ( Asiatic crisis ) â€Å" private capital flows to low and middle-income economic systems more than quadrupled from $ 200 billion in the twelvemonth 2000 to over $ 900 billion in the twelvemonth 2007 † . The fiscal crisis that commenced from the twelvemonth 2007 has emphasized the procedure by indicating out the failings of the fiscal constructions of some developed economic systems and at the same clip indicating out the strengths of the fiscal constructions of the economic systems that are emerging. There will be a state of affairs where there will be a displacement in the economic power but this power will be stronger in the economic systems that are already developed in the current twenty-four hours and these already developed economic systems would travel on portraying their power of being advanced. The stableness in the economic system every bit good as the political stableness the developed economic systems have would convey back growing and this will keep these economic systems at the topmost degree of the value concatenation. These economic systems will travel on being the compositors of the thoughts. And on the other manus, the economic systems that are emerging will travel on following the Western consumerism theoretical account ( Todaro A ; Smith, 2003 ) . While the theoretical account of Western consumerism goes on ruling globally, those Western economic systems that are smaller would raise the degree of taking portion in the planetary economic system, doing the G grouping larger. These economic systems in the West that are smaller will follow the entrepreneurial spirit and an addition in the political power will help them to emerge above the laterality that is exercised on them by the bigger Western economic systems ( Todaro A ; Smith, 2003 ) . Harmonizing to Pythes Market Focus ( 2009 ) , the planetary crisis that came up in the recent times was grounds plenty that we are really populating in a globalized economic system. It was a prove that we are populating in an economic system that is interconnected to a degree that changes in the rates ( exchange and involvement ) , the monetary values of stocks every bit good as the monetary values of goods and services have influences in most of the universe. It has been realized that we are really populating in a planetary economic system Pythes Market Focus ( 2009 ) , make an accent that no individual or group of people that are in their right senses can non hold a belief in the benefits that are derived from planetary integrating. These benefits are such benefits as division of labour at an international degree, the moving of inventions at a quicker velocity from one part of the universe to the other, holding freedom of coming up with picks sing the transportation of capital, goo ds and services internationally every bit good as free motion of thoughts from one state to the other in the universe. Pythes Market Focus ( 2009 ) , pose a inquiry about those who support the Laissez-faire philosophy, which is – â€Å" free markets are self-sufficient and market surpluss will rectify themselves provided the authoritiess or regulators do non step in in the market topographic point † ( Page, 2 ) as whether or non they are supposed to be justified. They go farther to present another inquiry refering the issue of whether or non the Laissez-faire philosophy is taken as a failure or non in the bing planetary crisis. There is less or sometimes no support for province intercession on the issues refering the economic system by Laissez-faire doctrine. This doctrine gives support to peculiar types of autonomies that are negative in resistance to the autonomies that are positive like the redistribution of wealth by the state. This resistance by the Laissez-faire doctrine is on the footing of the belief that distribution of wealth facilitates taking off of wealth from those sectors that are much more productive and apportioning them to those sectors that non much productive and this brings about a decrease in productiveness and a diminution in the motive to work ( Peter, 2001 ) . Pythes Market Focus ( 2009 ) present an thought that Laissez-faire goes in front to give an statement that whatever impermanent equality of consequences that are achieved from redistribution would neglect with velocity with no coercion for the ground that persons do possess varied grades of motive every bit good as the native capablenesss and would come up with varied determinations on the footing of the values they have that are different among them. More so Individualistic nowadayss an statement that inequality that is stuff is an indispensable consequence that comes from the freedom to do picks about which actions to prosecute in without enforcing these actions to other people. This turns out to prefer those that are impersonal in respect to the varied competing involvements which groups that seek to hold power ( political ) every bit good as privileges in a state have for any likely intercession that is made by the authorities. The authorities intercessions that is sought from the authorities harmonizing to Pythes Market Focus ( 2009 include â€Å" ordinance, making legal monopolies, viing Torahs, or revenue enhancements, protectionism, maximization of economic public-service corporation † ( Page 2 ) . Pythes Market Focus ( 2009 ) , present a inquiry as to whether or non the planetary economic system is acquiring uncontrolled on an increasing degree due to the absence of the ordinances that are suited. They put it that the deficiency of the ability by the shapers of policies to transport out the enforcement of ordinances that are bing by conveying in those that are more rigorous and even more complex will convey approximately pandemonium and a regulative system that is multi-level and holding much more bureaucratism. This will be at the cost of capital motion and anything else that is positive that consequences from it. Each and every society requires holding some common values that ensures there is keeping together. This end can non be served by the market values entirely for the ground that market values merely makes a contemplation of what a individual participant is ready and willing to offer to another market participant in the class of an exchange. With no uncertainty, there is demand for the society to hold establishments to be put in topographic point to help in recognizing such societal ends as societal justness every bit good ; as political freedom ( Dani, 1996 ) . However, among some states, these societal establishments have been put in topographic point and the large inquiry is why such establishments have non been put in gait in the planetary society. It is true in stating that planetary society development has moved at a really slow gait in comparing to the planetary economic system growing. We are populating in a planetary society that has varied imposts every bit good as traditions and faiths, different categories of people dominated by racism in which even if there are claims of holding regard for human rights, this society still remains to miss flawlessness ( Stiglitz, 2003 ) . Causing what is referred to as â€Å" freer planetary market economic system † turning out to be less free through conveying in more limitations and complex processs is rather â€Å" toxicant † . It is a good determination to set much focal point on what brought about the bing economic crisis. And this cause was deficiency of the ability by the policy shapers to guarantee the enforcement of equal current jurisprudence and non disregarding the jurisprudence by coming up with more statute law that will, in an automatic mode, kill the motion of capital in a free mode. Decision Globalization began 100s of old ages ago but the velocity at which this procedure has been traveling has merely increased in the last century and even in this century this velocity is seen to be increasing even more. The international corporations are playing a major function in rushing up the rate at which globalisation is taking topographic point. The planetary crisis that came up in the recent times was clear grounds that we are really populating in a globalized economic system. It was a prove that we are populating in an economic system that is interconnected to a degree that changes in the rates ( exchange and involvement ) , the monetary values of stocks every bit good as the monetary values of goods and services have influences in most of the universe. It has been realized that we are populating in a planetary economic system in which people, goods and capital can travel freely. This besides applies to direct investings every bit good as the fiscal minutess. Globalization of the economic system will still travel on in the hereafter and this will convey about a universe of â€Å" flatter † . The globalisation that is invariably undergoing development will derive form ensuing from the strengths in the diverse markets that is being perceived in the assorted parts of the universe. At the corporate degree, it is expected that there will come up a universe of what is referred to as â€Å" tradesmans † and fresh concern federations and this will come along with those coactions that are greater among the markets, community and among concerns. The support for this cooperation will arise from the support that is traveling to be offered by lifting ordinances in harmonisation. Following this, the planetary concern ‘ hereafter is seen to be more complex.. It is expected that globalisation will no longer be driven by the transnational corporations that have roots in the economic systems that are developed but instead it will every bit good be driven by the international concern organisations that are based in those markets that are emerging. The indexs of the lifting adulthood are clearly being seen in the current yearss on an increasing degree. In the class of the last 10 old ages, the entire figure of the transnational corporations based in emerging economic systems in the Fortune Global 500 has gone up by more than three times. Taking an illustrations, in the twelvemonth 2008, there were over 70 transnational companies from the emerging markets and the portion of these markets is increasing together with the significance they have in the universe equity markets. It has besides been seen that there will be a state of affairs where there will be a displacement in the economic power but this power will be stronger in the economic systems that are already developed in the current twenty-four hours and these already developed economic systems would travel on portraying their power of being advanced. The stableness in the economic system every bit good as the political stableness the developed economic systems have would convey back growing and this will keep these economic systems at the topmost degree of the value concatenation. These economic systems will travel on being the compositors of the thoughts. And on the other manus, the economic systems that are emerging will travel on following the Western consumerism theoretical account. How to cite The Impact Of A Globalized Economy Economics Essay, Essay examples

Journal Of Accounting Finance And Economic - MyAssignmenthelp.com

Questions: 1. What is your firms tax expense in its latest financial statements? 2. Is this figure the same as the company tax rate times your firms accounting income? Explain why this is, or is not, the case for your firm. 3. Comment on deferred tax assets/liabilities that is reported in the balance sheet articulating the possible reasons why they have been recorded. 4. Is there any current tax assets or income tax payable recorded by your company? Why is the income tax payable not the same as income tax expense? 5. Is the income tax expense shown in the income statement same as the income tax paid shown in the cash flow statement? If not why is the difference? 6. What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax in your firms financial statements? What new insights, if any, have you gained about how companies account for income tax as a result of examining your firms tax expense in its accounts? Answers: Answer 1: In the balance sheet statement of an organisation, three main items are present and one of them is equity. Elanor Retail Property Fund is not exempted from this item as well. Based on the balance sheet statement of 2017 of the organisation, the major items include issued capital, treasury shares, reserves and retained earnings. Issued capital is taken into account as the equity of the business firms (Armstrong et al. 2015). Issued capital is computed by multiplying the number of outstanding shares with the par value of the shares. The annual report of the organisation states that issued capital has increased from $42,280,000 in 2016 to $55,768,000 in 2017 (Elanorinvestors.com 2018). The next equity item of Elanor Retail Property Fund is reserves. As commented by Atanasov and Black (2016), reserve is a portion of the equity of an organisation, which is taken into account as the additional amount except for basic share capital. The latest annual report of Elanor depicts that its reserves have increased from $13,411,000 in 2016 to $13,487,000 in 2017 (Elanorinvestors.com 2018). The next item in the equity section of the organisation includes retained earnings. It denotes the overall profit and losses of the organisation from the time of its formation decreased by any dividend paid on the part of the shareholders (Graham et al. 2017). According to the annual report, it has been found that the organisation has not experienced any form of retained earnings; instead, it has suffered from accumulated losses. The accumulated losses of the organisation have increased from ($6,968,000) in 2016 to ($7,228,000) in 2017, which denotes that it has more losses in contrast to profits. The final item in the equity section of Elanor is treasury shares. Treasury shares might arise due to buyback of shares or they are not issued in the first place. These shares do not have dividend payments, voting rights and thus, they are excluded from the computations of outstanding shares (Cheng, Ioannou and Serafeim 2014). According to the balance sheet statement of Elanor in 2017, the treasury share value has remained constant at $691,000 in both 2016 and 2017 and hence, it denotes that the organisation has not repurchased shares from the shareholders. Answer 2: In the current era, business organisations often incur various types of expenses like administration expenses, selling expenses and others. Tax expense could be considered as one of them. Moreover, tax expense is taken into account in the form of major liability of the organisations owing to the state, federal and municipal governments of the nation (Christensen et al. 2015). Tax expense is computed by multiplying the suitable business tax with the income before tax after factoring few main items like tax assets, non-deductible items and tax liabilities. In case of Elanor, the tax expense of the organisation has fallen from $927,000 in 2016 to $768,000 in 2017. Despite the increase in profit before income tax, the tax expense of the organisation has been reduced due to reversal of tax provision. Answer 3: It has been identified that the corporate tax rate in Australia is 30% (Damodaran 2016). In case of Elanor Retail Property Fund, the identical rate is applied, which is identified from the annual report of the organisation. Moreover, the profit before income tax is identified as $12,394,000 in 2017 (2016: $5,070,000). In case of application of the above tax rate, the overall tax expense would be arrived at $3,718,200 in 2017. However, the company has taken into account other items in order to calculate the total tax expense. Such items include the following: Entertainment Non-deductible amortisation and depreciation Adjustments of fair value to trust investment property Non-deductible expenditures Proceeds of insurance on plant and equipment Reversal of tax provision By taking into account, the above-depicted items and the domestic tax rate, Elanor has reconciled the tax rate. This has resulted in variation of overall tax expense of the organisation compared to the corporate tax rate times the accounting income of the firm. Answer 4: Deferred tax assets and liabilities are two main concepts related to tax operation of the organisations. Deferred tax assets denote the position, in which the organisations make advance or over tax payments on their financial assets (Dowling 2014). On the contrary, deferred tax liabilities depict a position, in which the difference could be observed in the tax carrying value and profit of the organisation. For Elanor, it could be observed that the organisation has disclosed both deferred tax assets and deferred tax liabilities in its annual report. The deferred tax assets of Elanor have been $2,600,000 in 2017 (2016: $2,079,000), while the deferred tax liabilities of the organisation have been $1,635,000 in 2017 (2016: $1,607,000). By taking into account the accounting norms and regulations pertaining to deferred tax assets and liabilities, some reasons are inherent for reporting deferred tax assets and liabilities. For deferred tax assets, the reason might be the additional payment of depreciation on the part of the organisation because of variation in rate of taxable depreciation and difference. Due to the additional payment related to depreciation, the organisation need not have to incur the excess tax in the upcoming year; hence, it is adjudged as an asset. For deferred tax liabilities, they generally occur because of the temporary differences in profits and thus, the organisation needs to incur lower amount of tax in the existing year. The organisation needs to pay the remaining amount in the upcoming years and thus; they are taken into account in the form of liability. Answer 5: Income tax payable or current tax asset is adjudged as a significant aspect for the business firms. According to the annual report of Elanor, it could be observed that the income tax paid is $631,000 in 2017; however, there is absence of income tax payable in the year 2016. In organisations, it could viewed that there is a variation between income tax expense and income tax payable and some particular reasons could be held accountable for such disparity. The primary reason is the presence of deferred tax assets. There are many examples, in which the organisation incurs additional tax amount in contrast to the tax expenses (Dyreng et al. 2016). Under such condition, the additional amount of tax paid would be adjudged in the form of deferred tax assets, which forms the difference. The next reason is the difference between the norms of tax accounting and the norms of financial accounting. Under such aspect, the instance of depreciation could be mentioned. The variation for depreciation could be viewed under tax accounting and financial accounting for various rates of depreciation (Dyreng et al. 2017). Hence, the amount of final depreciation could be either raised or declined. These are the primary reasons behind the variations between income tax expense an d income tax payable. Answer 6: According to the financial statements of Elanor, the organisation has provided description regarding its tax payments in the income statement and cash flow statement. However, it could be found that it has published two distinct set of amounts in both the above-depicted statements. In case of Elanor, the tax expense of the organisation has been $768,000 in 2017 and $927,000 in 2016. On the other hand, the income tax payable of the organisation has been identified as $631,000 in 2017; however, there is no such payment in 2016. There are some particular reasons for this difference regarding income tax payment. In accordance with the income statement, the organisation depicts the entire amount of tax expense by charging the tax rate of 30% on profit before income tax. However, the case is not similar for the cash flow statement. Under such cash flow statement section, there is different treatment related to some items of the income statement. It signifies that various changes occur in current assets and liabilities of the organisations. For Elanor, the income tax payment is taken into account as current asset. In the cash flow statement, some minimisation in the items of income tax has been made depicting the utilisation of cash. This signifies that some items of tax expense have been eliminated before they are considered in the cash flow statement (Goh et al. 2016). Due to these reasons, the variation in tax expenses could be viewed in income statement and cash flow statement. Answer 7: After careful evaluation of tax treatment in the annual report of Elanor, it could be stated that no confusing or surprising element is inherent in the treatments of tax. The organisation has carried out all its tax treatment by adhering to the norms and regulations of the Taxation Law of Australia. Moreover, it has provided all the justifications and descriptions of different taxation factors like deferred tax assets and liabilities, tax rate, current tax assets and others. However, some interesting factors have been found in the tax treatment of Elanor Retail Property Fund. The significant factor is the description of the organisation regarding the variation between overall tax expenses. Moreover, it has provided descriptions regarding the primary factors accountable for differences in tax expense. Another significant factor is the variation in tax payment in income statement and cash flow statement. All such factors are useful in improving the understanding and knowledge in taxati on of the organisation. From this evaluation, both insight and knowledge could be obtained about the tax treatment of Elanor Retail Property Fund. References: Armstrong, C.S., Blouin, J.L., Jagolinzer, A.D. and Larcker, D.F., 2015. Corporate governance, incentives, and tax avoidance.Journal of Accounting and Economics,60(1), pp.1-17. Atanasov, V. and Black, B., 2016. Shock-based causal inference in corporate finance and accounting research. Cheng, B., Ioannou, I. and Serafeim, G., 2014. Corporate social responsibility and access to finance.Strategic Management Journal,35(1), pp.1-23. Christensen, D.M., Dhaliwal, D.S., Boivie, S. and Graffin, S.D., 2015. Top management conservatism and corporate risk strategies: Evidence from managers' personal political orientation and corporate tax avoidance.Strategic Management Journal,36(12), pp.1918-1938. Damodaran, A., 2016.Damodaran on valuation: security analysis for investment and corporate finance(Vol. 324). John Wiley Sons. Dowling, G.R., 2014. The curious case of corporate tax avoidance: Is it socially irresponsible?.Journal of Business Ethics,124(1), pp.173-184. Dyreng, S., Hanlon, M., Maydew, E.L. and Thornock, J.R., 2016. Changes in corporate effective tax rates over the past twenty-five years. Dyreng, S.D., Hanlon, M., Maydew, E.L. and Thornock, J.R., 2017. Changes in corporate effective tax rates over the past 25 years.Journal of Financial Economics,124(3), pp.441-463. Elanorinvestors.com. (2018).[online] Available at: https://www.elanorinvestors.com/images/ENNAR2017Report.pdf [Accessed 5 Jan. 2018]. Goh, B.W., Lee, J., Lim, C.Y. and Shevlin, T., 2016. 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