Is Introduction of Automobiles Harmful to Society

Is Introduction of Automobiles Harmful to Society? Introduction of automobiles brought significant changes into society and, of course, became rather a controversial issue. The first cars appeared in the XIX century and have undergone significant changes since then. Now any distance is not a problem for people, as they can easily reach any place without much effort by using cars, buses or trains. Automobiles made possible easy communication between countries and united all the nations. Borders were erased for trade and international market was established. I simply can’t imagine how our life would look like without cars. They became so integrated in our lives, that it is now impossible to live without them. Cars became also an attribute of status. Now we can hardly imagine a top- or mid-level manager without an automobile. It became as natural for them as some kind of extremely expensive bag. Of course, they vary in price and characteristics, which also adds to the status indication function. Along with positive consequences, cars also bring about some drawbacks. Everyone is aware that cars contribute greatly into ever increasing level of pollution, as well as run on the fuels that are produced from non-renewable energy sources. All of this brings about significant environmental and economical problems. Besides, the quantity of cars is increasing each day, especially in big cities, which results in long traffic jams, numerous accidents and other unpleasant matters. I am sure that the best way out is using cars wisely. Now scientists are working on types of cars that will not bring so much harm to our planet. In our turn, we have to consider the new variants and, if possible, try to promote them among our friends. In small towns it is better to use bicycles, which will be great not only for the environment, but also for your health. Do You Need A Unique Essay? Order One At WriteMyPapers.org! Did you like an essay example a harmful impact of automobiles on society? We hope you did. It is very important for us not only to prepare the papers you order with us, but provide you with good in our blog. There are so many tips and guides on the web telling about how to write essays of different types, but there can hardly be found free samples of works where you do not need to go through the long registration process. We take care of our customers and this is why we decided show the samples of works in an open access. It help us be helpful for you and to know that you can get our assistance even without asking. We believe that such attitude will make your student experience much better and easier. Otherwise, if the examples of works and our tips do not help, we are always glad to provide you with a real assistance, which means that our writer will do the work for you no matter what the subject and topic are. What Can You Expect From Our Cooperation? We do know that all you need is an essay written from scratch. We know your fears and do our best not to let you down. Together with it, we take care of an assistance you get from us. Service is no less important than the product. This is why we have gathered a team of young support managers who are always available over the phone, through the chat, and by email to help you. We are secure. No one will ever get an idea that we have worked together and that you have ever asked for our help. Feel safe and confident with WriteMyPapers.org.

Essay on Whose Turn Is It to Polish Apple - 1627 Words

CASE 3: Whose Turn Is It To Polish The Apple? GROUP 2 - CASE 3 Whose Turn Is It To Polish The Apple? Page 2 of 5 I. Synthesis Locked in an inward looking, closed culture that was proven effective for quite some time, Apple operated in a double agent corporate environment that eventually turned catastrophic to the organization. The founders, Steven Jobs and Stephen Wozniak, relied on their guiding principles: â€Å"Do your own thing, defy the pessimists and ignore the Establishment.† Such custom gave birth to what would be Apple’s â€Å"insanely great† Mac, largely patronized and loved by users. When the shortcomings of the existing renegade corporate culture started to surface, Apple’s doomsday was inevitable causing changes in the†¦show more content†¦Because of the freedom exercised by every creator in the company, inimitable novelties gave Apple a leadership position in the industry where it belongs. However, the price of corporate liberalism was too expensive as it produced renegades ready to clash with their colleagues in the company to prove their poin t and, thus, causing frictions. ââ€" ª As expounded by Racelis (2005), â€Å"culture has been found to be a completely different component that also may contribute significantly to organizational functioning, in addition to systems, structure and people.† Apple’s anti-thesis corporate culture that ultimately caused mismanagement confirms her assertions and proves unbeneficial to the organization in the end. In effect, the practice became a major cause to the dwindling operations. ââ€" ª In his theory about the dynamics of corporate failure, Sull (1999) demonstrates the disastrous effects of active inertia. He explains that, â€Å"Active inertia is an organization’s GROUP 2 - CASE 3 Whose Turn Is It To Polish The Apple? Page 3 of 5 tendency to follow established patterns of behavior – even in response to dramatic environmental shifts. Stuck in the modes of thinking and working that brought success in the past, market leaders simply accelerate all their tried-and-true activities. In trying to dig themselves out of a hole, they just deepen it.† Just like in the case of Apple, the renegade corporate culture startedShow MoreRelatedSteve Jobs By Michael Fassbender964 Words   |  4 PagesSteve Jobs is another one of those movies that, on paper, may not seem like it would work, but thanks to fantastic filmmakers, it turns into a great project. Focusing on just three key moments in the life of its eponymous lead, played by Michael Fassbender, Steve Jobs is a movie that manages to somehow convey to the audience a significant amount of complexity, a staggering amount of depth, and more than enough humor to make this idea pay off. 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Environmental protection Measures Free Essays

string(106) " whether there is an unsaid requirement for that caution not to be unreasonably or irrationally withheld\." Introduction The Four Main Options for Environmental Protection 1. Legislation 2. Control by Regulatory Bodies 3. We will write a custom essay sample on Environmental protection Measures or any similar topic only for you Order Now Design and Specification 4. Management 1. Legislation Cost – Is it expensive to put into practice or relatively cheap Legislation is a law or a regulation which has been produced or enacted by a legislature or another governing body or the procedure of making it. The aim of the legislations becomes a law which may be known as a bill and may be usually referred to as legislation while it remains under considerations to decide it from other business. Legislations can have many purposes such as to regulate, to authorize, to provide funds, to grant, to declare and to restrict any legislation that has been made. Legislations are introduced by the parliament and it can be introduced by the government who will introduce mainly plans for latest laws or the government and the parliament can also alter the existing laws. Bills are normally establish and launched new latest laws, which the latest law becomes a text of a bill which must be agreed by both House of Commons and the House of Lords who could debate on these proposals. Legislations are very expensive to put into practice as they go through a general process. They have to be updated to fit cotemporary issues or any problems this can be very expensive as the existing law to be changed or altered in any way. There are several disadvantages of legislation and the cost of the legislation is that the house of parliament spends lots of tax money on introducing most up to date or mainly new laws this money can be from time to time be used for to improve the purposes such as building new eco- Friendly houses and as well building leisure centres to keep the environment safe and clean. Effectiveness The Effectiveness of legislation is that the control process is awfully effective for example if someone for example a designer or an client are not following the legislation there could get fined or even there could get prosecuted by the government or whoever is in charge this would mean that client or the designer for example will not be able to carry out other contracts jobs as they will have to make many a variety of court appearances this would lead to a large amount of fine or even a prosecution this depends on what you haven’t followed and as well depends on the judges. However legislations can be very important and as well it can be very ineffective because they might take a long time to put into practice suitable to the possibility of being defeated or overpowered this can be done by the House of Commons or even the House of Lords depending by voting down. Public Perception The General public will have an excellent awareness of this control measure as they believe it will carry out its principle and the purpose, such as waste being controlled and not being allowed to be scatter onto the streets which will keep the streets clean from litter or make less pollution which will cause less health awareness for the general public and even yourself. The general public will feel very thankful and as well there will feel safe if the control measure have been took place this means that there should have barriers or large fences which should be put around the waste landfill sites which will can be controlled and reducing waste which would help the environment to be an eco friendly and as well the water bodies may not be affect them as they may be some endangered species living among us. This will give the public a good outline on the developers as they would see them as eco-friendly. The public will also appreciate fines for developers who do not meet the terms with the regulation, as it would make them feel secure because the developer is more likely to follow the rules to avoid the fine or getting prosecuted. 2. Control by Regulatory Bodies Costs – Is it expensive to implement or relatively cheap Control is a process which is done by working and functioning with the local authorities such as the local council .The planning division and the building control division and as well working with the environment agency. The environment advisor or a counsellor as well as the health and safety executive will be informed if there was a problem on site the reason why this technique is expensive to put in practice or to put into action this is because the local authorities for example the planning division who will have develop and enhance a local plan to outline where the construction is up to standard or if it is allowable. This is not expensive because the plan can be drawn by hand or could be produced on workstation. However the working of the building can also be controlled and as well this could be very expensive as the main branch of the department has to carry out a regular and a standard site inspection and check if there is any problems which have occurred and this will result in costs of hiring a specialist such as a site manager to carry out the inspections and examine the construction site however the working can also when working with an environmental professional of an health and safety executive is also can be expensive because they will require wages and salaries which can be paid on a monthly or even weekly basis. A number of polices will guarantee that the defence allowable and acceptable cost related with a protection and analysis or inquest the procedure, although insures might be in agreement to refund any legal expenses of an investigation where incurred within stage previous written approval therefore there is no clear management or any supervision from the courts as to whether there is an unsaid requirement for that caution not to be unreasonably or irrationally withheld. You read "Environmental protection Measures" in category "Essay examples" Keeping the Insurers closely informed is therefore necessary and very important where regulatory cover is granted, it is very common for policies to restrict liability for example once legal expenses have reached say about ?150,00 often cover is controlled to represent at summary courts, however further there are excluding from cover Crown Court representation or appeals. Some policies particularly provide insurance or protection cover for an aw ard of prosecution costs which can be considerable others do not. Fines cannot be insured against. Costs of Environmental Agency Example of charges 1. Control of major accident hazards (COMAH) charges The charges that cover the costs of the regulations as a collective qualified or skilled of legal bodies in the control of major accident hazards. The Health and safety Executive or an officer known as (HSE) and the environment Agency will regulate or control all the workers for the Control of Major Accident hazards (COMAH). There will ensure that the workers will take all the control measures which it is compulsory and is required to prevent major accidents and the limits their consequences to people and the environment. Types of charge The type of charge which can be produced from the environment agency is a raised charge this means that to recover the costs of which are incurred in carrying out a following functions by examining the top operators and as well examining the safety reports and also communicating the results of the inspection or a review to operators and considering the requests to rearrange agreements of the safety reports and dealing with the application to limit the information with the safety report. In addition eliminating operations which including preparation of the exclusion to observe and discuss with the operators. However the operator will inspect to assess agreements at a top and lower sites this will include all introductory and follow up performance and to investigate complaints and incidents and as well to check the operator compliance with the control of major accidents hazards (COMAH) , although he or she will also be carrying out enforcement actions which will include preparations an d serving of improvement or exclusion and notices and working to assign and select establishments as having potential for effects. For Example: It will cost over approximately ?25 billion to operate and maintain environmental Infrastructure to support existing communities in to 2029. In addition ?3.5 billion is associated with the damage costs from the consequences of potential flooding to properties. It will cost an approximately further ?7 billion to provide, operate and maintain environmental infrastructure to support the rate of housing growth projected roughly about 23,000 homes/annum over the same period. A further ?907 million is associated with the damage costs from the consequences of potential flooding to properties. Total costs link to ?16,528 for each new house. http://www.environment-agency.gov.uk/pagenotfound.aspx?aspxerrorpath=/research/library/data/112233.aspx Effectiveness The reason that the control process control is effective is because they offer developers or the clients or any other people within the construction Industry a clear place where construction has to take place this means that, endangered trees and animals that are protected as their habitats that are not altered or distorted. This means that the control measure achieves its most important goal of protecting the environment however this legislation can be ineffective, as the health and safety executive might unintentionally overlook hazards that are present on the work site e.g. misplacement of highly dangerous materials or any flammable materials. Another reason why that the control measures is very effective is because if the regulatory bodies doesn’t put any control measures into practice everything will collapse for example if a factory is making too much pollution and it is affecting the environment and the regulatory bodies don’t do nothing about it will cause many problems for everyone especially the regulatory bodies will affect them more because there will responsible for eliminating the pollution that is being produce and as well if the regulatory bodies put control measure in place it will help as well it will work which will keep the environment safe and clean from harmful chemicals and as well it will be very effective and useful. Public Perception The public perception of this control measure is they will feel assured that the construction progression is being overseen by professionals. However to this it will give them a good impression and perception on developers who hire the environmental consultants and health and safety executives, by doing this the public will feel that the developers are knowledgeable and experienced. Also if they do not maintain their pollution down that is being produced then, the health and safety officer and environmental agency can impose fines and as well prosecute them as well on them this acts as an inducement for the developers to follow the legislation as well making the public secure. The Perception of this control measure is that the public will feel certain and guaranteed that the construction progression is being eco- friendly which will not harm the environment for example reducing the amount of pollution is being made every day and as well keeping the atmosphere clean which will keep th e environment safe and preventing property to get destroyed such as acid rain which corrodes buildings and other materials goods. 3. Design and Specification Cost – Is it expensive to implement or relatively cheap The cost of Design and Specification is directly related to complex effects. As their add programmers to project, the communication costs will increase with the open place of the total number of programmers. There are that many more connections and links over which the details must be communicated. And, as the customer and programmers drift farther apart, the cost of the most important connection increases. Reducing the cost of communication between the programmers and the customer is important to get the details right efficiently and resourcefully. Design and specifications are very expensive to put into practice because they include things such as solar power, which is done by using solar panels these are quite expensive to buy and install. The building direction is expensive to put into practice because various of factors have to be in practice, such as the positioning of the building to get the most out of the potential of electricity that can be produced e.g. positioning solar panels on the west side of the building to make the most of the amount of sunlight being absorbed. The reason why this can be expensive is because such things like the foundations may need to be high and level. The systems of engineering a specification will be a document which will be a clearly and accurately document which will illustrate the important technical request for example materials , or services including the procedures where it can be a strong minded that the requests have been met. Effectives This control method is not very effective as the weather is not expected. This means that some time large amounts of sunlight might be absorbed by the solar panels but on the other hand some other time very little sunlight may be caught. This means that the costs and troubles of installing the solar panels balance the amount of electricity they generate. Another reason why solar power is not effective is because they are not very cost effective as the savings would cover the costs of installing the solar panels after lengthy time periods sometimes ten years probably more, however they are also very effective as the solar panels have the ability to last a very long time which could reuse over and over gain however it is also a sustainable energy. For Example: The panels are most effective between months and however it can also work even on a cloudy day. Solar panels can be used with existing heating systems, or for best results, in line components such as a hot water cylinder and system controller that can be purchased. Many of us worry about our fuel bills and the environmental impact of our fuel expenditure, while a at no cost and clean source of energy is shining down on us all day. In one minute, the sun gives the world enough energy to meet the earth’s power needs for a year. If you install a solar panel in your house, you are saving into this massive source of free energy, and cutting down your fuel bills which can be very effective. There are also great environmental settlement to solar energy, this is because as it produces no pollution and as well it save us money by using less electricity and using renewable energy which can be used over and over again but however it will cost a bit expensive to install and purchase but you can reuse when ever you want to. Public Perception The public perception for design and specification is good for instance solar power which has more cost effective then things similar to oil or coal. Another reason why the public have a good perception on renewable energy is because they create practically no carbon emissions therefore achieving their principal goal, however many of the public have a negative perception on design and specification, as they might think that solar panels on a roof building mess up the look of it but on the other hand many public have a positive perception on design and specification is that it is cheaper to use solar panel which generates electricity from the sun which save us money because solar panel is a renewable energy which is eco –friendly. Powering a modern house using solar energy helps the environment which will cuts future utility costs and reduces your need for distant oil or other fossil fuels. Solar-powered homes, however, have disadvantages too this is because electricity from so lar power would run everything in the home; the home generates a certain demand, or wattage. The more wattage a family uses, the more costly the solar-powered system would be and the more solar panels would be needed. 4. Management Cost – Is it expensive to implement or relatively cheap The control method of management is high-priced to put into practice, as it is the planning and control of all assets to the understanding and awareness of the building production. This is done by using expensive techniques which are simple environmental impact assessments, improved management on construction sites. These will acquire time which means financial budget as the company could be carrying out the construction procedure instead. The reason why techniques such as improved management on construction site is high-priced this is because the community like site managers have which is needed to be hired and equipment such as skips which to be hired, so that waste material can be separated and recycled in appropriate way. However this control technique can be cheap and economical to put into practice because of these techniques such as communication of in progression being deployable, this is fairly reasonably and practically cheap because they can be carried during toolbox talk’s session and as well can be written on site inductions for new employees. Managers use cost accounting to support decision-making to cut a company’s costs and improve profitability. Effectiveness The control process is quite relatively effective as techniques such as simple environmental impact forms check and observe for instance waste management and thermal efficiency. This makes sure that the developer or the architect or even the building team is not polluting the environment and achieving its purpose of protecting the environment. However another reason why this control method is effective is because a technique such as improved management on construction sites, this is by hiring site manager who have the capability to prevent illegal oil spillages into the soil to prevent it to get contaminated. The way they do this is by deploying things like spillage equipment and build-up tanks, also equipment like skips which are hired and deployed on the sites which means that the construction waste can be separated and recycled so that it can be reused; this reduces carbon emissions and protects the environment. Another way the method is effective is through the techniques of communicating information to employees are being aware of any environmental considerations, such as not dumping waste in a specific area so that it doesn’t rundown into a local river which will not harm the living spices . Management is almost entirely concerned with getting things done and establish how to get things accomplished. In each manager’s intelligence there is a debate over whether more concern should go into low-cost production or to take no notice of it. The best manager is one who achieves a given target while making the best use of all relevant resources. Management Effectiveness in Organizations The Mangers in an organisations are very effective where there will follow the same essential principle. The Managements effectiveness is very efficiency because this will mean it will reach a target with a minimal cost. The more difficult the task is the more difficult is needed to be for example planning, coordination and monitoring to achieve and accomplish success efficiently and resourcefully. The Mangers will also generally consider and think about on a range of types of people, large amounts of money and working to firm timeframes which will create a great challenge for even the best Managers. Leadership is so different because it is about promoting new directions and information but however not executing the existing directions or information efficiently and resourcefully. Performance Management. The Performance management without capacity, there is no way to establish or improve efficiency. The effective manager knows how to connect with employees in monitoring their own performance by retailing and dealing them on the conclusion to them of being completely aware of how they are doing at all times. Effective management entails efficiency such as getting things done with least cost. This means performance management but not treating people like machines. Managers must do the right thing, not just get things right. Managers have resources to invest in People, Material, and a budget. To obtain the maximum return on their investment, managers need to organize or set up their resources where they will achieve the best come back. Doing the right thing is just as much a form of efficiency as doing things right because it entails making the best possible use of a set of resources. Public Perception The public perception for the control process of management is excellent because they will think the developers are doing everything in their power to limit and eliminate the amount of pollution they develop. This makes the public feel assured and certain and as well guaranteed about things like wildlife as they are not in much danger anymore and the public will want the control measure to stay it in place, as it fulfils its purpose. These need to be suitable to use and should not overlook the built-up environment. Making space for waste management is therefore a main concern in planning and design. New houses, schools, hospitals, commercial buildings and public spaces need to be designed with this in mind. Similar facilities need to be retrofitted into existing buildings and spaces. References http://www.st-andrews.ac.uk/~dib2/atmos/control.html http://www.environment-agency.gov.uk/research/library/data/112233.aspx How to cite Environmental protection Measures, Essay examples

International Planning Prevention Of Abuse -Myassignmenthelp.Com

Question: Discuss About The International Planning Prevention Of Abuse? Answer: Introduction In this report, income tax provisions and rules of corporate bodies have been taken into consideration. This report is prepared on the Woolworths company which has charged income tax and prepared its financial statements as per the income tax rules and regulations. After evaluating the annual report of company, it is evaluated that equity capital of company is accompanied with the three main parts namely, contributed capital, retained earnings and reserve of company. The equity capital of Woolworths Company is accompanied with the following parts. Woolworths Company has divided its equity capital into following parts Common Stock Other Accumulated profit Retained earnings or distributable profit Contributed capital of company- It is the amount of capital invested by company for the consideration of the ownership they take from the company (Woolworths Company, 2017). Retained earnings- It is the amount of profit collected by the company from its earned profit. It is the plugged back by company or distributed to its equity shareholders (Woolworths, 2017). Equity (Amount in dollar million) ($M) 2017 2016 Common stock 5615 5252 Retained earning 3797 3125 Total equity 114 94 Discussion of equity part of the company It is observed that Woolworths Company has increased its equity capital and retained earning throughout the time. It is a good indicator for company. However, accumulated earning has also increased throughout the time. Total equity capital of company has increased by 12% in 2017 as compared to last year data (Woolworths Company, 2017). Income tax expense is the amount of money which is needed to be paid by company on its earning to government. It is shown as charged on the profit in the books of account of company. It is observed that company has been paying high amount of taxes to government on its profit. Therefore, it requires implementing effective tax planning to reduce the tax payment (Woolworths Company, 2017). Particular(AUD $ in million) 2016 2017 Income tax expenses 520 650 Therefore, it could be inferred that Woolworths Company has increased its income tax expenses throughout the time. However, the tax implication has increased due to increase in its taxable profit (Saad, 2014). It is observed that Woolworths Company has been following income tax rules and regulations. Tax amount charged on the profit of company is done on the basis of taxation rules and regulations. On the other hand, between Taxes computation on the basis of tax rate implication on the profit earned by company is done by following accounting rules i.e. 30% of net taxable income of company (1534*30%)=660.2. On the other hand, income tax paid by company is AUD $ 650 million in 2017. There are several reasons which may allow results to differences between Taxes computation on the basis of tax rate implication on the profit earned by company from the tax computed on the basis of taxation rules (Woolworths Company, 2017). Recording of expenses and revenue of the company is different as per the accounting rules and regulations and income tax provisions and laws. For instance, recording of depreciation, bed debts, provisions of company are differently recorded as per the accounting rules and regulations and income tax provisions and laws. Therefore, it could be inferred that recording of expenses and revenue in the books of account is done after complying with the income tax rules and regulations which may differ from the accounting income computed by the accountant of company. The tax charged on the profit of company which is implicated as per the rules and regulations of income tax (Saad, 2014). After evaluating the annual report of Woolworths Company, it is evaluated that company records its deferred tax assets or liabilities in its books of account. Deferred tax assets is recorded when the tax charged as per the income tax rules and regulations is less than the tax computed as per the accounting rules. On the other hand, Deferred tax liabilities is recorded when the tax charged as per the income tax rules is more than the tax computed as per the accounting rules and regulation (Woolworths Company, 2017). It is evaluated that deferred tax is recognized by using balance sheet method and. This method is used for temporary differences between the carrying value of assets and liabilities of company and amount used for taxation object (Avi-Yonah, 2007). The deferred tax is not realised in the books of accounts of Eureka group holdings limited so it is not booked in the financial statement of accounts. In current year, deferred tax assets of Woolworths is AUD $ 372 million. Particular (AUD $ million) 2017 2016 Deferred tax assets 372 1110 Deferred tax is the amount of the provision which company keep in its books of account. It is observed that company needs to carry forward this tax amount to next year to set off it against with the future tax payment (De Broe, 2008). Current tax payable and current tax expenses of Eureka group holdings limited Income tax expenses are shown in the income statement of company. .It is observed that income tax charged in the profit and loss account is the tax implication on the current year profit. It is treated as expenses of company and deducted from the overall profit of company to identify the net profit. On the other hand, income tax payable is the amount of tax implication which is yet to be paid by company to government. It is the amount of liabilities which is shown in the liabilities side of company. This income tax payable could be related to either one year or all of the year. Therefore, it could be inferred that these both amount can never be equivalent to each other as it has their own purpose and shown under the different heading in different statements. Income tax charged on the Company is AUD $ 650 million. On the other hand, income tax payable by company is AUD $ 80 million (Yue, 2016). Particular(AUD $ in million) 2016 2017 Income tax payable 80 41 Income tax expense 650 520 Why income tax expenses is not same as the income tax payable There are several reasons which have resulted to differences between tax expenses and tax payable company. Income tax expenses are tax charged on the current year profit. Income tax payable is amount of total tax payable liabilities which company needs to pay to government. Income tax recorded in the profit and loss account. On the other hand, income tax payable is recorded in the balance sheet of company (De Broe, 2008). Is income tax expenses shown in the income statement is not equal to income tax paid in the cash flow statement? If not After analysing the annual report of company, it is observed that income tax expenses shown in the income statement is not equal to income tax paid in the cash flow statement. Why are the differences? Cash flow statement is accompanied with the detail of cash inflow and outflow from the business in current year irrespective of the fact whether it relates to present year of future year. Cash flow statement is used by management of company to make effective management of the cash related issues (Brigham and Ehrhardt, 2013). It is observed that income tax expenses shown in the books of account of company are not equal to the income tax amount shown in the profit and loss account of company. It is observed that income tax charged in the profit and loss account is the tax implication on the current year profit. On the other hand, income tax shown in the cash flow statement of company is the total amount paid by company in the particular year irrespective of the fact whether it relates to present year of future year. Cash flow statement reveals each and every single detail about the cash inflow and outflow from the business. Profit and loss account is prepared with a view to identify th e true and fair view of income earned by company. Therefore, it could be concluded that both statements have their own purpose and prepared to satisfy those purpose only. The income tax expenses shown in the income statement of company is AUD $ 650 million. On the other hand, tax payment shown in the cash flow statement is AUD $ 668 million. The difference between both amounts has emerge due the reasons given above (Woolworths Company, 2017). Treatment of tax in the books of accounts of company It is observed that treatment of tax in the books of company is based on the income tax provisions and rules given under AASB 112. Interesting thing about the recording of tax The main interesting thing about the recording of tax is related to its recording treatment in different books of account. Each and every financial statement has its own purpose. For instance, payment of tax shown in the cash flow statement, irrespective of the fact whether it relates to present year of future year, profit and loss account shows the tax charged on the profit of company. Difficulty to understand the recording of tax It is observed that the main difficulty to record the tax amount is arise when there is differences between domestic and international taxation rules. It becomes cumbersome for the stakeholders to understand which entry has been recorded by following certain taxation rules and regulation. Surprising thing about the recording of tax It is evaluated that company can shows its liabilities of its tax payment as deferred tax assets or deferred tax liabilities. However, the main surprising thing to notice in this case is related to recording of deferred tax liabilities or deferred tax assets in the books of account of company. A company can never have deferred tax liabilities or deferred tax assets in the books of account of company both at the same time (Feldstein, 2009). New Insight about the recording of taxes It is understood that in order to comply with the international taxation rules and domestic taxation rules, company needs to establish harmonization in its recording of tax amount in the books of account of company by following AASB 112 (Garrett, Hoitash and Prawitt, 2014). Conclusion After evaluating the above discussion, it could be inferred that company needs to establish harmonization in its domestic and international accounting standards with a view to formulate effective financial statements. References Avi-Yonah, R.S., 2007.International tax as international law: an analysis of the international tax regime. Cambridge University Press. Brigham, E.F. and Ehrhardt, M.C., 2013.Financial management: Theory practice. Cengage Learning. De Broe, L., 2008.International Tax Planning and Prevention of Abuse: A Study Under Domestic Tax Law, Tax Treaties, and EC Law in Relation to Conduit and Base Companies(Vol. 13). Ibfd De Broe, L., 2008.International Tax Planning and Prevention of Abuse: A Study Under Domestic Tax Law, Tax Treaties, and EC Law in Relation to Conduit and Base Companies(Vol. 13). Ibfd. Feldstein, M., 2009. Tax avoidance and the deadweight loss of the income tax.The Review of Economics and Statistics,81(4), pp.674-680. Garrett, J., Hoitash, R. and Prawitt, D.F., 2014. Trust and financial reporting quality.Journal of Accounting Research,52(5), pp.1087-1125. Saad, N., 2014. Tax knowledge, tax complexity and tax compliance: Taxpayers view.Procedia-Social and Behavioral Sciences,109, pp.1069-1075. Woolworths Company, 2017, annual report, Retrieved on 27st January, 2017 from https://www.woolworthsgroup.com.au/page/investors/our-performance/reports/Reports Yue, P. E. N. G. (2016). Domestic Application of Taxation Treaty: Study on Article 58 of the Enterprise Income Tax Law.Northern Legal Science,6, 014