Analysis of Qantas Group Accounting and Financial Reporting

This report analyzes the accounting and financial reporting practices of Qantas International, focusing on its strategies and financial statements. It includes a memorandum to the Board of Directors explaining the technical aspects of consolidation, referencing accounting standards, and emphasizing transparency and accountability. The report discusses the importance of corporate governance, audit committees, and the role of the annual report in presenting financial data. It also examines the company's short-term and long-term goals, aiming to secure sustainability and shareholder value. The report references Qantas's subsidiaries, such as Jetstar, and the application of IFRS. The author recommends that the Board further attach the report of the Board which will result in an amendment of the laws.

Running head: ACCOUNTING AND FINANCIAL REPORTING
Accounting and Financial Reporting
Name of the Student
Name of the University
Author Note

1ACCOUNTING AND FINANCIAL REPORTING
Introduction on the Company
Qantas International is a Jet star Group and Qantas Loyalty with a huge capital. This
report is Qantas Group strategy, which have increased their profits in the recent years. The
company has investment in product and services and this company is increasingly a new source
of ventures. Quotas financial statement is dependent on the safety standards, and customers’
satisfaction and this will give the strongest foundation for future. The companies’ short term and
long-term goals share for the value of the shareholders. The ultimate goal for the company is to
secure sustainability (Navarro, 2016).

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Memorandum to the Board of Directors
MEMORANDUM TO: Board of Directors
FROM: Alan Joyce (Chief Executive Officer)
Subject: Memo to the board of directors explaining some of the technical aspects and intricacies
of consolidation to the Board
Proposal
This memorandum for requesting the Board of Directors shall make some changes and
the explanation of the technical issues and intricacies in the consolidation to the Board and
amend the provision of the Accounting Standards and the notes and Bylaws to authorize the
Board (Van Nostrand, 2013).
Background
Aside from the meeting held where the consolidation of the financial statements are
discussed. As the representative of the company Qantas and it is clear that some reforms are
made and there are some changes. In order to propose to give some priority for some
considerations for difficulties faced in consolidation. In working with the close cooperation with
the members and the directors of the company and assisting in improving the understanding the
ability to resolve the consolidation of the accounts of the company (Kapila,2015). The company
has a foreign subsidiary including the companies such as Qantas Link and Jet star and has
interests in associated business. The company has accounted for the financial statements of the
subsidiary companies and in order to implement the effectiveness of the principles and standards

3ACCOUNTING AND FINANCIAL REPORTING
of the accounting of the company, which includes transparency, and accountability of the
company (Nevo, 2015).
Standards
In relation to the financial and accounting relation and the accounting, standards are to be
mentioned in the report. It is important for a company to mention in its annual report the
Sustainability; Corporate governance; Audit committees and Solvency structure. This is a
mandatory when making the annual report to mention the structure of the audit committee and to
mention the number of directors present in the group and acting in the directors committee and
he corporate governance report state all the compliance has been made or not. It is important for
every listed company to attach itself with its report the consolidated report of its subsidiary
companies.
The importance of the standards, which helps the company to maintain transparency of
the companies policies, which involve the details of the companies’ policies and for good
governance. In order to strengthen the decisions of develop the data for dissemination and
monetary, financial and fiscal policies.
.Transparency and accountability
The financial statements shall be presented in the cash flows and the financial
presentation in the balance sheet and the performance of the company shall be depicted. Fair
representation requires the company to disclose the effects and representation of the accounts. It
mentions the definitions of the assets and liabilities, the income, and the expenses account shall
be disclosed. In case of a going concern, the company shall disclose after taking into

4ACCOUNTING AND FINANCIAL REPORTING
consideration the requirements of IFRS and the Accounting Standards and the relevant
requirements.
Over the years, the Board has transacted the vast majority of its business through
convened meetings of the Board. The items of audit committee and the structure of the board and
the corporate governance report was not compulsorily mentioned by the company but with the
new changes in the Regulation it is compulsorily to attach all the statements of the financial data
(Andreassen, 2015).
From time to time, the Board has made it compulsory to clarify the approach in certain
aspects of corporate governance. The subject proposal, if adopted, shall be amended and shall be
included in the annual report and that there is proper procedures followed which will detail the
transaction and would accomplish that goal. This is done by amending the Bylaws to "codify"
the above to the Board (Strodthoff , 2014).
Recommendation
The reasons that are stated above, recommends that the Board will further attach the report of the
Board and which will result in an amendment of the laws. This will enable the Board member to
request in writing to the Board regarding business on a particular matter set for explaining some
of the technical aspects and intricacies of consolidation to the Board.

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References
Andreassen, H., 2015. Strategic responses to digital disruption in the outbound wholesale travel
industry: a New Zealand perspective (Doctoral dissertation, Auckland University of
Technology).
Kapila, R.V., 2015. International politics of low carbon technology development: carbon capture
and storage (CCS) in India.
Navarro, J., 2016. Ether and Wireless. HIST STUD NAT SCI, 46(4), pp.460-489.
Nevo, E.M.D., 2015. The impact of the application of international air cargo security
regulations in South Africa (Doctoral dissertation).
Strodthoff, I., 2014. Chile and Australia: Contemporary Transpacific Connections from the
South. Springer.
Van Nostrand, A.D., 2013. Fundable knowledge: The marketing of defense technology.
Routledge.