Recent Question/Assignment
Please analyze the 2016 Annual report of Qantas Group and answer to following questions.
http://www.qantas.com.au/infodetail/about/corporateGovernance/2016AnnualReport.pdf
Please extract annual reports snaps where it necessary. Such as
Questions
1. Why did the parent entity have to prepare consolidated financial statements when the subsidiary company is a separate legal entity in its own right? Is there a need for disclosure in the financial statements?
2. The non-controlling interest – where would you find it in the financial statements and what does it represent? Details of any direct and indirect non-controlling interest? What do these mean? Is it important to show them separately? Why or why not? ( Please refer sample answer in the attachment)
3. Intra-group transactions and balances: How much are they? In which set of financial statements will we be able to locate them? Are they an important part of the consolidation process? Why or why not? (just cop
4. Does the group have any foreign subsidiary companies? How have they been accounted for in the financial statements? How has the subsidiary company’s financial statements been translated?
5. Does the published set of group financial statements reveal the company’s policy on sustainability? Corporate governance? Audit committees? Solvency? Where and why? Is it compulsory to disclose these statements? Why or why not?
6. Any other relevant matter that you may wish the board of directors to make note of in respect of some transaction or event, balance of account or disclosure that will assist them in understanding the financial statements of the group. (You can also use following pie chart to answer question 6.)
http://www.qantas.com.au/infodetail/about/corporateGovernance/2016AnnualReport.pdf
Please extract annual reports snaps where it necessary. Such as
Questions
1. Why did the parent entity have to prepare consolidated financial statements when the subsidiary company is a separate legal entity in its own right? Is there a need for disclosure in the financial statements?
2. The non-controlling interest – where would you find it in the financial statements and what does it represent? Details of any direct and indirect non-controlling interest? What do these mean? Is it important to show them separately? Why or why not? ( Please refer sample answer in the attachment)
3. Intra-group transactions and balances: How much are they? In which set of financial statements will we be able to locate them? Are they an important part of the consolidation process? Why or why not? (just cop
4. Does the group have any foreign subsidiary companies? How have they been accounted for in the financial statements? How has the subsidiary company’s financial statements been translated?
5. Does the published set of group financial statements reveal the company’s policy on sustainability? Corporate governance? Audit committees? Solvency? Where and why? Is it compulsory to disclose these statements? Why or why not?
6. Any other relevant matter that you may wish the board of directors to make note of in respect of some transaction or event, balance of account or disclosure that will assist them in understanding the financial statements of the group. (You can also use following pie chart to answer question 6.)
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