MAA310 Accounting and Society-Financial Reporting as applicable.

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MAA310 Accounting and Society

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Task:

Description

This assessment task will provide the opportunity for you to apply your knowledge on the accounting theories and their application to contemporary accounting issues. You will also become more familiar with the use of the accounting standards and their application in specific situations.

You are required to write a business report which responds to specific questions. It is important to note that you are writing a business report to the Qantas audit committee. Your report is therefore being addressed to a committee which is knowledgeable about Qantas, and which will expect a professionally written report supported by references to published journals and also to the accounting standards and/or the Conceptual Framework for Financial Reporting as applicable.

Word limits for each question are provided to give you an indication of our expectations, but these are indicators only. Please refer to the video to hear guidance from the unit chair about this task.

Required:

Assume you have finished your Commerce degree and are now an accountant working for Qantas. As Qantas senior managers look ahead as their business re-opens, the Qantas audit committee has asked you to prepare a business report for them which:

1. Explains whether Qantas is permitted to reverse the impairment expenses recognised during the Covid-19 pandemic for the following assets, once the business returns to “normal” in 2022, with specific references to the Australian Accounting Standards:
Goodwill
Aircraft
Investment in Helloworld Travel Ltd. (ASX: HLO) (Qantas accounts for this investment as an associate).

Software intangibles. (Suggested words: 600)

2. Evaluates, taking an agency theory lens, whether any permitted impairment reversals are aligned with shareholders’ interests. Explicitly explain and apply agency theory within your discussion. (Suggested words: 400)

3. Evaluates whether the cost of re-training/re-certifying pilots, and the cost of preparing aircraft to resume flying can be capitalised (i.e., recorded as an asset), with specific references to the Conceptual Framework for Financial Reporting and to AASB 116 where applicable. (Suggested words: 400)

4. Evaluates whether Qantas should continue to report two profit figures (underlying loss before tax and statutory loss before tax), specifically referring to the needs and interests of three different key stakeholders. Explicitly explain and apply the managerial branch of stakeholder theory within your discussion

Unit Learning Outcome

1. Evaluate contemporary accounting and business issues incorporating global perspectives.

2. Justify, analyse and communicate financial and nonfinancial information to assist managers’ ethical and responsible decision making and reporting.

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