Wednesday, December 11, 2019
Financial Reporting of Qantas Group Samples Ã¢â¬ MyAssignmenthelp.com
Question: Discuss about the Financial Reporting of Qantas Group. Answer: 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). 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 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 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. 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.