University : Deakin University UniLearnO is not sponsored or endorsed by this college or university.
Subject Code : MAA310
Country : Australia
Assignment Task:

Unit Learning Outcome (ULO) Graduate Learning Outcome (GLO) 

ULO1: Interpret theories of financial accounting, regulation, corporate social reporting and management accounting in the context of global and local communities. 

ULO 2: Evaluate contemporary accounting and business issues incorporating global perspectives.

ULO 4: Justify, analyse and communicate financial and non-financial information to assist managers’ ethical and responsible decision making and reporting.

 

Background:

COVID-19 has caused enormous disruption to the Australian and global economies. Most companies are operating under significantly different circumstances to those existing 12 months ago. In particular, the travel and tourism industry sector has been severely impacted. 

The Australian Securities and Investments Commission (ASIC) requires corporate management to prudently review the measurement and recognition of the elements of the financial statements for the 30 June 2020 financial year, in response to emerging issues and changing circumstances that have impacted on businesses during the COVID-19 pandemic. 

Required:

The Qantas Limited (Qantas) audit committee is meeting with the external auditors shortly. Assume you are an accountant working for Qantas. The CEO has asked you to prepare a business report for the company’s audit committee which: 

1. Explains the specific reporting decisions, if any, Qantas management shall make for the following accounts to ensure compliance with AASB 136 Impairment of Assets: Inventories, Receivables, Intangible assets, and Property, plant & equipment. 

• If there is no impact, you are required to explain why there is no impact. 

• If there is a variable impact within each account, for example, if there are a number of different intangible asset components, you must provide sufficient information so the audit committee understands the reporting decisions required for each component of the account. 

• You should rely on the 2019 Annual Report to ascertain the components in each account for Qantas. The 2019 Qantas annual report is available on the CloudDeakin site. 

2. Identifies and discusses two challenges that will be encountered by Qantas in reviewing the measurement and recognition of the relevant accounts impacted by AASB 136 for the 30 June 2020 financial year. (Suggested words: 300) 

3. Evaluates, taking an agency theory lens: 

• Whether Qantas management is likely to engage in “big bath accounting” via impairment of assets as a result of COVID-19, and 

• Whether “big bath accounting” is aligned with shareholders’ interest. (Suggested words: 600) 

4. Evaluates whether management should report an alternative profit measure that excludes the impact of the COVID-19 pandemic impact, in addition to the mandated Net Profit and Loss.

 

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  • Posted on : August 07th, 2018
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