The objective of the report is to analyse the financial state and the overall analysis of the company i.e. Qantas Airlines Limited. The company being an Airline company undertakes the provision of services related to the customer satisfaction and other responsibilities in providing air services. The company aims at creating success by undertaking sustainability and actions for creating value for the shareholders and the people of the community.
The report has taken into consideration the evaluation of the effectiveness of the annual reports and other policies of the company to know whether the Shareholders have invested in the right stock or not. The environment under which the company acts forms the part of the report. The report also considers the analysis of the accounting policies applied by the company and the compliance with the International standards i.e. IFRS. The changes if occurred within the policies or undertakings are a part of the report.
The company has a big picture in mind, is running under the programs of corporate social responsibility, and works towards the enhancement of the overall community. The company has been adapting and advancing various technologies and economies to set milestones for the industry. The corporate governance is the key for the assurance of the protection, improvement and creation of the value of the shareholders.
The Board takes steps to maintain the corporate principle and ethics on the highest levels. The Board considers the Principles and Recommendations that are considered in the Company’s Corporate Governance (Abraham and Shrives 2014). Qantas takes steps in disclosing the Corporate Governance Statement of the year 2016 and is presented in the websites and the annual reports accessible by the shareholders of the company.
It aims at having a positive environment and giving required amount of responses towards facing the challenges that occur on a global basis.
The four major financial statements that form the part of the reports and analysis include:
The major specific items in the financial statements that is important in assessing the performance and position of the company takes into account the following:
Revenue: The total earnings decide the capability and productivity of the undertaken operations and functions.
Finance costs: The amount of finance costs helps in the determination of the finances that have been acquired by the company and utilised in the management of the operations.
Earnings per share: The figure measures the income that is earned per share held by the investors (Bamber and Parry 2014).
Current assets and liabilities: The current ratio based on the Current assets and liabilities measures the ability of the total current assets to meet the current obligations of the company.
Cash flows from operating activities: The general operations of the company are reflected under this section. The major dividends are provided that is of important value and worth towards shareholders.
Cash flows from investing activities: The flows from the projects and ventures undertaken are considered under this head and the same shows the efficiency of the business in maintaining the new and modern technologies and equipments of working.
Cash flows from financing activities: The buyback of shares and other finances are shown that is of utmost value (Benson 2014).
The shareholders will get assistance of knowing the value and worth of the company.
In case of new ventures, the provisions are recognised based on the probability of the occurrences of the operations within the company and as per the legal obligations. The materially affecting items are determined for the identification of the expected cash flows in future. The environmental ventures and policies for having a global effect are considered under such head and thus, are required to be considered under the head of provisions.
The standards was accepted and amended for the inclusion of a new credit loss of probable nature for the calculation of the impairment related to the assets of the financial nature. The amendments would be starting and be effective from the year 2018 and month January as per the necessity of early adoption of the amendments. The standards will not have a special effect or materiality impact that would be concerned with the financial statements of the Group of company.
The standard creates establishment of the framework that would determine the amount, time and situation of the recognition of the revenues. The standard will replace the guidance related to the recognition of revenue that include the standards and policies of AASB 111 Construction Contracts, AASB Interpretation 13 Customer Loyalty Programmes and AASB 118 Revenue. It has the capacity of having an assessment or evaluation of the impact of the prospective changes in the Consolidated Financial Statements and the results and consequences occurring after applying the policies of AASB 15 i.e. Revenue from Contracts with Customers.
The existing standards and policies contained in the accounting for leases would be a replacement of the AASB 117 Leases. The right of using the assets with the lease liabilities and other obligations related to the assets are recognised and in the given case, the company group Qantas is a lessee. The expenses of interests would form part of the statement of income and the method of the effective interest rate method would be used. The depreciation of the right to utilise the assets will take place under the policies of the standards. The amendments would be starting and be effective from the year 2018 and month January as per the necessity of early adoption of the amendments. It has the capacity of having an assessment or evaluation of the impact of the prospective changes in the Consolidated Financial Statements and the results and consequences occurring after applying the policies of AASB 16 (Berry and Gribble 2016).
The notes contain all the explanations that are related to the income statement, balance sheet, statement of equity and cash flows and other financial statements. The revenues and earnings are the major part of discussion as it has a relation with the main owners of the company i.e. the shareholders and also the ones that are the part of our discussion.
The major and the principle notes to be considered by the shareholders take account of the following:
There has been a declaration of the full fledged dividends of final nature. The dividends for the current year were declared that was about seven cents per ordinary share. The dividends paid were from the retained earnings of the share capital that was the profits earned by the Qantas Airways Limited, the parent company. There were no dividends for the year ended on the 30 June 2016 and neither amount of the declaration or paying off of the dividends took place in case of the shareholders with the non-controlling interest and the entities non-wholly owned and controlled (Brigham and Ehrhardt 2013).
The amount of other shareholder distributions given to the shareholders:
There was a total dividend that were a total of $134 million and there have been announcement of the buyback of shares of about an approximately $366 million. The meeting was to be held that had been disclosed in the Board Reports for the buyback of around 10% shares that would be under issuance of a period of twelve month. There had been a return of the capital in surplus towards the shareholders that would be in line with the framework of the Qantas Group. Therefore, the same would be too much beneficial for the shareholders and other investors of the group. The group also carried on the undertakings of the initiative of the share consolidation that would be related with the distribution of shareholders. The company carries on the policy of providing equal and proportionate conversion of the consolidated shares (Finance and Network 2013).
The major information provided to the shareholders was that the massive buy back of share had taken place that was announced in the month of February and in the year 2016. The massive buy back of share consisted of $500 million and also further amount of $505 million return of capital and associated share consolidation.
The conceptual framework is a logical system that has principles and logistics that are interrelated to each other and provided consistency in the standards that has a relation with the prescribed functions, limitations and nature of the accounting of finance and the financial statements. The framework is required in the accounting for finances and the reasons include the following:
There will be issuance of major solvency by issues that are new in nature and having a reference to an existing framework of basic theory.
There will be enhancement in the comparison feasibility that occurs with the financial statements of the company or group (Embrechts et al. 2013).
The understanding, knowledge and awareness of the financial reporting needs to be considered and taken into account so that the shareholders are also able to depict the same.
The reporting of financial discussions provides and consists of a number of objectives that include the following:
It helps in providing information that are useful in the decision making process of making investments and credit decisions of individuals.
Providing helps towards the useful and effective assessment of the cash flows of the company.
Helping and providing valuable information about the resources of the enterprises, the claims and modifications occurring among them.
The accounting information helps in providing reliability and relevance related to the financial structure and position of the company. The company’s information must be relevant in nature as the predicted or the values that have been sent for feedback needs to be presented in a timely manner and basis. The decision making can be done on the basis of the relevant data and information and the same helps in the predictions of the probability of the present, past and the events occurring in future for the confirmation in the correctness of the past expectations (Cotching et al. 2014).
Thus, the major objectives of the Board is to provide major information to the users and the annual report has those taken steps in providing a conceptual framework related with the financial statements of the company i.e. Qantas Airways Limited.
As per the above discussions we can observe and analyse that the information of accounting must have characteristics of Qualitative nature and the same will lead to a contribution of the value or quality of the information. The conceptual framework related with the financial accounting will provide help in the process of decision making.
In case of Qantas Airways Limited, the stakeholder that is shareholder in this case must take the decision of investing. The investments will lead to the better productivity and profitability.
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Cotching, W.E., Oliver, G., Downie, M., Corkrey, R. and Doyle, R.B., 2014. Land use and management influences on surface soil organic carbon in Tasmania. Soil research, 51(8), pp.615-630.
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