7101AFE - Financial Accounting Theory and Practice Assignment

Assignment Task

Part 1:

Read through the 2022 general purpose consolidated financial statements including notes (to the financial statements) of Japan Airlines Ltd (JAL) and Qantas Airways Ltd (QAN). Also consider the Integrated Report of JAL 2021 and the Sustainability Report of QAN 2022.

Based on your reading and independent research, answer the following questions:

(a) Which set of accounting standards did JAL and QAN apply in preparing the consolidated financial statements?

(b) Who sets the accounting standards in Australia? In Japan? Discuss with references. 

(c) What similarities and differences do you observe between the two sets of financial statements? Your focus should be on the application of accounting standards and nature of accounts rather than the reported amounts or financial performance. 

(d) Using Hofstede’s societal dimensions, how would you describe Australia and Japan as two different societies? 

(e) Do you think financial reporting in Australian and Japanese companies will converge one day? Why or why not?

Part 2: 

(a) Refer to the Integrated Report of JAL and the Sustainability Report of QAN. Compare and contrast between the key features of these two reports.

(b) Comment on the accrual components in earnings of JAL vis-à-vis QAN in 2022. Considering the accounting policies, estimates, and judgements, which company is more conservative in their accounting practice? How do you know?

(c) Which company is more profitable? How do you know?

(d) Compare and contrast between the key features of executive remuneration structures of JAL and QAN.

(e) Do you think JAL or QAN is exposed to high political costs? Why or why not? 

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