Australian and Global Economies & Qantas Limited Case Study Accounting Assignment Help

Assignment Task

Specific Requirements Background:
COVID-19 has caused enormous disruptions to the Australian and global economies. Many companies are operating under significantly different circumstances to those existing two years ago. In particular, the airline industry has been severely impacted. With international borders closed, and state borders unpredictably opening and closing for much of the COVID-19 pandemic, Qantas Limited (Qantas) recognised large impairment expenses in 2020 and 2021. Qantas reported an impairment expense in 2021 of $270 million and in 2020 of $1,456 million. For the reporting period ended 30 June 2021, Qantas reported an underlying loss before tax of $1.823 billion and a statutory loss before tax of $2.35 billion. With the re-opening of international borders in November 2021 the airline industry has started to rebuild. Airlines are spending considerable amounts to retrain and re-certify pilots who have not flown for more than 90 days, and to service “mothballed” aircraft to make them ready and safe for flights. 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:
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.
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: 300)
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: 500)
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 (wording 500)

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