qantus

 qantus Essay

Today i meters going to stand for how improvements of lease accounting as well as impact on the financial position as well as the performance with the company. And I have chosen Qantas as the company in my presentation.

First of all, lets possess a brief understanding in Qantas background. Qantas is a for-profit company limited by shares, included in Australia whose shares are publicly traded in the Australian Investments Exchange (ASX). According to the Qantas annual survey (2013 S. 6), it states the statutory income after duty amounts to $6 mil and actual profit prior to tax amounts for$192 , 000, 000 for the 2012/2013 financial year. Their internal efficiency can be reflected in the Consolidated Financial Claims, which are general purpose financial transactions. Those claims have been ready in accordance with Aussie Accounting Standard (AASBs), complying with IFRS and IASB.

Here is Qantas' leasing activities. It has both finance and operating leases. For financing lease, the Qantas Group leases largely aircrafts under finance rent with expiry dates between one and ten years. Every one of the risks and benefits, alongside the ownership, have been completely substantially transferred to Qantas. Since finance leases are capitalized, both rent assets and lease liabilities, equal to present value from the minimum rental payment and guaranteed left over value, are recorded at the inception from the lease. Since shown in Figure one particular, both the lease and retain the services of purchase financial obligations are documented in current and non-current payable correspondingly at the quantity of $243 and $633 which is in that case shown in the balance sheet to create a total legal responsibility as a whole.

Pertaining to the operating lease, during 2012-2013, the Qantas group purchased seventeen aircrafts and leased 10 aircrafts underneath operating rent. Other than the operating rented aircraft, the Qantas group leases properties, plant and equipment underneath non-cancellable working leases with expiry schedules between 1 and 3 decades. This working lease responsibility...


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