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AASB 16 was released in February 2016 and is applicable to annual reporting periods beginning on or after 1 January 2019. Assume that an investor from Japan had approached you at Deloitte Limited seeking advice on the effects of AASB16 on Air New Zealand Limited and Qantas Limited financial statements for the period 2018/2019 if these firms adopt the new leasing standard. You are to assume that all aspects of the financial statement will be same as 2017/2018 except the effect of the AASB 16. 
Deloitte is Auditors for Air New Zealand Limited and KPMG is Auditors Qantas for the financial year 2018/2019. You are required to take the role of business advisor/Analyst for the purpose of providing a detailed report based on the following specific questions relating to AASB 16 that the investor is seeking a report for. As an advisor/Analyst at Deloitte, write a report addressing the following questions that the investor has asked your firm for advice; 
1. As the auditor for the financial statements for the year ended 2019 for Air New Zealand Limited are there regulation, restrictions or disclosure requirements etc. that has implications for your firm if you provide the requested advice. If so, please discuss the requirement and how you would resolve it. 
2. Why has the leasing standard been changed? What has changed? What does it mean for Air New Zealand and Qantas? And how AASB 16 would benefit and/or disadvantage both air lines? 
3. What effect does AASB 16 have on Air New Zealand Limited and Qantas Limited’s income statement, balance sheet and cash flow statement? What does it mean for users of both corporation's financial statements? 
(Note: Compare and discuss relevant ratios (minimum 10 ratios) where applicable. Use the 2018 Annual Report for both Air New Zealand Limited and Qantas for comparison. Attach as Appendix 1 extract from the financial statements that you have used. Compare and discuss ratios in the body of your discussion and attach your ratio calculations including any formula for both companies in appendix 2. 
4. How have these two companies reported their environmental and social aspects such as energy use and efficiency, carbon emissions, etc.? Is there any regulatory requirement for such reporting? If so, summarise the requirements and discuss what they have reported? If there is no regulatory requirement, is there any evidence that these companies have reported/disclosed any environments and social information if so, summarise how and what is reported/disclosed? 
5. Evaluate whether overall, AASB 16 would result in reporting that would be more useful to users of Air New Zealand and Qantas Limited’s financial statements? 
6. Summarise your discussion for the investor who is from a non-accounting background. 
7. Prepare your group’s presentation slides for the investor and attach them as an appendix to your report. In your report make sure you consider the relevant specific technical and theoretical issues relating to AASB 16 from your investor's perspective. You are also required to consider the theoretical implication of accounting information produced from the perspective of your investor. 

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  • Posted on : April 21st, 2019
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