Read the annual report including the financial statements of the group and write a memorandum to the board of directors clearly explaining some of the technical aspects of consolidation. Make sure that you draw on the group company’s specific details to explain the intricacies of consolidation to the board, and as much as possible avoid answering in general terms.

Please answer theses questions from 2016 financial statement for Qantas ( 700 words)


1. Does the group have any foreign currency transactions? Any foreign subsidiary companies? How have they been accounted for in the financial statements?

2. Any other relevant matter that you may wish the board of directors to make note of in respect of some transaction or event, the balance of account or disclosure that will assist them in understanding the financial statements of the group.