600ft-lb
21st Sep 2011, 07:34
30 June 2012. The day it will become somewhat clearer within the murky financial report.
AASB 124 Related Party Disclosures (revised December 2009)
and amendments in AASB 2009-12 Amendments to Australian
Accounting Standards simplifies and clarifies the definition of
a related party. The amendments, which will become mandatory
for the Qantas Group’s 30 June 2012 Financial Statements with
retrospective application required, are not expected to have
any impacthttp://www.aasb.com.au/admin/file/content102/c3/RDR-AASB_124.pdf
18 If an entity has had related party transactions during the periods covered by the financial statements, it shall disclose the nature of the related party relationship as well as information about those transactions and outstanding balances, including commitments, necessary for users to understand the potential effect of the relationship on the financial statements. These disclosure requirements are in addition to those in paragraph 17. At a minimum, disclosures shall include:
(a) the amount of the transactions;
(b) the amount of outstanding balances, including commitments, and:
(i) their terms and conditions, including whether they are secured, and the nature of the consideration to be provided in settlement; and(ii) details of any guarantees given or received;
(c) provisions for doubtful debts related to the amount of outstanding balances; and
(d) the expense recognised during the period in respect of bad or doubtful debts due from related parties.21 The following are examples of transactions that are disclosed if they are with a related party:
(a) purchases or sales of goods (finished or unfinished);
(b) purchases or sales of property and other assets;
(c) rendering or receiving of services;
(d) leases;
(e) transfers of research and development;
(f) transfers under licence agreements;
(g) transfers under finance arrangements (including loans and equity contributions in cash or in kind);
(h) provision of guarantees or collateral;
(i) commitments to do something if a particular event occurs or does not occur in the future, including executory contracts (recognised and unrecognised); and
(j) settlement of liabilities on behalf of the entity or by the entity on behalf of that related party.Is the acceleration of the current Qantas managements agenda, the elimination of any competition (ie unions) and the hastening of joint ventures in Asia in response to the fact that its success and failures of the supposed infallible Jetstar franchises, will be forced out in the open for all to see ?
AASB 124 Related Party Disclosures (revised December 2009)
and amendments in AASB 2009-12 Amendments to Australian
Accounting Standards simplifies and clarifies the definition of
a related party. The amendments, which will become mandatory
for the Qantas Group’s 30 June 2012 Financial Statements with
retrospective application required, are not expected to have
any impacthttp://www.aasb.com.au/admin/file/content102/c3/RDR-AASB_124.pdf
18 If an entity has had related party transactions during the periods covered by the financial statements, it shall disclose the nature of the related party relationship as well as information about those transactions and outstanding balances, including commitments, necessary for users to understand the potential effect of the relationship on the financial statements. These disclosure requirements are in addition to those in paragraph 17. At a minimum, disclosures shall include:
(a) the amount of the transactions;
(b) the amount of outstanding balances, including commitments, and:
(i) their terms and conditions, including whether they are secured, and the nature of the consideration to be provided in settlement; and(ii) details of any guarantees given or received;
(c) provisions for doubtful debts related to the amount of outstanding balances; and
(d) the expense recognised during the period in respect of bad or doubtful debts due from related parties.21 The following are examples of transactions that are disclosed if they are with a related party:
(a) purchases or sales of goods (finished or unfinished);
(b) purchases or sales of property and other assets;
(c) rendering or receiving of services;
(d) leases;
(e) transfers of research and development;
(f) transfers under licence agreements;
(g) transfers under finance arrangements (including loans and equity contributions in cash or in kind);
(h) provision of guarantees or collateral;
(i) commitments to do something if a particular event occurs or does not occur in the future, including executory contracts (recognised and unrecognised); and
(j) settlement of liabilities on behalf of the entity or by the entity on behalf of that related party.Is the acceleration of the current Qantas managements agenda, the elimination of any competition (ie unions) and the hastening of joint ventures in Asia in response to the fact that its success and failures of the supposed infallible Jetstar franchises, will be forced out in the open for all to see ?