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Financial Accounting Theory And Practice Research Assignment Sample

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Introduction - Financial Accounting Theory And Practice Research

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Part 1

a) Accounting standards used by JAL and QAN

The accounting standard adopted by JAL is IFRS which makes it more comprehensive and helps to gain more attention from the customers. The advantage of using IFRS is it will provide and bring transparency to the accounting standard by enhancing the quality and comparability of the financial information. On the other hand, Qantas Airways Ltd (QAN) adopted the Australian Accounting standard that is open and related to the operating segments. This has the main focus on customer transportation and online brands also. It helps in measuring the performance of the company and increasing the profitability also (Lalitha and Veerapandu, 2023). Management has to choose the accounting policies widely as this affects the accounting standard of the company.

b) Setting of accounting standards in Japan and Australia

The accounting standard is set by the Australian Accounting Standard Board which is done by the independent Australian government policy. The purpose of having the Australian accounting standard is that it is basically used by private entities and by non-profit organizations. The goal is to prepare the financial statement. It is enabled by the user and the skills and knowledge are also transferable. The entities that are still active are having the cost-saving ability and can prepare the financial report which can be the major step to be taken by the Australian Accounting standard.

On the other hand, in Japan, the accounting standard is set by the accounting standard Board of Japan (ASBJ). The benefits of using the accounting standard of Japan are that it attains uniformity and also improves reliability. Moreover, it is also important in preventing fraud and manipulations in accounting. The benefits of using this accounting standard are that it helps in promoting transparency and is also efficient in financial markets that are connected all over the world. Besides this, the various advantages are that there is no uniformity in accounting and also a rise in the financial statement. It also does not have to compromise the standard and the cost is also worth and cheaper than all other.

c) Similarities and differences between the two sets of financial statements

Similarities between Japan Airlines Ltd and Qantas Airways Ltd

The similarities that lie between Japan Airlines Ltd and Qantas Airways Ltd are that it can help to deal with the competitors and always jeeps the competitors below them. They both have above 20,000 employees and are also loyal to tier customers. The two airlines provide the services to their customers on time and also help in the uniformity in accounting. Moreover, it helps in increasing the reliability of the financial statement (Hosoda and Maruyama, 2022). The main purpose of adopting these two accounting standards by their individual countries is that these two airlines provide support in the form of high quality and also provide information to the stakeholders and investors as well. Moreover, it is also important in preventing fraud and manipulations in accounting. It provides greater support to economic growth, accountability and also development. Additionally, the similarity that lies in both the accounting standard is that it helps in determining the product and also the business. No provision on cost control is applied and this also helps in improving the company by enhancing the quality of the product and services. Both airlines provide services that are in lieu of first class and can increase the quality of the company.

Differences between Japan Airlines Ltd and Qantas Airways Ltd

The differences between Japan Airlines Ltd and Qantas Airways Ltd predicted from various research are that Japan airlines are upgraded to the Premium seat and on the other hand, Qantas Airway is related to the Big front seat. Japan airlines allow passengers to select seats of their own and also provides a space for carrying luggage. The fare class letters are denoted and the information is given about the cost of the tickets to accrue for the flight. The QAN does not provide flexibility and also charges more for the reservation. This also does not provide the facility to its passengers to select seats of their own (Cem and Savas, 2021). This actually fails to attract a lot of customers and choose the JAL on QAN. The control of the inventory basically aims at providing the passengers to pay the possibility that they divide the seats. The algorithm that is used provides the major factor for the destination and the departure. Moreover, this helps in maximizing profit by denoting services to all parts of society. The money for both flights is non-refundable and does not charge any fees for the child or infant.

d) Hofstede’s societal dimensions

Hofstede’s societal dimensions contain six dimensions which include the following:

Power Distance Index (PDI): This index indicates that society accepts unequal and hierarchical power. This contains centralized organizations and flattered organizations also where the JAL lies in the high PDI and QAN in the lower PDI. The QAN falls in the flatter organization which fails in giving supervision to the employees often.

Individualism Versus Collectivism (IDV): This generally says the high IDV and the low IDV which indicates that high IDV dedicates the time and need for freedom as well as privacy which is generally provided by the JAL (Bauner and Liu, 2021). On the other hand, the QAN provides building skills and becoming a master for something where wisdom is very important. This often gives negative feedback to the public that can be considered a danger and can be a moral issue.

Masculinity Versus Femininity (MAS): This refers to the high MAS indicating the strong ego that provides pride feelings as well as attribute the status. Here the money and achievement are vital that is basically given to the JAL. The low MAS shows consensual and is also relationship oriented.

Uncertainty Avoidance Index (UAI): The high UAI describes that it is rigid, conservative and also has a flexible attitude which is mainly seen in the JAL. whereas, on the other hand, the QAN has been measured to be concise and also has a blur goal that is not enough to increase and enhance the creative thinking of the two airlines.

Short-time and log-time orientation: Long-term orientation consists of positive values for the company as it is thrifty and education is also measured to be positive. This is basically where it can behave in a modest way and people are also willing to compromise. The QAN falls in the flatter organization which fails in giving supervision to the employees often.

e) Australian and Japanese companies converge

JAL have the ability to take over QAN one day where the company purchases all the shares of the QAN in order to become a shareholder that is a majority or can be called an outright owner. The takeover increases the growth of the company and makes it potential for growth for the company. The major things that can be common for the growth are diversification, acquisition of assets and also the increase in financial capability. The control of the inventory basically aims at providing the passengers to pay the possibility that they divide the seats. The fare class letters are denoted and the information is given about the cost of the tickets to accrue for the flight. The control of the inventory basically aims at providing the passengers to pay the possibility that they divide the seats. 

Part 2

a) Integrated Report of JAL and the Sustainability Report of QAN

The integrated report of JAL says the governance, strategy and performance of the company can lead to the value of creation. The report shows the financial capital is created by the company and also erodes all the value over time. It contains all the vital information that generally focuses on the financial data and the risks and financial data and also the ESG report. It highlights and provides all the important strategic ideas to relate to the ability of the company. It enhances all the accountability and information that flow and is also transparent with the organization that helped in bringing technology. Most importantly it helps in identifying the stakeholders of the company which is helpful to provide all the relevant information about the specific organization. The guiding information that is given by the integrated reporting is the strategic focus and it is also future orientation. This is helpful as it connects to the information and also makes the relationship strong with the stakeholders. This deals with compatibility and also consistency.

On the other hand, after verifying and going through the sustainability report of QAN it is verified that it shows the environmental, economic and social impacts that are faced by the company. The report shows that the company can survive for a longer period of time by applying various strategies to the company to meet all the challenges faced by the airline industry. Moreover, it measures, understands and assesses the performance of the company by setting new goals and making all new changes for sustaining the global economy (Freeburn and Ramsay, 2021). Besides having this, the risk can also be managed which the company is facing for a longer period of time. Various major steps are taken by the company to prevent its effect and impact on the company to make it sustainable in the economical market.

b) Accrual components in earnings of JAL vis-à-vis QAN in 2022

Accrual components in earnings of JAL

The accrual components of earnings of Japan Airlines Ltd (JAL) are employment income, investment income as well as retirement income. The employee income is the remunerative work that is mainly undertaken by the person as an employee. Individual income is the income that is derived with the help of employment which basically includes salaries, wages and also income. The next is the investment income which says the profit can be earned and the investment can be measured in stock sales and real estate. The retirement income is the monthly expenses that are divided by 4% of the income for future benefits. These are the accrual components of JAL. 

Accrual components in earnings of QAN

The accrual components of the earnings of Qantas Airways Ltd (QAN) are government transfers, other income and also the total income. Government transfers refer to the payments that are mainly paid for unemployment, insurance benefits and also welfare payments. Other income refers to the income which basically comes from the company and the business. Revenues are those that are derived by the company from all other operations. Moreover, it measures, understands and assesses the performance of the company by setting new goals and making all new changes for sustaining the global economy.

c) Analyzing which company is more profitable

As per the financial statement, the total assets were analyzed at 20.3 in 2018 whereas in 2021 the total assets for the company were measured at 23.7. This shows that the company is progressing and improving. Switching to Qantas Airways Ltd the total assets measured for the company was 19.65 in 2021 which says that this company is less profitable in comparison to JAL. The total liabilities that were measured for the company was 19.84 whereas Japan airlines have 15.3 which is less in comparison to the QAN. This says that QAN has to improve in all aspects as it is less profitable and cannot be able to survive in the market. As per the financial statement, the shareholder's equity has been measured at 1.04 in the year 2021. On the other hand, the total equity is measured to be 1.09 for Qantas Airways which is basically less as compared to the Japanese airlines (Abdi et al, 2021). The QAN does not provide flexibility and also charges more for the reservation. This also does not provide the facility to its passengers to select seats of their own. Hence, JAL is more profitable in comparison with QAN as it is more in the total assets, total liabilities and also the shareholder's funds.

d) Executive remuneration structures of JAL and QAN

The remuneration structure is the non-fiscal form as well as the monetary form of compensation that is given to the directors as well as the employees of the company. The control of the inventory basically aims at providing the passengers to pay the possibility that they divide the seats. On the other hand, the QAN provides building skills and becoming a master for something where wisdom is very important. The director cost is 36.5 billion of the JAL which is also important in decision-making on the basis of executive officers and it is also important in decision-making. The guiding information that is given by the integrated reporting is the strategic focus and it is also future orientation. It contains all the vital information that generally focuses on the financial data and the risks and financial data and also the ESG report. Moreover, it measures, understands and assesses the performance of the company by setting new goals and making all new changes for sustaining the global economy. The people's remuneration can improve the activity of the people and the directors and also improves the reporting to the board as well. The excess of 1% of the provided remuneration is considered to be consolidated sales. According to the Qantas report, all the outcomes are available on the remuneration report. This says that QAN has to improve in all aspects as it is less profitable and cannot be able to survive in the market. The comparison between the JAL and QAN is that it turns out to be effective and can also increase performance as well as loyalty in the services. This enhances the competitiveness of the organization and is also an important and relevant element of motivation. It enhances all the accountability and information that flow and is also transparent with the organization that helped in bringing technology.

e) JAL or QAN is exposed to high political costs

The companies, JAL and QAN are both related to the high political costs where it provides high and increased taxes as well as tough regulations for the specific company. It generally attracts the government in various ways and helps the company with the political cost during earnings. This basically attracts the government and the politicians to check the business activity of the organisation. The guiding information that is given by the integrated reporting is the strategic focus and it is also future orientation. The advantage of using this is that it will provide and bring transparency to the accounting standard by enhancing the quality and comparability of the financial information. The airway is related to the Big front seat. Japan airlines allow passengers to select seats of their own and also provides a space for carrying luggage. The people's remuneration can improve the activity of the people and the directors and also improves the reporting to the board as well. This refers to the high MAS indicating the strong ego that provides pride feelings as well as attribute the status. This contains centralized organizations and flattered organizations also where the JAL lies in the high PDI and QAN in the lower PDI. The QAN does not provide flexibility and also charges more for the reservation. This also does not provide the facility to its passengers to select seats of their own.No provision on cost control is applied and this also helps in improving the company by enhancing the quality of the product and services. This often gives negative feedback to the public that can be considered a danger and can be a moral issue. The high UAI describes that it is rigid, conservative and also has a flexible attitude which is mainly seen in the JAL.

Reference

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  • Bauner, C. and Liu, Z., 2022. Incumbents’ pricing and nonpricing responses to entry in vertically differentiated markets. Journal of Air Transport Management, 105, p.102279.
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  • Freeburn, L. and Ramsay, I., 2021. An analysis of ESG shareholder resolutions in Australia. University of New South Wales Law Journal, The, 44(3), pp.1142-1179.
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