Accounting Business Reporting for Decision Making

CHAPTER 1 Introduction to accounting and business decision making 19

on the provision of financial information. The costs of providing financial information include

those associated with the collecting, processing, verifying, disseminating and storing of financial

information.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

FOR THE YEAR ENDED 30 JUNE 2015

Qantas Group

Notes

2015

$M

2014

$M

REVENUE AND OTHER INCOME

Net passenger revenue

Net freight revenue

Other 4

13 667

936

1 213

13 242

955

1 155

Revenue and other income 15 816 15 352

EXPENDITURE

Manpower and staff related

Fuel

Aircraft operating variable

Depreciation and amortisation

Impairment of cash generating unit

Impairment of specific assets

Non-cancellable aircraft operating lease rentals

Share of net loss of investments accounted for under the

equity method

Other

14

4

3 604

3 937

3 206

1 096

—

28

495

40

2 362

3 770

4 461

3 303

1 422

2 560

387

520

66

2 635

Expenditure 14 768 19 124

Statutory profit/(loss) before income tax expense and net finance costs 1 048 (3 772)

Finance income

Finance costs

5

5

90

(349)

82

(286)

Net finance costs 5 (259) (204)

Statutory profit/(loss) before income tax expense 789 (3 976)

Income tax expense/(benefit) 6 (229) 1 133

Statutory profit/(loss) for the year 560 (2 843)

FIGURE 1.3 Consolidated statement of profit or loss of the Qantas Group

Source: Qantas Airways Ltd 2015, annual report, p. 50.

Definition and recognition of the elements of financial

statements

The Conceptual Framework establishes definitions of the elements of financial statements — assets, lia-

bilities, equity, income and expenses — and specifies criteria for their inclusion in financial statements.

These definitions will be explored in more detail in chapters 4 and 5 of this text.