Accounting Business Reporting for Decision Making

CHAPTER 1 Introduction to accounting and business decision making 23

most cost-effective segments (highest profit margin). This is particularly interesting because in 2014

Qantas Group’s most profitable segment was Qantas Loyalty, which operates the loyalty program for

Qantas Brands (frequent flyer) as well as marketing services and loyalty and recognition programs. This

would provide useful information to competitors such as Virgin Australia. Interestingly, the least profit-

able segment was Qantas International.

15. PROPERTY, PLANT AND EQUIPMENT
    2015 2014

Qantas Group

$M At Cost

Accumulated

Depreciation and

Impairment

Net Book

Value At Cost

Accumulated

Depreciation and

Impairment

Net Book

Value

Freehold land

Buildings

Leasehold improvements

Plant and equipment

Aircraft and engines

Aircraft spare parts

Aircraft deposits

50

335

1 647

1 535

17 937

791

169

—

214

1 108

1 063

8 955

409

—

50

121

539

472

8 982

382

169

50

305

1 651

1 481

17 131

757

551

—

203

1 067

1 003

8 658

365

130

50

102

584

478

8 473

392

421

Total property, plant

and equipment at net

book value 22 464 11 749 10 715 21 926 11 426 10 500

FIGURE 1.4 The Qantas Group’s property, plant and equipment

Source: Qantas Airways Ltd 2015, annual report, p. 66.

1.10 Careers in accounting

LEARNING OBJECTIVE 1.10 Provide examples of exciting opportunities for careers in accounting.

The three traditional areas of employment for accountants have been in public accounting, the private

sector, and the government and not-for-profit sector. Public accountants can provide advice on the

design of an accounting system such as MYOB, and on investment, audit, forensic accounting and tax

issues. Private sector accountants may work in a number of positions, such as management accounting,

e-commerce, or as chief financial officers (CFOs) in small, medium or large private sector companies.

Accountants working in the government and not-for-profit sector could work for a government entity

such as the Department of Defence for which they would maintain government records and prepare gov-

ernment financial reports. Other public sector accountants could be employed by the Australian Taxation

Office and would be responsible for checking company taxation returns and ensuring compliance with

taxation laws. An accountant working in the not-for-profit sector could be employed at a public hospital

and be responsible for setting up the hospital accounting system to record individual patient revenue and

patient expenses.

New opportunities

There are exciting new opportunities for today’s accounting graduates. These include positions in the

area of forensic accounting, where accountants help to solve such crimes as computer hacking and the

theft of large amounts of money through hoax schemes on the internet. In recent years, several Australian

banks have been the targets of this type of crime, where customers have been sent an email supposedly

from the bank, requesting them to provide confidential personal banking details. Some of these cus-

tomers have been misled and supplied personal details, resulting in unauthorised individuals accessing