Question

Access the annual report for British Airways pic for the year ended December 31, 2011, from the
company's website. Use the notes to the financial statements to answer the following questions.
Instructions
(a) Does British Airways pic report any intangible assets in its 2011 financial statements and
accompanying notes? Identify all intangibles, describe their nature, their reported balance sheet
amounts at December 31, 2011, and the accounting policies that are applied to these assets. Be
sure to discuss any changes in these policies and how they were reported and the impact on the
2011 statements. Finally, discuss any discrepancies with IFRS standards.
(b) What additions were made to the landing digits for 2011? How are the identifiable intangible
assets tested for impairment?
(c) How is goodwill tested for impairment? Provide details on the methods and key assumptions
used by the company. What was the recoverable amount determined? Do these appear reasonable? Were there any impairment losses recorded in 2011? What assumptions would make the recoverable amount equal to the carrying amount for the network airline operations?
(d) Why is the information provided in (c) considered helpful to users?


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  • CreatedSeptember 18, 2015
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