The following note is extracted from the 2021 annual report of Qantas Ltd: 32 RELATED PARTIES...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following note is extracted from the 2021 annual report of Qantas Ltd: 32 RELATED PARTIES (A) REMUNERATION OF KEY MANAGEMENT PERSONNEL The aggregate remuneration of the KMP of the Qantas Group is set out below: Short-term employee benefits Post-employment benefits Other long-term benefits Share-based payments 2021 $000 8,744 657 351 6,302 16.054 2020 $000 7,333 611 27 6,308 14,279 Required: A. Explain why key management personnel are considered as related parties of an entity. (5 mark- B. Based on the definition of related party transactions, discuss the nature of the transactions involved in Note 32 between the key management personnel and Qantas. (5 marks) The following note is extracted from the 2021 annual report of Qantas Ltd: 32 RELATED PARTIES (A) REMUNERATION OF KEY MANAGEMENT PERSONNEL The aggregate remuneration of the KMP of the Qantas Group is set out below: Short-term employee benefits Post-employment benefits Other long-term benefits Share-based payments 2021 $000 8,744 657 351 6,302 16.054 2020 $000 7,333 611 27 6,308 14,279 Required: A. Explain why key management personnel are considered as related parties of an entity. (5 mark- B. Based on the definition of related party transactions, discuss the nature of the transactions involved in Note 32 between the key management personnel and Qantas. (5 marks)
Expert Answer:
Answer rating: 100% (QA)
A Key management personnel are considered as related parties of an entity because they are involved ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
Students also viewed these accounting questions
-
The following is from the 2021 annual report of Kaufman Chemicals, Inc.: Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders? equity as follows:...
-
The following information comes from the 2021 Annual Report to stockholders of Composition Inc. (in thousands): From the Statement of Changes in Shareholders' Equity: BALANCES AT December 31, 2019...
-
The following note is taken from Ford Motor Companys 2007 annual report: 1. What amount of gains and losses on available-for-sale securities is reported in the 2007 income statement? How much is...
-
Consider how the Claims in our Debate Cases are the Messages we as Senders Encode to the Opposition Team / Receivers. When writing and litigating / presenting your Debate Case consider ways to...
-
In arranging for a 90-day loan from a bank, Mandy Company has the option of (1) Giving a $ 50,000, 6 percent interest- bearing note, dated November 3, that will be accepted at face value (2) Giving a...
-
In these items, indicate the correct verb form provided in parentheses. About 90 percent of the employees (plan, plans) to come to the company picnic.
-
Approximate the fundamental frequency of a rectangular membrane supported along all the edges by using Rayleigh's method with \[W(x, y)=c_{1} x y(x-a)(y-b)\] \[V=\frac{P}{2}...
-
The partners who own Cadence Canoes Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Cadence Canoes, Inc. The charter from the state...
-
b) Let A = (S, I, O, X. f. g) be the Finite State Machine (FSM) defined by the transition diagram shown in Figure 6. b/0 a/0 b/1 a/1 c/1 c/0 XE/1 Y a/1 b/0 Figure 6 i) Find the output string for the...
-
Alabama Atlantic is a lumber company that has three sources of wood and five markets to be supplied. The annual availability of wood at sources 1, 2, and 3 is 15, 20, and 15 million board feet,...
-
The capital balances of Hobbs and Shaw at January 1 , 2 0 2 2 are P 9 6 , 0 0 0 and P 2 2 4 , 0 0 0 respectively in Goggles Company. On March 1 , 2 0 2 2 , Hobbs invested an additional P 3 0 , 0 0 0...
-
If you were a CEO of and behavioral heath organization what would be the two most important quality and performance improvement activities that are present in many compliance organizations? Why are...
-
Select a recent event that you learned about through the media. 1. Describe the event and discuss public opinion regarding this event. Be sure to discuss the various perspectives that may have arose....
-
Problem 1 The following information are presented to you in connection with the determination of the fringe benefits tax of the general manager of Orchids merchandising for 2023: Paid by the company...
-
Employees at Company Q are discussing the company's decreasing market share and decreasing stock prices, but they consistently place the blame outside the company. One manager was recently reported...
-
Discount Rate Required rate of return = 10% Expected Net Cash Flow Year Franchise L Franchise S 0 -100 -100 1 10 65 2 60 50 3 80 20 a) Calculate NPV = $18.78 IRR= MIRR 18.126% 16.50% Decision if...
-
Suppose a country with 60.5 million of working age population and you are provided with the following data for your country for a particular month: 140 million people are working, 15 million are not...
-
What is the back work ratio? What are typical back work ratio values for gas-turbine engines?
-
In applying the net operating loss carryback and carryforward provisions, what order of application is followed for federal tax purposes?
-
Cubicle Company is in need of another factory building. The building will cost $500,000. Cubicle is considering the following possible financing alternatives to acquire the building. (a) Lease the...
-
What is an activity-based cost (ABC) system?
-
The beam is constructed from two boards fastened together at the top and bottom with three rows of nails spaced every 8 in. If each nail can support a \(300-\) lb shear force, determine the maximum...
-
The beam is constructed from two boards fastened together at the top and bottom with three rows of nails spaced every \(8 \mathrm{in}\). If an internal shear force of \(V=800 \mathrm{lb}\) is applied...
-
The beam is fabricated from two equivalent structural tees and two plates. Each plate has a height of 6 in. and a thickness of 0.5 in. If a shear of \(V=50\) kip is applied to the cross section,...
Study smarter with the SolutionInn App