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2002 QANTAS ANNUAL REPORT p41
1. Basis of the preparation of the concise financial report
The Concise Financial Report has been prepared in accordance with the Corporations Act 2001, Accounting Standard AASB 1039
Concise Financial Reports and applicable Urgent Issues Group Consensus Views. The Concise Financial Statements and specific
disclosures required by AASB 1039 have been derived from the Qantas Group’s Financial Report for the financial year. Other
information included in the Concise Financial Report is consistent with the Qantas Group’s full Financial Report. The Concise
Financial Report does not, and cannot be expected to, provide as full an understanding of the financial performance, financial
position and financing and investing activities of the Qantas Group as the full Financial Report.
This Report has been prepared on the basis of historical costs and, except where stated, does not take into account changing
money values or current valuations of non-current assets.
These accounting policies have been consistently applied by each entity in the Qantas Group and, except where there is a change
in accounting policy, are consistent with those of the prior year.
A full description of the accounting policies adopted by the Qantas Group may be found in the Qantas Group Financial Report for
the financial year.
2. Change in accounting policy
Earnings per share
The Qantas Group has applied AASB 1027 Earnings Per Share (issued June 2001) for the first time from 1 July 2001.
The basic earnings per share (EPS) earnings are now calculated using net profit or loss, rather than excluding extraordinary
items. The diluted EPS weighted average number of shares now includes the number of ordinary shares assumed to be issued
for nil consideration in relation to dilutive potential ordinary shares. The number of ordinary shares assumed to be issued for
no consideration represents the difference between the number that would have been issued at the exercise price and the
number that would have been issued at the average market price.
The change in accounting policy has not affected the EPS in the current or prior financial years.
Segment reporting
The Qantas Group has applied the revised AASB 1005 Segment Reporting (issued in August 2000) for the first time from
1 July 2001.
Individual business segments have been identified on the basis of grouping individual products or services subject to similar
risks and returns. The new business segments reported are Aircraft Operations, Tours and Travel, and Catering.
Foreign currency translation
The Qantas Group has applied the revised AASB 1012 Foreign Currency Translation (issued in November 2000) for the first
time from 1 July 2001. This had no financial effect in the current or prior financial years.
notes to the financial statements
for the year ended 30 June 2002