Qantas 2006 Annual Report Download - page 141

Download and view the complete annual report

Please find page 141 of the 2006 Qantas annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 148

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

139
Qantas Annual Report 2006
Notes to the Financial Statements
for the year ended 30 June 2006
37. Change in Accounting Policy
RECONCILIATION OF FINANCIAL INSTRUMENTS AS IF AASB 139 WAS APPLIED AT 1 JULY 2005
In the current year, the Qantas Group adopted AASB 132 and AASB 139. This change in accounting policy has been adopted in accordance with the
transition rules contained in AASB 1, which does not require the restatement of comparative information for financial instruments within the scope of
AASB 132 and AASB 139.
The adoption of AASB 139 has resulted in the Qantas Group recognising available-for-sale investments and all derivative financial instruments as assets and
liabilities at fair value. This change has been accounted for by adjusting the opening balance of equity at 1 July 2005.
The impact on the Balance Sheets in the comparative period is set out below as an adjustment to the opening Balance Sheets at 1 July 2005. The transitional
provisions will not have any effect in future reporting periods.
APPLICATION OF AASB 132 AND AASB 139 PROSPECTIVELY FROM 1 JULY 2005
Qantas Group Qantas
Refs
Previous
GAAP
$M
Impact of
Change in
Accounting
Policy
$M
A-IFRS
$M
Previous
GAAP
$M
Impact of
Change in
Accounting
Policy
$M
A-IFRS
$M
Receivables 1,130.3 (0.6) 1,129.7 1,135.5 (0.6) 1,134.9
Other financial assets A – 1,550.1 1,550.1 – 1,527.7 1,527.7
Net hedge/swap receivable 1,038.8 (1,038.8) – 1,016.4 (1,016.4) –
Other assets 237.3 34.0 271.3 225.0 34.0 259.0
Investments accounted for using the equity method 356.0 1.3 357.3 – – –
Other investments B 99.9 (28.8) 71.1 746.6 – 746.6
Property, plant and equipment 12,684.5 (1.1) 12,683.4 11,299.6 (1.1) 11,298.5
Payables (1,902.0) (5.3) (1,907.3) (1,722.3) (5.3) (1,727.6)
Interest-bearing liabilities (5,914.7) (58.8) (5,973.5) (6,511.5) (58.8) (6,570.3)
Other financial liabilities A – (571.6) (571.6) – (593.6) (593.6)
Net hedge/swap payable (592.8) 592.8 – (614.8) 614.8 –
Deferred tax liabilities (518.2) (150.9) (669.1) (497.2) (150.9) (648.1)
Deferred lease benefits (141.0) 2.7 (138.3) (124.1) 2.7 (121.4)
Issued capital (4,181.5) (10.8) (4,192.3) (4,181.5) (10.8) (4,192.3)
Hedge reserve A – (379.0) (379.0) – (377.9) (377.9)
Fair value reserve – 28.8 28.8 – – –
Retained earnings (1,347.4) 36.0 (1,311.4) (712.1) 36.2 (675.9)
A Under previous GAAP, the Qantas Group did not recognise derivatives at fair value on the Balance Sheet. In accordance with A-IFRS derivatives are now recognised at fair value.
B Under previous GAAP, the Qantas Group recorded available-for-sale equity securities at cost. In accordance with A-IFRS they are now recognised at fair value.