Qantas 2014 Annual Report Download - page 126

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124
QANTAS ANNUAL REPORT 2014
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
38. APPLICATION OF NEW OR REVISED ACCOUNTING STANDARDS CONTINUED
(iii) Restatement of Consolidated Income Statement (Condensed) for the year ended 30 June 2013
30 June 2013
(as previously
reported)1
$M
A ASB 119
Employee
Benefits
$M
30 June 2013
Restated
$M
Revenue and other income 15,902 –15,902
Expenditure
Manpower and staff related 3,840 63,846
Other 11,858 –11,858
Statutory profit before income tax expense and net finance costs 204 (6) 198
Net finance costs (187) –(187)
Statutory profit before income tax expense 17 (6) 11
Income tax expense (11) 2(9)
Statutory profit after income tax expense 6(4) 2
1 Refer to Note 36(W).
(iv) Restatement of Consolidated Statement of Comprehensive Income (Condensed) for the year ended 30 June 2013
30 June 2013
(as previously
reported)1
$M
A ASB 119
Employee
Benefits
$M
30 June 2013
Restated
$M
Statutory profit for the period 6(4) 2
Items that are or may be subsequently reclassified to profit or loss
Effective portion of changes in fair value of cash flow hedges, net of tax 111 –111
Transfer of hedge reserve to the Consolidated Income Statement, net of tax (50) –(50)
Recognition of effective cash flow hedges on capitalised assets, net of tax 21 –21
Foreign currency translation of controlled entities 10 –10
Foreign currency translation of investments accounted for under the equity method (1) –(1)
Items that will not subsequently be reclassified to profit or loss
Defined benefit actuarial gains, net of tax –311 311
Other comprehensive income for the period 91 311 402
Total comprehensive income for the period 97 307 404
1 Refer to Note 36(W).
(B) IMPACT OF REVISED STANDARD ON THE CURRENT REPORTING PERIOD’S RESULTS
The impact of the revised standard on the current reporting period’s results is as follows:
The Consolidated Income Statement for the year ended 30 June 2014 included an increase in manpower and staff related expenses of
$56million and an increase in income tax benefit of $17million resulting in an increase in statutory loss for the period of $39million.
In addition, the Consolidated Statement of Comprehensive Income for the year ended 30 June 2014 included an increase in other
comprehensive income of $113million for the recognition of defined benefit actuarial gains, net of tax. These adjustments resulted
ina net increase in total other comprehensive income of $74million.
The Consolidated Balance Sheet as at 30 June 2014 included a decrease in other non-current assets of $58million, a decrease in
deferred tax liabilities of $17million and a decrease in retained earnings of $41million.