1. Describe the accounting process used to account for frequent flyer points prior to the adoption of...
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Question:
1. Describe the accounting process used to account for frequent flyer points prior to the adoption of IFRS. How was the matching principle breached by this practice?
2. How could companies benefits from this accounting practice? Consider both the short and long term.
3. Why was Qantas keen to correct the errors reported in The AFR articles?
4. Explain the difference between the cost/provision and the deferred revenue approaches.
5. What impact do you expect adopting the deferred revenue approach to have on Qantas's financial statements?
The solutions are to be referenced and should not exceed 1500 words.
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