5. Ethics case The 2018 Annual Report of Qantas Ltd in footnotes 10 and 22 discloses that the company has $1,053 million assets in the form of leased aircraft on its balance sheet and $2,058 million operating lease commitments for aircraft and other assets. The latter are undiscounted amounts, so the PV would be lower. The company's consolidated total assets in 2018 are $18,647 million and its consolidated total liabilities are $14,688 million. Qantas has 137 aircraft, but it is difficult to tell from the Annual Report how many of these are owned outright and how many are leased. Qantas, in line with most other Australian companies, did not apply AASB 16 in 2018 but will be obliged to in its 2019 annual report because AASB 16 is operative from 1 January 2019. Required: (a) What is the likely impact of Qantas applying the new standard on leases in its 2019 annual report? (b) Comment on the ethical issues that may occur as a result of the change, from the perspectives of: (1) Positive Accounting Theory Aristotelian ethics Utilitarian ethics 5. Ethics case The 2018 Annual Report of Qantas Ltd in footnotes 10 and 22 discloses that the company has $1,053 million assets in the form of leased aircraft on its balance sheet and $2,058 million operating lease commitments for aircraft and other assets. The latter are undiscounted amounts, so the PV would be lower. The company's consolidated total assets in 2018 are $18,647 million and its consolidated total liabilities are $14,688 million. Qantas has 137 aircraft, but it is difficult to tell from the Annual Report how many of these are owned outright and how many are leased. Qantas, in line with most other Australian companies, did not apply AASB 16 in 2018 but will be obliged to in its 2019 annual report because AASB 16 is operative from 1 January 2019. Required: (a) What is the likely impact of Qantas applying the new standard on leases in its 2019 annual report? (b) Comment on the ethical issues that may occur as a result of the change, from the perspectives of: (1) Positive Accounting Theory Aristotelian ethics Utilitarian ethics