Assignment instruction: You are a strategy and accounting quality analyst to provide a report for valuation purposes. Use the Qantas 2020 annual report and the Case Study 1 Part A and Part B available at the end of your textbook and relevant media news (especially with regards to the Covid19 impact on Qantas/airline industry) to provide a report in response to the following questions. In some of the questions indicated (or you deem necessary), you may need another company information for a benchmark. Note: There is no word limit applied but provide a concise report following the order of the questions below, as guidance, 1500-2000words on 11 size font such as Calibri. 1. Discuss Qantas competitive strategy since 2000 based on Case 1 Part A; discuss whether there have been significant changes in its competitive strategy in 2020 especially facing the current Covid-19 circumstances. 2. What is Qantas competitive advantage, if any and can it still be sustained in the current Covid-19 situation? The following questions are associated with the steps in the accounting analysis of Qantas 2020 annual report. Using the annual report and with referral to the strategy analysis you have done and the accounting analysis in Case 1 Part B, respond to the following questions: 3. As an outsider, an analyst can only rely on publicly available information such as the annual report in assessing the accounting quality. Discuss how do you approach this issue, and what are your findings? 4. Case Part B has identified some accounting policies that should be closely watched in the airline industry; have the same issues been discussed in 2020? what other sensitive issues have been the focus of the auditor in the 2020 annual report? Discuss any particular issue that you think is the most interesting one. 5. In the 2020 annual report, the 2019 financial statements are restated due to a particular new standard; what items in the financial statements are affected and what are the auditor's findings on this issue? 6. Does the standard (IFRS) regulate segment reporting? What is the segment reporting in Qantas based on? As an analyst, what information would you particularly look for in this segment reporting section? What is the primary measure in the segment performance used for management decision making? Refer to at least one major airline company in your response to this question. 7. Accrual quality assessment deals with how a firm time its transactions to affect income. Discuss how would you assess the accrual quality based on the 2020 report and what are your findings. 8. What has been the most significant expense category for Qantas that you can observe from the annual report 2020; provide your comment in reference to Case Part B.9. Continue the operating profit and cash flow graph from operation presented in Case Part B to cover the figures in 2020. Discuss the importance of analysing the two figures. 10. Much of the financial analysis that analysts do, rely on good disclosures provided in the annual report; where in the annual report 2020 would you find disclosures to analyse Qantas business? What types of disclosures in the 2020 annual report do you think is particularly important for valuation? 11. Evaluate and conclude your analysis with your comment on risk facing Qantas in the current and future; provide your discussion with referral to the source you based on.