Background:

As a result of the financial impact of the COVID-19 pandemic, some corporates made the decision to highlight theimpactofCOVID-19ontheirbusinessandfinancialreports.ThemarkethasrecentlyobservedseveralcorporatespresentingalternatefinancialmetricsexcludingtheimpactofCOVID-19.Forexample,SchenckProcessLLC,aGermanmeasuringandprocesstechnologycompany,addedback5.4millioneurostoitsearnings claiming it as the earnings it would have achieved had the pandemic not occurred. In a press release for their quarterly results, AT&T, one of the world's largest telecommunications companies reported measures of Adjusted Earnings Per Share (EPS) with and without COVID-19 impact.1Along those lines, assume the Board of Director of Qantas Airways Limited is currently considering whether to includeanadditionalmeasureofearningsrepresentingearningsbefore interest,tax,depreciation, amortisationandCOVID,namely'EBITDAC',initsnextquarterlyresultsannouncement.Qantas isalistedAustralian company that provides domestic and international air transportation services.

Assume you are a business consultant, reporting to the Board of Directors of Qantas Airways Limited. You have been contracted to provide a report to Qantas' Board of Directors which:

1)CriticallyevaluatestheinformationalusefulnessofEBITDAC basedonthetwofundamental qualitative characteristicsofinformationprescribedbytheConceptualFrameworkforFinancial Reporting (2019). (Suggested words: 600)

2)Discusses whether or not Qantas should disclose EBITDAC taking an agency theory lens. Ensure you demonstrate explicit understanding of agency theory in your response. (Suggested words: 600)

3)Discusses whether or not Qantas should disclose EBITDAC taking an institutional theory lens. Ensure youdemonstrateexplicitunderstandingofinstitutionaltheoryinyourresponse.(Suggestedwords:600)

Links:

https://about.att.com/story/2020/first_quarter_2020_earnings.html

https://www.aasb.gov.au/admin/file/content105/c9/Conceptual_Framework_05-19.pdf

Please explain and tell me what the examinars is looking for in these questions?

Explain clearly and thoroughly and tell me how to write step by step