CASE STUDY ON QANTAS. Use the analysis presentee in this case, and any recent materials available to you.

1. Select one accounting policy that was analysed in this case, and make an adjustment to the account of 10% of the recorded figure in either direction. Follow through the effect of this adjustment to the financial statements.

2. Apart form the accounting pollciesidentified in part B, what are likely to be policies that should be closely watched by auditors and analysts for a company in the airline industry? why have you chosen each of them?

3. Update the accounting analysis in part B for the most recent qantas annual report available to you, and re-evaluate qantas accounting policies for the current year?