Evaluate accounting quality, for Qantas, by assessing accounting policies and estimates and prepare an investigative report on Managers Accounting and Reporting Strategy Choice. Download annual reports for two years and complete the following tasks

3. Prepare an investigative report on the Managers Accounting Strategy and Reporting Strategy choices on the basis of the above evaluation. The report should have the following sections: Section 1: Identify Key Accounting Policies Section 2: Assess Accounting Flexibility Section 3: Evaluate Accounting Strategy Issues to consider: Norms for accounting policies with industry peers Incentives for managers to manage earnings Changes in policies and estimates and the rationale for doing so Whether transactions are structured to achieve certain accounting objectives. Section 4: Evaluate the Quality of Disclosure Issues to consider: Whether disclosures seem adequate Adequacy of footnotes to the financial statements Whether notes sufficiently explain and are consistent with current performance Whether GAAP reflects or restricts the appropriate measurement of key measures of success Adequacy of segment disclosure. Section 5: Identify Potential Red Flags Issues to consider: Unexplained changes in accounting, especially when performance is poor Unexplained transactions that boost profits Unusual increases in inventory or receivables in relation to sales revenue Increases in the gap between net income and cash flows or taxable income Use of R&D partnerships, SPEs or the sale of receivables to finance operations Unexpected large asset write-offs Large fourth-quarter adjustments Qualified audit opinions or auditor changes Related-party transactions. Section 6: Compliant with the Conceptual Framework