Profit And Total Comprehensive Income Essay

1737 Words Oct 6th, 2016 7 Pages
1.Statutory profit and total comprehensive income
The Qantas report (2015) released that $3M NCI contributes to the total statutory profit for the year. It represents that around 0.5% profits are attributed to the NCI. And there is no NCI contribution during year 2014. Therefore, most of the profit are generated by Qantas and the NCI portion of the group is not material to the groups’ revenue performance. In Qantas consolidation statement of comprehensive income (2015), NCI only contributes to 0.7% of total comprehensive income by making $4M income. In addition, there is no NCI contribution during year 2014 as well.
Equity in balance sheet and divide performance related to NCI
Qantas has decided to increase the portion of interest held in subsidiaries or they bought new subsidiaries. Under the equity statement, dividend paid to NCI is $4M an acquisition of NCI is $1M. It shows the same situation of consolidation cash flow statement. Qantas did not pay dividends but its subsidiary did. From the notes of Qantas financial statement (2015), for the year ended 30 June 2015, $4M dividends which happened in 2014 were declared and paid to NCI.
Acquisition, disposal of controlled entities and recording method
Under note 28 of Qantas Report (2015), Qantas acquired 51% controlling interest and the goodwill of $8M was recognized on acquisition. It added to the intangible assets of consolidation balance sheet. Qantas Report (2015) note 37 also mentioned that the NCI in the results and…

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