Introduction

With the emergence of the knowledge-based and innovation-driven era, intangible assets have become increasingly import, and it is often better to predict future financial performance by non-financial indicators than by financial indicators (Mavrinac and Siesfeld, 1997, p. 3). As Leadbeater (2000) stated, it is considered that voluntary disclosure is significantly solve traditional financial reporting problems. “Annual report is a good proxy for the level of voluntary disclosure a company provides across all different forms of disclosure, e.g. press releases, initial public offerings (IPOs), web sites, company brochures, newsletters”(Gelb, 2002). It principally bases on the set of enterprise activities, using financial statements as the main sources of information to analysis and synthesis the enterprise process. Its purpose is to understand the past, evaluate now and predict the future, helping report users to improve decision-making. As AASB (2004) stated, the aim of annual report is to provide financial information, enterprise performance and changes to a wide range of users in making economic decisions. According to Romic (2001), “an annual report is a formal record of the financial activities of a business, person, or other entity”. Generally, it begins with reading the financial information and end to make a judgment (including evaluation and find out the problem). In the middle of the analysis process, it is to compare, classify, analogize, induce, deduce, analyse and integrate information so that better understanding the development of enterprise. Moreover, as AASB (2004) stated, annual report are proposed to be sensible by readers who have a certain accounting background and who are willing to study the information further. It is now widely recognized the significant influence of annual report on users (Beattie and Jones, 2002, cited by Jalal, 2008).

Background
Qantas: Founded in the Queensland outback in 1920, Qantas is Australia’s largest domestic and international airline and, for nearly 90 years, has been one of global aviation’s great pioneers and innovators. The Qantas Group’s main business is the transportation of passengers using two complementary airline brands – Qantas and Jetstar. The airline brands operate regional, domestic and international services. The Group’s portfolio of subsidiary businesses also includes Qantas Freight Enterprises and Qantas Frequent Flyer. The Group employs 35,700 people, 93 per cent of them based in Australia (Qantans Annual Report, 2010). Air New Zealand is one of the major air operator in the South Pacific, opened the air routes of the Pacific region to the rest of the world. It is also the largest airline in New Zealand. Company growing: From 2010 to 2012, all the old Boeing 747 will be the new Boeing 787-900 and B777-300 instead. At this point, all 30 planes of the Air New Zealand airliner using life will be no more than six years, Air New Zealand is expected to become the world's the "youngest" airliner team of airlines.

Objectives of the study
The main purpose of this study is to use the financial statement and performance information collected from Air New Zealand and Qantas Airways to compare and discuss the effectiveness of the financial information for different users of financial accounts. According to Anthony (1978), Stakeholders can be identified into five categories, governing bodies, investors and creditors, resource providers, oversight bodies, and constituents. In this report, it is analysed from the respects of perception in Investors, Managers, Employees, Government and Competitors. The required financial information of two companies mainly collected from Qantas Annual Report 2010 and Air New Zealand Annual Report 2010.In order to achieve its objectives, it is significant to study and understand the questions Jalal (2008) put forward, • How different external user groups of the corporate annual reports perceive the importance