Task: This task requires you to prepare a report to explain the regulatory requirements and standard setting of financial reporting in the Australian context. You also need to evaluate and comment on information provided in the annual report of an Australian company listed on the Australian Stock Exchange (ASX). Your comments or evaluation should comply with the requirements of relevant Australian Accounting Standards (AASBs). Discussions: The new revenue standard – AASB 15 Revenue from Contracts with Customers – applies to entities and businesses for the accounting periods beginning on or after 1 January 2018. The new accounting standard changes the financial reporting regime in terms of revenue. This will not only influence customer contracts and business model, but also have wide-ranging implications in business and control process. You should address the following questions in your report. Part A 1) Discuss and comment on the requirements of revenue recognition according to AASB 15. 2) Discuss and evaluate the measurement of revenue according to AASB 15. Part B From the perspective of the investors, discuss the potential impact of the adoption of AASB 1on 2019 annual report of the chosen company. Your investigation should focus on the influence on financial information regarding financial position, financial performance and financial ratios (including at least one of financial ratios, such as profitability ratio) of the chosen company. Your report should include some examples or evidence from the chosen company to support your discussion. Part C Effective communication, logic presentation and appropriate reference of this report. You should provide relevant paragraphs of AASBs or others (e.g. sections from 2017/2018 annual report) to support your evaluation. You can access AASBs from the website: https://www.aasb.gov.au/Pronouncements/Current-standards.aspx In particular, your report should refer to the following AASBs in your report: AASB Conceptual Framework: Framework for the Presentation and Preparation of Financial Statements AASB 15 Revenue from Contracts with Customers AASB 101 Presentation of Financial Statements AASB 118 Revenue
Subject Name: Accounting
Level: Undergraduate
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