11 Jul ISSUES AND IMPLICATIONS OF IFRS
Retailing Your task includes to,
1) Readthe selected article, the Next Step for Revenue Recognition byJones, J. P., and D Pagach. (2013) The CPA Journal2013 (October),which is available on Blackboard, and answer the following required questions
a. Provide at least 5 examples of the recognition criteria for revenue from the existing accounting standards which are mentioned in the journal article.
b. Discuss the main difference of these standards with IFRS 15. (You are required to give the title of the standards and the paragraph number of each standard that you have identified.)
c. Discuss the new revenue recognition criteria in IFRS 15.
d. Are the revenue recognition criteria in IFRS 15 consistent with the requirements in the Conceptual Framework (CF) and why? (You are required to give the paragraph numbers of revenue recognition criteria in CF)
2) Evaluate 2017 annual report of your selected company and critique the accounting policies adopted in your selected company.
a. Has your selected company adopted IFRS 15? If it has, then since when? If it has not, then what is (are) the current accounting standard(s) applied?
b. a summary of accounting policy for revenue
3) Provide the following information,
a. the category of revenue (e.g. the main revenue, other revenues, current and last financial years)
b. a copy of information about revenue and its policy as evidence but a copy of an annual report is NOT acceptable
4) Discuss the implications e.g. how IFRS will impact on your selected company. If your selected company has adopted IFRS 15, what implications would be if it implemented.
5) Prepare the assignment in report format based on your study. A sample format of the report is shown in the marking guide.You must use the provided structure to complete this assignment.
o
o Telecommunication Services
o Consumer Services
o Pharmaceuticals & Biotechnology
o Technology Hardware & Equipment
The words limit is 3,000 maximum but no less or no more than 5% of the words limit excluding references list, footnote, and appendicesusing 1.5 spacing
“Revenue is a key performance metric used by investors and other stakeholders in assessing a company’s performance and future prospects” (Jones and Pagach 2013, p. 30). The measurement of revenue is one of the most important contemporary financial reporting issues. The aim of this assignment is to examine the issues of accounting for revenue based on IFRS 15 Revenue from Contracts with Customers. The objectives include to
discuss the issues and implications of IFRS 15 and
analyse the accounting policies for revenue adopted in the annual report of your selected company
General information of the assignment
This assignment is worth 20% of your final mark. You are to complete this assignment in pair.
Your task includes to,
Read the selected article, the Next Step for Revenue Recognition by Jones, J. P., and D Pagach. (2013) The CPA Journal 2013 (October), which is available on Blackboard, and answer the following required questions
Provide at least 5 examples of the recognition criteria for revenue from the existing accounting standards which are mentioned in the journal article.
Discuss the main difference of these standards with IFRS 15. (You are required to give the title of the standards and the paragraph number of each standard that you have identified.)
Discuss the new revenue recognition criteria in IFRS 15.
Are the revenue recognition criteria in IFRS 15 consistent with the requirements in the Conceptual Framework (CF) and why? (You are required to give the paragraph numbers of revenue recognition criteria in CF)
Evaluate 2017 annual report of your selected company and critique the accounting policies adopted in your selected company.
Has your selected company adopted IFRS 15? If it has, then since when? If it has not, then what is (are) the current accounting standard(s) applied?
a summary of accounting policy for revenue
Provide the following information,
the category of revenue (e.g. the main revenue, other revenues, current and last financial years)
a copy of information about revenue and its policy as evidence but a copy of an annual report is NOT acceptable
Discuss the implications e.g. how IFRS will impact on your selected company. If your selected company has adopted IFRS 15, what implications would be if it implemented.
Prepare the assignment in report format based on your study. A sample format of the report is shown in the marking guide. You must use the provided structure to complete this assignment.
A list of Australian listed companies is available on Blackboard. However, for this assignment purpose, you only select a company from one of the following industries,
Retailing
Telecommunication Services
Consumer Services
Pharmaceuticals & Biotechnology
Technology Hardware & Equipment
The words limit is 3,000 maximum but no less or no more than 5% of the words limit excluding references list, footnote, and appendices using 1.5 spacing.
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