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ACC00713 Report 2019 S1
Due date: 5pm Friday 24 May 2019
Weight: 20 marks
Word limit: 2000 words
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Objective:
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 (8 marks)
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 (9 marks)
From the perspective of the investors, discuss the potential impact of the adoption of AASB 15
on 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.
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Part C (3 marks)
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
Assessment criteria:
The quality of this report will be assessed based on the following criteria:
• Identify the regulatory framework of financial reporting in Australia.
• Explain the recognition and measurement of revenue in business practice.
• Evaluate the implementation of recognition and measurement of revenue in financial
reporting by the chosen company.
• Use paragraphs from the annual report of a chosen company, Australian Conceptual
Framework, AASB 101 Presentation of Financial Statements, AASB 15 Revenue from
contracts with customers, or other relevant AASBs as guidelines to support your
discussion if it is necessary.
• Demonstrate effective communication, logical presentation and integrated evaluation.
Referencing:
• The references used in the report should follow Harvard Referencing Style.
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Submission:
• Please submit your report online through the link of Report and Submission provided
on the MySCU Blackboard site.
Special Instructions:
• This is an individual assignment.
• Word limit should not be less than 10% (1,800 words) or exceeds 10% (2,200 words) of
word limit (excluding summary, reference list and appendix). A loss of 10% of the total
available marks will apply if you did not follow this instruction.
• You must use the electronic Assignment Cover Sheet provided, fill in details and then
make this sheet the first page of your assignment. Do not send it as a separate
document.
• The file name should include (in order) initial, your surname and your student number.
For example: ‘BParker1235456′.
• Your assignment must be submitted as a Word document. If you wish to submit in any
other file format, please discuss this with your lecturer before the assignment
submission date.
• Each student should choose a company that is listed on the Australian Stock Exchange
(ASX). Find its annual reports for 2017/2018 financial year. Remember to use a
complete annual report, not a concise financial report or a half-year financial report.
• You must reserve your company by adding a post on ‘Discussion Board’ under ‘Reserve
your company here’. Write the name and the code of the chosen company in the
subject line of your post. If you add the company name in the message and NOT in the
subject line, then the reservation is void because it will not be readily visible to others.
• To ensure your choice of a company does not duplicate one already chosen by another
student, they will be allocated on a first come, first served basis.

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