Posted: September 10th, 2023

Assignment: I need help writing a research paper., AASB 15 Revenue from Contracts with Customers, replaces existing accounting guidance

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BAO2203 Corporate Accounting
Assignment Semester 3, 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online
DUE DATE: Friday 25, January at 11:59 pm (via VU Collaborate)
Topic: Revenue Recognition
“AASB 15 Revenue from Contracts with Customers, replaces existing accounting guidance and
introduces a comprehensive revenue recognition model aimed at enhancing comparability of revenue
recognition practices across entities, industries, jurisdictions and capital markets.”
“ASIC has warned companies that AASB 15, together with AASB 16, Leases, and AASB 9, Financial
Instruments, represent the most significant change to financial reporting since IFRS adoption in 2005.”
(Source: Bhattacharya, S. 2017. New revenue standard – Introducing AASB 15. April. KPMG.)
The quotes above from Bhattacharya, (2017) suggest that AASB 15 will have wide-ranging
implications on all types of entities in various industries.
REQUIRED:
Part A
Using the latest annual reports of the following three listed companies,
• TPG Telecom Ltd (https:// www.tpg.com.au)
• Metcash Ltd (https://www.metcash.com/) ; and
• National Australia Bank Ltd (https://www.nab.com.au/)
prepare three separate reports, addressed to the directors of each of these companies to suggest
‘Revenue Recognition Policy(ies)’ in compliance with the new Australian Accounting Standard AASB
15 Revenue from Contracts with Customers (AASB 15). The reports should describe the objective,
core principle and scope of AASB 15 specific to each industry. Also describe how the five-step model
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for revenue recognition in AASB 15 will be distinctively applied the three companies that belong to
different industries.
Part B
What are the key differences between the definition and recognition criteria for,
1) ‘income’ under the Conceptual Framework for Financial Reporting, and
2) ‘revenue’ under AASB 15?
Note: To answer these question adequately, you must read widely. There are many academic and
professional articles written which you must use to support your arguments. Do not provide your
opinions, instead provide EVIDENCE to justify what you are saying.
ADDITIONAL INFORMATION
Group assignment: You are to form into groups of three (3) for the purpose of this assignment via
self-allocation to a group on VU Collaborate before Tuesday, 8th January 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers. Assignments
undertaken by an individual without prior permission will not be accepted for marking.
Maximum word Length: 2000 words (marks will be deducted for assignments exceeding 2100 words
excluding the reference list).
Marking: This assignment is worth 20%. The assignment is a group assignment and therefore scores
will be applied to all members of the group without distinction.
Submission: You are required to submit an electronic copy on Turnitin via a link on VU Collaborate
by 11:59 pm on Friday 25, January. Only one group member needs to submit the assignment.
Penalty for late assignments: Two (2) marks per day including weekend and no mark will be
awarded after five (5) days.
Group work:
• It is YOUR responsibility to form groups, via self-allocation to a group on VU Collaborate
before Tuesday, 8th January 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers. Remember, once a group is formed, it is up to you and your
group members to maintain group discipline. All group members are equally responsible for
the submission of the assignment.
• Students must meet physically or electronically at least three times before submitting the
assignment. Marks will be allocated for your meeting logs. A suggested meeting log is
attached.
• The assignment must be submitted to Turnitin via a link on VU Collaborate. Only a single
copy should be submitted by one team member or team leader.
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• The Turnitin/Dropbox Similarity Report should be no more than 30%.
• This is a research assignment. As such, evidence of research is required. As a minimum, you
must quote, as sources of reference, seven (7) articles or textbooks in your assignment.
• Where a group member is not cooperating or contributing to the group and the group has made
all efforts to resolve the issue, the group must inform the lecturer and the unit coordinator
immediately via email. Where a group does not report this matter immediately, it will not be
entertained later on, especially before the due date of the assignment. The defaulting member
will be given a warning and should the member continue to default, the group will continue
without the defaulting member and the defaulting member will receive zero for the task.
Referencing and style:
• Assignment must be typed using Word document and double-spaced and Times New Roman
with 12 font size.
• The required referencing style is Harvard (Please visit VU library for examples of Harvard
Referencing Style at http://guides.library.vu.edu.au/Harvard). Essays not using the required
referencing style or not showing in-text and end of text references will be returned unmarked.
• Only one member must submit their assignment through Turnitin and attach the Turnitin
submission report with your assignment. Your assignment will not be marked without a
Turnitin submission report.
• Submission of this assignment by due date is compulsory for successful completion of the
subject.
• You cannot withdraw an assignment from Turnitin after the due date.
• Late submission without extension approval from the Unit Coordinator will be penalised two
(2) out of 20 marks per day. Do not submit any assessable task by slipping it under the door of
your lecturer’s office.
• No extension will be granted unless supported by appropriate documentation prior to the due
date. An application for an extension must be in writing and must use the appropriate form.
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Student No:
Name:
Assessment Criteria and Assignment Structure
Assessment Structure (marks) Excellent Very
Good
Good Average Marginal Poor Very
Poor
Part A (12 marks)
TPG (4 marks)
• Revenue Recognition Policy
• Objective, core principle and
scope
• Five-step model for RR
Metcash (4 marks)
• Revenue Recognition Policy
• Objective, core principle and
scope
• Five-step model for RR
NAB (4 marks)
• Revenue Recognition Policy
• Objective, core principle and
scope
• Five-step model for RR
Part B (4 marks)
Differences between the definition and
recognition criteria for ‘income’ and
‘revenue’
Presentation: report format, abstract,
intro, literature review and
conclusion.(1.5 marks)
1. English expression, coherence,
grammar and spelling (1.5 marks)
2. Evidence of the group workmeeting
logs (1 marks)
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Assessment criteria to be applied on Assessments
Excellent: Work fulfilling the above criteria to an outstanding degree, in particular demonstrating
excellence in sustained argument, critical thought and synthesis of material from
diverse sources.
Very Good: Work demonstrating extensive knowledge and understanding of major content areas
and issues; the ability to appropriately synthesise material from a range of sources; a
well-developed capacity for critical analysis of key issues and concepts; the ability to
present a defensible perspective on issues; evidence of wide reading in relevant areas of
the discipline.
Good: Above average work demonstrating good knowledge and understanding of major
content areas and issues; demonstration of some capacity for critical analysis; the ability
to present a perspective on issues; evidence of reading in relevant areas of the
discipline.
Average: Work of ‘average’ standard which demonstrates an average comprehension both of
basic concepts and some issues, based on class work and some further reading in the
area; some ability to compare key concepts and theoretical perspectives; average
presentation, particularly in regard to structure, expression and referencing.
Marginal: Work which shows a basic understanding of key elements of the subject matter at a
descriptive level, based mainly on attendance at lectures; satisfactory presentation with
some deficiencies in structure, expression and referencing.
Poor: Work which shows little evidence of knowledge or understanding of the subject matter
and is unsatisfactorily presented, particularly in regard to structure, expression and
referencing.
Very poor: Work which shows no evidence of knowledge or understanding of the subject matter.
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__________________________________________________________________________________
GROUP DOCUMENTED MINUTES
__________________________________________________________________________________
Date of Meeting:______________________________
Time Meeting began:__________________________
Time Meeting ended:__________________________
Location of meeting: online / VU campus other:_____________________________________
Attendees:___________________________________________________________________
Apologies from any absent members:______________________________________________
Agenda of Meeting:
Minutes of Meeting:
Agreed Actions:
Time Date and location of next meeting:________________________________________________
Signatures of all attendance:

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