ACF

5953 Assignment 1 (2019_S1)

ASSIGNMENT 1
INDIVIDUAL ASSIGNMENT, DUE IN WEEK 8
The deadline for the submission of this assignment is 12:00 PM Friday 3 May. Please
submit your assignment to the assigned box located at level 3, H building. Marks
will be deducted for late submissions.

IFRS/AASB 15 Revenue from Contract with Customers establishes principles about

the nature, amount, timing and uncertainty of revenue and cash flows arising from a
contract with a customer that an entity shall consider when report useful information
to users of financial statement. You are required to write a report (900 words),
containing two parts:

Part 1: Please read the academic paper below (paper is available to download from
Moodle). Use around 400 words to answer the following questions:
a) What is the main issue in recognizing revenue? Provide two examples to illustrate the
issue. How is this issue dealt with in the IFRS/AASB15?
b) According to the IFRS/AASB 15, how is the revenue recognized when a contract
includes multiple elements? According to Colson et al. (2010), what are problems that
can arise from this requirement?

Colson et al. (2010). Response to the Financial Accounting Standards Board’s and the International
Accounting Standards Board’s Joint Discussion Paper Entitled Preliminary Views on Revenue
Recognition in Contracts with Customers. Accounting Horizons, 24 (4), 689-702.

Part 2: Select one company listed on the ASX and find the company’s 2017 and 2018
annual reports. Use around 500 words to: 1) summarize the information for revenue
recognition in a table for the two years; and 2) are there any changes for the policy
on accounting for revenue recognition? If so, the reason for such change; and (3)
provide and analyze the revenue amount disclosed for 2017 to 2018? What are the
reasons for the change?

Please support your discussion by citing specific references such as newspaper

articles, staff papers from AASB, articles from practitioner journals and scholarly
journals.

Submission Details

• Use a font size of 12 point and a margin of 2.5 cm on the left and right-hand side
of the page. Staple the assignment in the top left-hand corner.

• Students are to take the MAXIMUM WORD LIMITS that are detailed for each task as
a guide only. The word limit excludes calculations, appendices, tables and charts.
PLEASE SHOW THE WORD COUNT in your assignment.

• Assignments must be submitted with the Faculty cover sheet attached. This can be
ACF 5953 Assignment 1 (2019_S1)

accessed at: http://www.buseco.monash.edu.au/student/forms and choose

assignment cover sheet on that page.

• Ensure that all sources of information are acknowledged in your bibliography. The
Faculty’s policy on plagiarism can be found at:
https://www.monash.edu/students/academic/policies/academic-integrity

• Use the APA/Harvard styles (author-date system) for citations. Monash

University’s online citation and referencing guide can be accessed at:
http://www.lib.monash.edu.au/tutorials/citing/harvard.html