You are a recent graduate working for a Big 4 accounting firm and your manager has asked you to prepare a report which is to be presented to the auditing team for either Telstra, Qantas or Lend Lease. The report should:
a) outline how companies are required to account for revenue under the new AASB 15;
b) explain why the IASB has issued AASB 15 in place of the existing revenue standards (118, and 111); and
c) report the possible impacts that the new recognition criteria will have on your chosen company’s current operations and financial statements.
d) Evaluate the flexibility management has available in the choices related to revenue recognition under the new standard.
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