Develop understanding of relevant accounting principles

Assignment Help Accounting Basics

Reference no: EM133204949

AC 17-2 Financial Reporting Assignment - Evolution of Revenue Recognition Principles Financial Report

Module learning outcomes -

1. Develop understanding of relevant accounting principles and various rules/regulations applicable for preparation of financial statements as per international financial reporting standards (IFRSs).

2. Develop the ability to identify and apply IFRSs principles in a variety of scenarios thus leading to fair presentation of financial performance/position.

Task - The new revenue standard will significantly affect the revenue recognition practices of most companies. The new standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries. Revenue recognition is one of the areas of concern for accountants while preparing financial reports. IASB came up with IAS 18 for revenue recognition but the standard was later replaced by IFRS 15 owing to deficiencies in IAS 18.

You are required to write a report covering the following points:

1. An analysis of revenue recognition issues.

2. Background and main accounting principles of IAS 18Revenue.

3. Shortcomings in IAS 18 which led to its cancellation.

4. An analysis of IFRS 15 as to how it overcame shortcomings of IAS 18.

5. Your Conclusion should include a summary of major changes in revenue recognition principles.

Reference no: EM133204949

Questions Cloud

External pestle factors for nass cooperation business : Conduct a PESTLE analysis and evaluate how it assists in determining the possible success or failure of nass corporation

How your personal strengths and aptitudes will contribute : Describe how your personal strengths, experiences and aptitudes will contribute to your success in nursing school and a career in nursing, include community.

Conduct salary surveys for the positions of entry-level : Conduct salary surveys for the positions of entry-level accountant and entry-level chemical engineer. What sources did you use, and what conclusions

Write a summary of the types of problems you can expect : Write a 200+ word summary of the types of problems you can reasonably expect to encounter and the steps required to overcome these limitations or issues.

Develop understanding of relevant accounting principles : Develop understanding of relevant accounting principles and various rules/regulations applicable for preparation of financial statements

Learned about the importance of job analysis : What have you learned about the importance of job analysis and the job description/posting as it relates to non-discriminatory recruitment and selection

Find potential business level strategies for organizations : Evaluate potential business level strategies for the organization. Assess potential corporate level strategies for the organization.

Market value of a project with expected future ufcf : Consider a large corporation considering a project with the following expected unlevered free cash flows (UFCF).

Why you chose to make the ui design updates that you did : Justify your design decisions. Explain why you chose to make the UI design updates that you did for your creation.

User Account

All Pages