Reference no: EM132741626 , Length: word count:1850

ACC701 Financial Accounting - King’s Own Institute

Learning Outcome 1: Explain and apply the concepts and regulations relating to financial accounting in accounting settings

Learning Outcome 2: Articulate measurement issues related to the covered topics; and locate and implement the disclosure requirements related to the covered topics

Learning Outcome 3: Identify and solve financial accounting problems by applying analytical and problem solving techniques

Learning Outcome 4: Demonstrate technical competence in the relevant complex areas of accounting where measurement and recognition judgements need to be made.

Assessment - Individual research assessment

Topic: Reporting, Measurement and Disclosure of Revenue

Task Details: Each student is required to choose an ASX listed firm and analyse its 2019 financial statements. The analysis must focus on discussing the firm's reporting, measurement and disclosure practices on revenue. In the discussion, detail the accounting policy that the firm follows in reporting, measuring and disclosing its revenue. The discussion must be supported by the requirements prescribed by AASB 15 and relevant academic and professional discourse.

Justify why the firm adopted the policy in its 2019 financial reports rather than other policies permitted under AASB 15. To achieve this, students must present an alternative economic outcome in terms of accounting profit and net assets, if the firm chooses a policy permitted under AASB 15 but different to the one that was used in its 2019 financial reports. Students are also required to research on the economic, institutional, historical and cultural backgrounds of the firm to make sense its accounting choice in relation to revenue.

Note that each student must choose a unique ASX listed firm, the firm must NOT be in mining or banking industry; so get in early and report to your tutor your choice of the firm, once it is locked in by your tutor, no other students in the same tutorial class are permitted to research on the same firm.

Research requirements: Students need to support their analysis with reference to relevant material from the text and a minimum of eight (8) suitable, reliable, current and academically acceptable sources - this should include at least 2 peer-reviewed academic journal articles.

Presentation: 2000 + 10% word short report format. Title page, executive summary, table of contents, appropriate headings and sub-headings, recommendations/findings/conclusions, in-text referencing and reference list (Harvard - Anglia style), attachments if relevant. Single spaced, font Times New Roman 12pt, Calibri 11 pt or Arial 10 pt.

Attachment:- Financial Accounting.rar