Required Your manager has requested that you write a report that needs to be given to the auditing team for either Telstra, Qantas, or Lend Lease as a recent graduate working for a Big 4 accounting company. The report should: a) describe how businesses must account for revenue under the new AASB 15; b) explain why the IASB issued AASB 15 rather than the previous revenue standards (118 and 111); and c) detail any potential effects the new recognition criteria may have on the financial statements and operational results of your chosen company. d) Consider the options available to management with regard to revenue recognition under the new standard. Part A of AASB 15’s primary needs are defined and explored. Part B identifies, discusses, and compares the reasons for the new standard to the existing requirements. Part C: The implications of the changes to the chosen company are recognised, covered in detail, and illustrated with examples taken from the annual report and specific numbers. A clear illustration of Part D flexibility in revenue recognition under the revised standard
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