explain why the IASB has issued AASB 15 in place of the existing revenue standards (118, and 111)

Explain why the IASB has issued AASB 15 in place of the existing revenue standards (118 and 111)

Required As a fresh graduate working for a Big 4 accounting firm, your manager has asked you to create a report that must be sent to the auditing team for either Telstra, Qantas, or Lend Lease. The report should cover the following topics: a) how companies must account for revenue under the new AASB 15; b) why the IASB chose to issue AASB 15 rather than the earlier revenue standards (118 and 111); and c) any potential impacts the new recognition criteria may have on the financial statements and operational results of your chosen company. d) Think about the alternatives management has for recognizing income under the new standard. The primary needs of AASB 15 are outlined and examined in Part A. The justifications for the new standard are identified, discussed, and contrasted with the prerequisites in Part B. Part C: The effects of the modifications to the selected company are acknowledged, examined in detail, and shown using quotes from the annual report and particular figures. An example that demonstrates how the updated standard’s Part D flexibility in revenue recognition can be used

 

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