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

Required 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 Part A  Main requirements of AASB 15 identified and discussed. Part B  Reason for new standard identified, discussed and contrasted with existing requirements. Part C  Implications of amendments to chosen company identified and discussed with detail and references to specific figures and items from annual report. Part D  Flexibility management has in recognising revenue under the new standard is clearly illustrated.