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Corporate Reporting – Final Assessment
3,000-word academic journal style research report on the issue of revenue recognition. Your task for the Final Assessment is to critically assess the implementation issues and challenges of revenue recognition policies in your chosen organisation(s)/industry/economy.
You are expected to research a wide range of sources, particularly evidence-based journal articles.
Revenue is one of the largest and most value-relevant items in firms’ financial statements. For accounting, the revenue number is often a determination of company value and affects key financial measurements and indicators. Issues at Tesco plc in 2014 and Toshiba in relating to revenue recognition practices highlight the problem of misreporting revenue, especially relating to timing and the price of goods and services. IFRS 15 Revenue from Contracts with Customers has evolved as a result of cooperation between IASB and FASB in order to tackle many of these revenue recognition issues.
While taking on the role of a financial analyst, you will produce an academic journal-style research report on the issue of revenue recognition. Marks will be given for demonstrating a clear understanding of the theoretical background, as well as for the application of that information. Consequently, it is important to ensure that you integrate the practical illustration and theoretical viewpoints by demonstrating an evaluation of the differing theoretical viewpoints and their consequences in practice.
Additional Information What you MUST do.
What you must NOT do.
The focus this week is on the revenue recognition. Revenue is one of the most important items for any company. In 2018, Apple’s revenue was $265 billion. That’s a massive amount for a company that was on the verge of bankruptcy in the mid-1990s. If Apple was a country, it would be the 21st largest country in the world, bigger than Norway and slightly smaller than Russia. The point is, revenue plays a big part in the success or failure of these big corporations. It is important for these firms to recognise the correct revenue in a timely manner.
Presentation ( lesson 3) will introduce you to the five-step model as given by IFRS 15 Revenue from Contracts with Customers. The theoretical knowledge of this accounting standard will be required for your Final Assessment.
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