Advance Financial Accounting Report

Topics: Citation, Bibliography, International Financial Reporting Standards Pages: 4 (1142 words) Published: September 17, 2014

Faculty of Creative Industries and Business
Department of Accounting and Finance
Bachelor of Business

Semester 2, 2014
Date issued:
Monday 4 August 2014
Due time and date:
1.00pm Wednesday 8 October 2014
Submission is through the assignment box on level 3 of Building 180 along with a soft copy submitted to Turnitin Total marks:

Copy and complete this cover sheet and attach it to the front of each part of this assessment. This is an individual assessment and must be your own work.
Collusion, copying or plagiarism may result in disciplinary action.

Student Name:

Student ID No:

Carol Hart
Class time:
5.30pm Monday
Student declaration:
I confirm that:
This submission is original and entirely my own work.
Where I have used ideas, tables, diagrams etc of other writers, I have acknowledged the source in every case. This has not previously been submitted as assessed work for any academic course. Signature of student:

Date of signature:



You are a junior accountant in a medium sized chartered accounting firm in Auckland’s CBD. You have been asked by a partner in the firm to prepare a briefing on the new standard for revenue, IFRS 15, issued at the end of May 2014 by the International Accounting Standards Board.


The briefing is in the form of a report and should demonstrate that you have read both read and understood the standard itself (available on the XRB website) as well as some professional commentary on the new standard.

The partner has asked that the report:
1. Introduces the new standard and provides some background on why the standard was revised; 2. Explains the IFRS 15 ‘core principle’ and its five-step model; 3. Discusses a minimum of three and a maximum of five key changes observed between the existing standard for revenue...
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