must do the following:
1. Select one listed Australian company from either the Telecommunications industry or the Pharmaceutical industry. The company must have available Financial Statements (including Notes to the Financial Statements) that have been prepared under AASB accounting standards. Access the Financial Statements (including Notes to the Financial Statements) for this company for the year ending 31 December 2011 or for the year ending 30 June 2011.
2. Download a copy of the standard AASB 118 Revenue from the AASB website.
3. Download a copy of AASB Framework for the Preparation and Presentation of Financial Statements from the AASB website.
4. Follow the Instructions on page 10 of the subject outline for Style and Format of Assessment 2.
5. Access and use at least 10 references (includes the company?s Financial Statements and Notes, AASB 118, AASB Framework and at least 7 other references of your choice).
6. Attach to the end of your report a copy of your company?s Financial Statements with the accompanying Notes to Financial Statements.
Required: Report on accounting for revenue in Australia and application by one listed Australian company.
1. Prepare an Introduction. This must briefly introduce accounting for revenue in Australia (in general) and your selected company (150* words)
2. Discuss how companies in Australia must account for revenue, highlighting definitions from AASB 118 Revenue and AASB Framework for the Preparation and Presentation of Financial Statements, noting any contradictions or difficulties in interpretation. You must also include discussion on measurement and recognition of revenue (500* words).
3. Discuss how your selected company accounts for and discloses revenue. You must include discussion on the company?s: form of revenue, revenue policies, measurement of revenue. You must also indicate the size of the company?s revenues for the year and its impact on final profit (400* words).
4. Discuss one aspect of the standard AASB 118 Revenue that you believe your company might prefer to change and why, and discuss how the company could bring about such a change (350* words).
5. Provide a Conclusion to the report (100* words).
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