1. Compare liabilities and contingent liabilities disclosed by a well known metals and mining company BHP Billiton and a well known retail company Coles Group and reflect on disclosures made by them in their 2023 financial statements and associate Notes. You can find BHP Billiton's 2023 annual report at

https://www.bhp.com/-/media/documents/investors/annual-reports/2023/230822_bhpannualreport2023.pdf

and Coles Group annual report at Coles Group

https://www.colesgroup.com.au/FormBuilder/_Resource/_module/ir5sKeTxxEOndzdh00hWJw/file/Annual_Report.pdf

2.

In the annual reports of the Rio Tinto (available at Rio Tinto)and Tassal Group (available at Tassal), search for the Notes related to revenue recognition and discuss how the five steps we discussed this week are applied in the Notes of the annual reports published by Rio Tinto and Tassal Group.

https://mylo.utas.edu.au/content/enforced/507094-AW_BBB_22A1_28875_0_0_0_1_1/RT-Annual-report-2020.pdf?ou=507094&ou=634033

https://announcements.asx.com.au/asxpdf/20200925/pdf/44n0k8qvfnj3b0.pdf

Stop t Identity the contractjul with customers Atkill 15 defines a contract at an agreement between two or more parties that creates enforceable rights and obligation, and sets out the criteria that must be met for every contact Stop 2: Identify the separate performance obligation(] in the contract A performance obligation is a promise in a contract with a customer to banalor a good or service to the curitomer. Stop 1: Determine the transaction price of the contract The boardaction price is the amount of consideration per example, payment) ba which an entity expect to be entitled in wachange for wondering promised poods or seniors to s customer, mududing amounts collected on behalf of third parties. Where a contract contains elements of variable comuidention, the entry must estimate the amount of variable consideration to which it will be entitled under the contract Soap 4. Allocate the tramaction price to each performance obligation For a contract that has more than one performance obligation, an entity should allocate the transaction price to gach performance obligation in an amount that depicts the amount of consideration to which the entity expects to be entitled in eachange for with ying each performance obligation. Stop &: Recognise revenue when ouch performance obligation is satisfied Areworth recognised as control of an asset is passed to the customer, either over time, of at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits hom the asset This includes the ability to prevent other than directing the use of and obtaining the benefit from the asset An entity mecopehes movenut over time ione of the following criteria I met the customer simultaneously receives and conumes al of the benefits provided by the entry at the entity performs the entity's performance creates or enhances on sweet that the customer controls on the weet is created to the entity's performance does not create an asset with an alternative wave to the enity and the onlily has an enforceable right to payment for performance completed to date. I an entity do is not