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can i get the introduction and conclusion with references thanks Part B (1700 words) The Australian Securities and Investment Commission (ASIC 2014) announced that one
can i get the introduction and conclusion with references thanks
Part B (1700 words) The Australian Securities and Investment Commission (ASIC 2014) announced that one of its areas of focus on financial reports of listed entities and other entities of public interest was accounting policy choices. According to ASIC (2014), preparers and auditors need to focus on the appropriateness of key accounting policy choices and that its surveillance will focus on material disclosures of key accounting policy choices. These include off- balance sheet arrangements, revenue recognition, and expensing of costs. "AASB 15 Revenue from Contracts with Customers, replaces existing accounting guidance and introduces a comprehensive revenue recognition model aimed at enhancing comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets." "ASIC has warned companies that AASB 15, together with AASB 16, Leases, and AASB 9, Financial Instruments, represent the most significant change to financial reporting since IFRS adoption in 2005." (Source: Bhattacharya, S. 2017. New revenue standard - Introducing AASB 15. April. KPMG.) The quotes above from Bhattacharya, (2017) suggest that AASB 15 will have wide-ranging implications on all types of entities in various industries. REQUIRED In your report, please explain the revenue recognition criteria in AASB 15 / IFRS 15 Revenue from Contracts with Customers and discuss the choices of accounting policies in AASB 15 / IFRS 15 Revenue from Contracts with Customers by reference to the relevant accounting research literature on factors influencing firms' accounting policy choice (e.g. Positive Accounting Theory). Please review the existing literature when preparing your report, Note: To write this report, you must read widely. There are many academic and professional articles written which you must use to support your arguments. Do not provide your opinions, instead provide evidence justify what you are sayingStep by Step Solution
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