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Just now you helped me to do part b tutor. Now it is part c. Telstra is a tele-communication corporate in Australia and it's my chosen company. You have to mention specific figures in Telstra's annual report to explain the impact of adopting AASB 15. Part C: Report the possible impacts that the new recognition criteria will have on Telstra's current operations and financial statements. Requirements for part C: Implications of amendments to Telstra identified and discussed with detail and references to specific figures and items from Telstra's annual report Approximately 300-350words Adoption of AASB 15 AASB 15 adoption in Telstra aims to deliver more accurate commercial financial reporting. It applies to all contracts between the company and the customers, except for the contracts covered by the Standards like leases, insurance, and financial instruments. More so, Australian Accounting Standard Board 15 outline how and when the revenue is recorded. Also, AASB 15 provides users of the financial statements with more information and reporting disclosures. Adoption of the Australian Accounting Standards Board 15 in Telstra Company has varying levels of impacts. The accounting standard has an impact on the financial reporting system, accounting process, and contracts. This implies that the revenue recognition in the company changes making the income statement of the company to change. The contracts between the company and the customers are recognized in the statements of the company. Australian Accounting Standard Board core principle is recognizing the revenue for the transfer of goods or services at the value reflecting the consideration to which the company expects to be entitled in return for achieving the performance obligations. This means that the revenue of $25,911 will change as a result of a change in recognition of the revenue. Telstra Company recognizes contraction contracts. The revenue and profits obtained are recognized using the percentage of contract completion basis. The profits are recognized when the contracts have been completed to a particular percentage. More so, the adoption of Australian Accounting Standard Board 15 will impact the operations of Telstra Company positively because it will provide the users of the financial statements with accurate financial information that may be used for making an accurate decision that may help the company to remain competitive in the marketplace. The operating expense of $16,600 will be impacted if the accounting standard will be adopted. The adoption of the Australian Accounting Standard Board 15 impact the operations of the company positively because it helps the management to evaluate the probability of receiving consideration in exchange for goods or services offered by considering the ability and intention of the customers to pay. Telstra's annual report chart Total external income FY16 FY15 Change $m $m % Telstra Retail 16,656 16,911 (1.5) Global Enterprise and Services 6,262 5,618 11.5 Telstra Wholesale 2,622 2,586 1.4 Telstra Operations 602 424 42.0 All Other 908 573 58.5 Total Telstra segments 27,050 26,112 3.6 References https://www.telstra.com.au/content/dam/tcom/about-us/investors/pdf-e/2016-Annual-Report.pdf Adoption of AASB 15 AASB 15 adoption in Telstra aims delivering more accurate commercial financial reporting. It applies to all contracts between the company and the customers, except for the contracts covered by the Standards like leases, insurance and financial instruments. More so, Australian Accounting Standard Board 15 outline how and when the revenue is recorded. Also AASB 15 provides users of the financial statements with more information and reporting disclosures. Adoption of the Australian Accounting Standards Board 15 in Telstra Company has varying levels of impacts. The accounting standard has impact on the financial reporting system, accounting process and contracts. This implies that the revenue recognition in the company changes making the income statement of the company to change. The contracts between the company and the customers are recognized in the statements of the company. Australian Accounting Standard Board core principle is recognizing the revenue for the transfer of goods or services at the value reflecting the consideration to which the company expects to be entitled in return for achieving the performance obligations. This means that the revenue of $25,911 will change as a result of change in recognition of the revenue. Telstra Company recognizes contraction contracts. The revenue and profits obtained are recognized using the percentage of contract completion basis. The profits are recognized when the contracts have been completed to a particular percentage. More so, the adoption of Australian Accounting Standard Board 15 will impact the operations of Telstra Company positively because it will provide the users of the financial statements with accurate financial information that may be used for making accurate decision that may help the company to remain competitive at the market place. The operating expense of $16,600 will be impacted if the accounting standard will be adopted. The adoption of the Australian Accounting Standard Board 15 impact the operations of the company positively because it helps the management to evaluate the probability of receiving consideration in exchange of goods or services offered by considering the ability and intention of the customers to pay. Areas that adoption of AASB 15 affects: Revenue EBITDA EBIT $25,911 $10,465 $6,310 Reference https://www.telstra.com.au/content/dam/tcom/about-us/investors/pdf-e/2016-Annual-Report.pdf