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2102AFE Financial Accounting - Topic 8 Weekly Workshop Homework Questions 2102AFE Financial Accounting Weekly Workshop Homework Questions Topic 8 - Income and Financial Statement Presentation (Chapters 15, 16 & 18) Loftus et al. (2015) Chapter 16 Comprehension Question 2 Loftus et al. (2015) Chapter 16 Case Study 16.1 Critical Thinking Question In June 2015, West Australian Drilling Supplies Company (WADSC Ltd) received an order for oilfield equipment (including pipes that it had to manufacture and cut into specifically required lengths) from a Vietnamese company that owned many off-shore drilling rigs. The sales revenue associated with this contract was $50 million. As at the end of the financial year (30 th October 2015), WADSC Ltd had completed all of the necessary manufacturing processes and all of the equipment and pipes had been delivered to the Sydney docks where they were waiting for loading onto a container ship to Indonesia. The shipping terms indicate that once the equipment has left the manufacturer, it becomes the responsibility of the buyer. The directors of WADSC Ltd are seeking your advice as their Chief Financial Accountant as to whether they can recognise the $50 million in their financial accounts to the 30 th October 2015. As at this date, the goods have not yet left Australia and the Indonesian company will only pay the $50 million when the oilfield equipment and pipes safely reach Indonesia. Required: Provide the Managing Director of WADSC Ltd, Sharron Jennings with your recommendation in relation to the whether this $50 million in Sales Revenue can be recognised in the 30 th October, 2015 year-end accounts. Support your answer with references to the revenue recognition criteria set out in the relevant AASB standard that would apply to this contract. *Prepare your answer using the AREA Framework template on the next page* 1 2102AFE Financial Accounting - Topic 8 Weekly Workshop Homework Questions ANALYSE (50 words maximum) Identify the issue and why it matters; determine what you need to find out. RESEARCH and EVALUATE (500 words maximum) Gather relevant facts and evidence, sort all evidence, identify themes or issues AND Sort all evidence and weigh it up to start building a picture of what your Answer might be. ANSWER (50 words maximum) Your opinion of the themes or issues you have identified, justified by the evidence you have gathered and evaluated 2