Question:

Briefly describe IN YOUR OWN WORDS the impacts of AASB 15 on the Construction industry. In your answer, provide an example of a company in the stated industry using the relevant disclosures in their annual reports. Listed below are some possible points that you can consider to include in your answer.

How does the new Revenue accounting standard impact the company?

What are the transition methods used by the company to adopt the new Revenue standards?

Discuss the changes in financial figures after the company implemented the new standard?

Where can you find the notes to provide further explanations about the group's revenue policies?

How do you relate these disclosures to those required by AASB 15?