Lesili Coursework 2
Assesses module learning outcome/s:
1, 2, 3, 4
Last submission Date/Time:
Provisional feedback released:
The IASB in May 2014 issued IFRS 15 (Revenue from contracts with customers) to supersede IAS 18 (Revenue) and IAS 11 (Accounting for Construction Contract).
IFRS 15 will take effect and apply to annual reporting period beginning on or after 1 January 2018.
IFRS 15 stipulates the requirements for recognising revenue from contracts with customers (except for contracts already within the scope of Standards on leases, insurance contracts and financial instruments).
The development of IFRS 15 was a joint project between the IASB and the FASB (the US standard setter); this collaboration is particularly significant in fostering the development of quality global accounting standards and more particularly in converging US GAAP with IFRS which has been a long and drawn out process.
Some analysts have described the emergence of IFRS 15 as a key milestone in converging differences in Revenue recognition across industry and jurisdictions. See link below.
(a) Compare and contrast the new requirements of IFRS 15 with current practises under IAS 18 and IAS 11. A link to the project summary and feedback statement on IFRS 15 is provided below:
http://archive.ifrs.org/Current-Projects/IASB-Projects/Revenue- Recognition/Documents/IFRS-15/Revenue-from-Contracts-Project-summary-Feedback- Statement-May-2014.pdf
(b) Critically evaluate the impact that the requirements of IFRS 15 will have on Entities and give some focus in your evaluation on disclosure.
25%: subject matter understanding and judgment
25%: critical analysis.
25%: evidence of wider reading.
15%: synthesis of ideas into a logical, coherent report.
10%: presentation and English.
1. Feedback, marking criteria and grading of your assessment
This section tells you how the marker will assess your work fairly. All markers aim for our feedback to be: timely, individual to you, helpful, empowering and manageable.
They will also offer you opportunities to discuss the marking criteria they intend to use, and the type of feedback they intend to give you. You should create a shared understanding of this with them and your peers during the course of the module. They may also give you opportunities to assess your own work and the work of your peers. Look out for these opportunities.
Assessment markers can give you feedback and allocate marks to you using a range of methods and tools that are appropriate to the specific module and assessment. The marker may make comments within your script (in bubbles) and may also give you written comments in the long box. They may give you a form of audio or video feedback.
When they give you feedback on your assessment, as a minimum, your marker will tell you:
· if and how you have met the relevant learning outcomes
· the areas within which you did well in this assessment (they will commend you)
· the areas you could have improved in this assessment (they will make suggestions)
· what activities you can work on to help you in your next studies (you can take these ideas forward with you, and may discuss them with your Personal Tutor. You can also build them into your Action Planning.
In this module specifically, they will use the following tools. This feedback and marking structure will be specific to each component as relevant.