ACCT2110 Individual Case Study Assignment
Instructions
The case is to be undertaken individually and students should independently prepare their assignment.
The financial reporting case study is a comprehensive case study that examines the specific application of case scenarios involving Topic 5 Revenue recognition. The case will also be used to examine student report writing skills, general accounting knowledge, and ability to critically evaluate complex case scenarios.
• Consultation in relation to the case study
To ensure consistency of information, ALL questions relating to the case study must be submitted on the Blackboard Discussion Board Case Study Thread. Questions will be answered promptly when using this platform. We will not be answering content related questions in relation to this assessment item in class, consultation or via email.
• Criteria & Marking: A full marking criteria sheet is attached at the end of this assignment. Review the rubric before you commence work to ensure you understand the requirements of the assessment and how it will be assessed.
• Weighting: equivalent to 20% of final grade.
• Due Date: By 4:00pm (Brisbane time), 1 May 2024.
• Penalty for late submissions: Items (for which no extension has been granted) submitted after the due date and time, incur a late submission penalty. The penalty is at the rate of 10% of the total available marks for that particular piece of assessment, for each calendar day or part thereof that the item is overdue. Assessment submitted more than 7 days after the due date will receive zero marks.
• Format: The assignment is to be prepared as a WORD or PDF document using Times New Roman 12 point type with single line spacing. A ‘Formal Report’ structure with an Executive Summary and Table of Contents is NOT required given the brevity of the required information. Non-compliance will affect your mark for structure.
• Length: A maximum of 3 pages (includes the reference list, on A4 paper with 2.54 cm on each margin). Anything over 3 pages won’t be read or marked.
• Referencing style: Use APA referencing for any in-text references and for the reference list. If you have in-text referencing from the accounting standards (AASBs), you must cite the
specific provisions including paragraph from the relevant AASB using either of the following 2 formats:
• AASB 102:12
• AASB 102 para. 12
You might find the following links helpful: https://guides.library.uq.edu.au/referencing
https://guides.lib.monash.edu/citing-referencing/patents_standards
However, do not reproduce significant parts of the regulation. The focus should be on interpretation and application of the standard.
• Plagiarism:
All cases will be reviewed for plagiarism and independent content. The University has adopted the following definition of plagiarism:
“Plagiarism is the act of misrepresenting as one's own original work the ideas, interpretations, words or creative works of another. These include published and unpublished documents, designs, music, sounds, images,photographs, computer codes and ideas gained through working in a group. These ideas, interpretations, words or works may be found in print and/or electronic media. Students are encouraged to read the UQ Student Integrity and Misconduct policy (http://ppl.app.uq.edu.au/content/3.60.04-student-integrity-and-misconduct) which makes a comprehensive statement about the University's approach to plagiarism, including the approved use of plagiarism detection software, the consequences of plagiarism and the principles associated with preventing plagiarism. ”
There could be zero mark for the cases such as cooperation between students; copy from case reports of students enrolled in previous semesters. Instances of plagiarism in previous semesters were reported and acted upon.
ACCT2110 Case Study: Revenue recognition for ERP Products
Required:
(1) Apply the five-step model in AASB 15 to decide how and when revenue will be recognised for the contract signed on 1st July 2024. (40%)
(2) Prepare journal entries for the transactions related to the contract from 1st July 2024 to 1st January 2025 (all transactions exclude GST). (20%)
(3) Do managers of companies that provide software services have the ability to exercise judgment when applying revenue recognition standards? Could you please explain two circumstances where they have it? (20%)
Students should access academic articles (at least two) to support your answers to Question (3). (Hint: Concentrate on the general results of the articles. You do not have to completely understand the statistical/econometric models). (10%)
COMMUNICATIONS
Grammar, spelling, and paragraph structures. (10%)
Please refer to the following marking rubric for more detailed criteria.
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ACCT2110 Case Study Marking Criteria and Rubric
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Task
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Mark
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Outstanding (4)
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Good (3)
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Meet Expectations (2)
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Below Expectations (1)
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NA (0)
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Q1 Analysis
a) Use the five-step model to analyse revenue
recognition for Step 1.
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1
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Evidence of full
understanding of the relevant accounting
standards and application of
the case details,
demonstrated by correct application of all of the relevant sections of the
accounting standards.
|
Evidence of full
understanding of the relevant accounting
standards and application of the case details,
demonstrated by the correct application of most of the
relevant sections of the accounting standards.
|
Evidence of sound
understanding of the relevant
accounting standards and
application of the case
details, demonstrated by the
correct application of some
of the relevant sections of the accounting standards.
|
Limited evidence of understanding of the relevant accounting
standards and application of the case details,
demonstrated by the correct application of few of the
relevant sections of the accounting standards.
|
Not attempted
|
|
b) Use the five-step model to analyse revenue
recognition for Step 2.
|
2
|
Evidence of full
understanding of the relevant accounting
standards and application of
the case details,
demonstrated by correct application of all of the relevant sections of the
accounting standards.
|
Evidence of full
understanding of the relevant accounting
standards and application of the case details,
demonstrated by the correct application of most of the
relevant sections of the accounting standards.
|
Evidence of sound
understanding of the relevant
accounting standards and
application of the case
details, demonstrated by the
correct application of some
of the relevant sections of the accounting standards.
|
Limited evidence of understanding of the relevant accounting
standards and application of the case details,
demonstrated by the correct application of few of the
relevant sections of the accounting standards.
|
Not attempted
|
|
c) Use the five-step model to analyse revenue
recognition for Step 3.
|
1
|
Evidence of full
understanding of the relevant accounting
standards and application of
the case details,
demonstrated by correct application of all of the relevant sections of the
accounting standards.
|
Evidence of full
understanding of the relevant accounting
standards and application of the case details,
demonstrated by the correct application of most of the
relevant sections of the accounting standards.
|
Evidence of sound
understanding of the relevant
accounting standards and
application of the case
details, demonstrated by the
correct application of some
of the relevant sections of the accounting standards.
|
Limited evidence of understanding of the relevant accounting
standards and application of the case details,
demonstrated by the correct application of few of the
relevant sections of the accounting standards.
|
Not attempted
|
|
d) Use the five-step model to analyse revenue
recognition for Step 4.
|
2
|
Evidence of full
understanding of the relevant accounting
standards and application of
the case details,
demonstrated by correct application of all of the relevant sections of the
accounting standards.
|
Evidence of full
understanding of the relevant accounting
standards and application of the case details,
demonstrated by the correct application of most of the
relevant sections of the accounting standards.
|
Evidence of sound
understanding of the relevant
accounting standards and
application of the case
details, demonstrated by the
correct application of some
of the relevant sections of the accounting standards.
|
Limited evidence of understanding of the relevant accounting
standards and application of the case details,
demonstrated by the correct application of few of the
relevant sections of the accounting standards.
|
Not attempted
|