ACCT2110 Intermediate Financial Accounting Case Study Assignment | UQ

ACCT2110 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 the 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 the final grade.
Due Date: By 4:00 pm, 2 October 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. Assessments 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 a paragraph from the relevant AASB, using either of the following 2 formats:

AASB 102:12
AASB 102 para. 12

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, assuming MYOB recognises income and expenses at the end of each month. The financial year-end is 30 June. (20%)

(3) For companies in the software services industry, managers often need to exercise judgment when applying revenue recognition standards. Please explain two specific circumstances where this judgment is necessary, ensuring your explanations align with the relevant standards. (20%)

Students should access academic articles (at least two) to support their 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