Description
Submission Deadline
Marks and Feedback
Before 6pm on:
15 working days after deadline (All Levels)
Click or tap to enter a date.
Click or tap to enter a date.
30th May 2020
Module title & code
Financial Reporting AC 17-2
Assignment number and title
Two
Assessment type
Individual Report
Weighting of assessment
50%
Module learning outcomes
1. Develop understanding of relevant accounting principles and various
rules/regulations applicable for preparation of financial statements as per
international financial reporting standards (IFRSs).
2. Develop the ability to identify and apply IFRSs principles in a variety of
scenarios thus leading to fair presentation of financial performance/position.
What am I required to do in this assignment?
The new revenue standard will significantly affect the revenue recognition practices of most companies. The new standard provides a
comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and
industries. Revenue recognition is one of the areas of concern for accountants while preparing financial reports. IASB came up with IAS 18 for
revenue recognition but the standard was later replaced by IFRS 15 owing to deficiencies in IAS 18.
You are required to write a report covering the following points:
1.
An analysis of revenue recognition issues.
2.
Background and main accounting principles of IAS 18 Revenue.
3.
Shortcomings in IAS 18 which led to its cancellation.
4.
An analysis of IFRS 15 as to how it overcame shortcomings of IAS 18.
5.
Your Conclusion should include a summary of major changes in revenue recognition principles.
Deliverables
Submission
Submission of the report will be done via Turnitin Link on MOVE. At the time of submission, you need to make sure that the assignment is
your own and all the sources have been acknowledged.
Is there a word limit (Number of Words ± 10%)?
The word limit is 2000 words with ± 10% flexibility.
What do I need to do to pass? (Threshold Expectations)
In order to pass this assessment, you need to:
➢ Collect the relevant Information which should be clear and evident from the appropriate source for the required period.
General understanding of the various issues related to revenue recognition. There should be some reference to related theoretical
background which should be evident in the report.
➢ The assignment should have discussion of the ideas related to revenue recognition.
➢ The report should be properly structured and most of the task should be addressed.
➢ Conclusions should be supported with some reasoning and evidence.
➢ The report should show some compliance to HARVARD STYLE referencing.
How do I produce high quality work that merits a higher grade?
In order to produce high quality work(A Grade), you need to:
➢
➢
➢
➢
➢
➢
➢
Recognise the severity of revenue recognition issue for various stakeholders.
Show the evidence of exemplary understanding of relevant theory and latest research. Reference to appropriate theoretical background
that provides support to your discussion.
Critical reasoning is consistently evident across the discussions. The tasks have exemplary discussion and detailed narration of the results
obtained.
Show that the structure is exemplary. Execution of all task is excellent. Discussions are free of grammar or writing errors. A clear layout
augments the presentation.
Organize the overall report excellently.
Provide conclusions that are supported with strong arguments which are outstanding; presents fantastic and balanced critical view;
interpretation is very reasonable and objective.
Accurate use of Harvard Referencing style.
How does assignment relate to what we are doing in scheduled sessions?
This assignment covers one of the major topic of the module which is about revenue recognition The work done by the
students will allow them to practically analyse the impact of revenue recognition on users.
2
FR
Level 5
Feb – June 20
How will my assignment be marked?
Your assignment be marked according to the threshold expectations and the criteria on the following page.
You can use them to evaluate your own work and estimate your grade before you submit.
N
o
1
Criterion
Information
search
including the
variety of
sources used
and
Referencing
Weighi
ng (%)
15
Majan University College
Sub Standard
/ No Attempt
(0 Marks)
There is no
evidence for
information
search/ Tasks
are incomplete.
The references
do not clearly
comply with
the basic
requirements
of HARVARD
STYLE format.
Poor
(20 Marks)
Satisfactory
(40 Marks)
Good
(50 Marks)
Very Good
(60 Marks)
Excellent
(70 Marks)
Outstanding
(100 Marks)
Sources not
used to
support
substantive
assertions or
argument.
Information
search is not
adequate.
Very limited
resources are
used to discuss
the tasks.
Limited and
uncritical use
of a restricted
range of
sources.
Information
search is
evident. There
is an attempt to
address some
tasks. All the
tasks lack
proper focus in
discussion.
Relevant
information
search is
evident, but
not adequate.
Very good
usage of
variety
information
from various
sources.
Contents are
properly
paraphrased.
The usage of
information
can be better
if it relates to
the context.
Excellent
application of
the relevant
information
from variety
of sources.
Excellent
usage and
quoting of
the literature
at relevant
discussions.
All the tasks
are discussed
astutely with
proper focus.
Exceptional
use of a wide
range of
appropriate
and current
sources,
focusing on
research
based
reviews
indicating
personal
research and
critical
awareness of
their status
and
relevance.
Although the
information
supports the
task, some of
them are not
properly
analyzed and
lack
There is a good
attempt to
address the
tasks.
All the tasks
are discussed
but one or two
tasks lack
focus or
clarity.
Page 3
All tasks are
discussed
properly.
FR
Level 5
The references
do not clearly
comply with
the basic
requirements
of HARVARD
STYLE format.
The references
are inadequate
to support the
literature used
in the report.
Sources used
show limited
relevance and
currency.
paraphrasing at
some areas.
The report
shows some
compliance to
HARVARD STYLE
referencing, but
shows many
errors.
Very few
references
quoted which
are inconsistent
with the
amount of
literature used
in the report.
Some sources
of information
are relevant
while others are
dated.
Majan University College
Feb – June 20
The report
demonstrates
a basic level of
HARVARD
STYLE
referencing,
but still
contains major
deficiencies.
No
sophistication
is evident i.e.
Websites do
not follow
Harvard
Referencing
style.
Majority of the
sources are
relevant and
current.
Page 4
The report
demonstrates
a solid
understanding
of the basic
elements of
HARVARD
STYLE
formatting. Intext citations if
presented at
relevant areas
will lend more
appropriatene
ss to the
report.
Sources used
to support the
discussions are
relevant and
current.
Use of a wide
range of
appropriate
sources,
indicating
critical
awareness of
their status
and
relevance.
The report
demonstrates
excellent
HARVARD
STYLE
formatting
skills. In-text
citations are
presented at
relevant
areas.
Consistent
use of
relevant and
current
sources that
enhance the
discussions.
Accurate use
of Harvard
Referencing
style.
Student
recognizes
the concept
of intellectual
property, can
defend him /
herself if
challenged,
and can
properly
incorporate
the ideas /
published
works of
others into
their own
work building
upon them.
Skillful use of
credible,
relevant and
current
sources of
information
that
FR
Level 5
Feb – June 20
augments
quality of
discussion
No evidence of
understanding
the issues or
any concept.
2
Understanding
of relevant
concepts &
Issues with
reference to
appropriate
theoretical
background,
illustrations.
Majan University College
25
Limited
evidence of
understanding
the issues.
Very poor
conceptual
understanding
of the topics.
General
understanding
of the various
issues.
Some
reference
to
related
theoretical
background is
evident.
Good
understanding
of the various
issues.
Majority of the
tasks
show
evidence
of
good
understanding
of
related
appropriate
theoretical
background.
Page 5
Evidence
of
very
good
understanding
of
relevant
theory
and
research in all
tasks.
Evidence of
excellent
understandin
g of relevant
theory
and
research.
Reference to
appropriate
theoretical
background
provides
support to the
discussion.
Some
illustratio
ns that
support
the
theoretic
al
backgrou
nd
are
evidence
d in the
discussio
ns.
Evidence of
exemplary
understandin
g of relevant
theory
and
research.
Reference to
appropriate
theoretical
background
provides
support
to
the
discussion.
Illustratio
ns
are
provided
that
amplify
the
theoretic
al
backgrou
nd.
FR
Level 5
Lack of analysis
of information.
No discussion is
evident.
No
interpretations
are found in the
report.
3
Majan University College
Task are not
properly
addressed.
Limited
evidence of
critical
evaluation of
material.
Application,
Argument and
Analysis.
Detailed
discussion on
the tasks
involved and
critical
awareness.
The discussed
tasks are
completely out
of focus.
30
Poor analysis
of information.
Although there
is evidence for
some
discussion,
they are
discrete and
lacking focus.
It does not
reflect critical
application of
the concepts
to the case.
Use of a range
of appropriate
sources.
but
without critical
evaluation, or
missing some
significant items
Evidence of a
general critical
stance.
Evidence
of
limited critical
evaluation
in
some
areas,
with some lost
opportunities or
misunderstandi
ngs.
Feb – June 20
There is good
evidence for
critical analysis
and reasoning
in some areas.
Evidence
of
critical
evaluation in
some
areas,
although some
material not
evaluated.
Page 6
Use of a
wide
range of
appropriat
e sources
with some
critical
awareness
of
their
status and
relevance
Very
good
application of
the
information to
the case. There
is evidence for
in-depth
analysis
of
data. However,
all tasks are
not consistent
in analysis and
can
be
presented in a
better manner.
Excellent
analysis
of
the
informati
on and
precise
applicati
on to the
case.
Critical
reasonin
g
is
evident
while
discussio
n of all
the tasks.
Evidence
of
thorough
critical
appreciat
ion and
evaluatio
n
of
relevant
theory
and
research
Critical
reasonin
g
is
consisten
tly
evident
across
the
discussio
ns. The
tasks
have
exemplar
y
discussio
n
and
detailed
narration
.
FR
Level 5
Feb – June 20
Evidence
good
Presentation
and structure
4
Clear
introduction,
logical
structure, and
overall
organization
of the report.
Majan University College
10
The report is
unorganized to
the point of
being virtually
unreadable.
Majority of the
tasks
are
incomplete
Lacks cohesion
and
orderly
flow.
The
assignment
has
unacceptable
failings in
structuring
and / or clarity
of written
expression
Though
discussion
of
the ideas is
clear,
a
coherent flow of
thought is not
evident.
The report is
unorganized,
but can be read.
Poor flow of the
report
structure.
Evidence for a
coherent
presentation is
evident,
but
lacks
uniformity
throughout the
essay.
The report is
somewhat
organized. The
flow is not
Page 7
of
critical
appreciati
on
and
evaluation
of
relevant
theory and
research
and
a
systematic
attempt to
relate it to
the topic
The report is
well organized.
There
is
orderliness in
the structure.
Coherence is
also
evident
but there is still
scope
for
improvement.
A
generally
well-
and
a
systemati
c and
creative
attempt
to relate
it to the
topic
The report is
well
organized
with
a
cohesive
discussion.
The structure
of the report
is excellent.
An
assignment
The structure
is exemplary.
Execution is
excellent.
Discussions
are free of
grammar or
writing
errors. A clear
layout
augments the
presentation.
FR
Level 5
The assignment
has failings in
structuring and
/ or clarity of
written
expression,
which impair its
capacity
to
communicate
5
Language
Majan University College
5
The report is
difficult to read
due to
overwhelming
errors or
misspellings.
There are too
many sentence
formation
errors
The report is
difficult to
read due to
overwhelming
errors or
misspellings
Frequent
compositional
errors or
misspellings,
but the report
can be read
does not take
away
significantly
from the
quality.
Feb – June 20
coherent and
needs
improvement.
While
the
assignment
has
some
failings
in
structuring and
/ or clarity of
written
expression,
these do not
impair
its
capacity
to
communicate.
Well executed.
Few grammar
or writing
errors. Reads
easily and
generally
well.
Page 8
structured and
expressed
assignment,
that
communicate
clearly.
whose clear
structure and
expression
significantly
enhances its
argument
Well executed.
Few grammar
or writing
errors. Reads
easily. Is fairly
well organized
Reads easily.
Is well
organized.
Execution is
excellent. No
grammar or
writing
errors. Reads
easily.
Excellent
overall
organization
of the report.
FR
Level 5
Conclusions are
not supported
with any
reasons or
evidence; no
evidence of any
interpretation.
6
Conclusions &
Recommendat
ion
Majan University College
15
Presents hardly
any
recommendati
ons, realistic,
appropriate or
otherwise.
Conclusions
are supported
with very weak
reasoning and
little evidence;
Interpretations
are one sided
and not
objective.
Presents
recommendati
ons but these
not realistic or
appropriate
and with little,
if any, support
from the
analysis and
concepts
discussed.
Conclusions are
supported with
limited
reasoning and
evidence;
presents a
somewhat onesided
interpretation.
Presents
recommendatio
ns which are
somewhat
realistic and
appropriate but
not very
specific; there is
some support
from the
analysis and
concepts
discussed
Feb – June 20
Conclusions
are supported
with reasons
and evidence;
presents a
fairly balanced
view;
interpretation
are
reasonable.
Presents
specific,
recommendati
ons supported
by the analysis
and concepts
discussed.
Page 9
Conclusions
are supported
with strong
arguments and
evidence;
interpretation
is both
reasonable
and objective.
Presents
detailed,
specific,
realistic
recommendati
ons clearly
supported by
the analysis
and concepts
discussed.
Conclusions
are supported
with excellent
arguments
and evidence;
presents
a
clearly
balanced and
critical view;
realistic and
appropriate
interpretation
is
both
reasonable
and objective.
Conclusions
are supported
with strong
arguments
which
are
outstanding
and evidence;
presents
fantastic and
balanced
critical view;
interpretatio
n is very
reasonable
and objective.
FR
Level 5
Feb – June 20
Old grading System (Before Feb 2015)
GRADING SLAB
GRADE
GRADE POINT
Range of Marks in %
A+
16
86 to 100
A
15
76 to 85.9
A-
14
70 to 75.9
B+
13
67 to 69.9
B
12
63 to 66.9
B-
11
60 to 62.9
C+
10
57 to 59.9
C
9
53 to 56.9
C-
8
50 to 52.9
D+
7
47 to 49.9
D
6
43 to 46.9
D-
5
40 to 42.9
E
4
35 TO 39.9
F
2
20 TO 34.9
F-
1
0 TO 19.9
G
0
NA
Majan University College
Page 10
New Grading System (Starting Feb. 2015)
Grad
e
Letter
A+
Mark Band %
80-100
Grade Descriptor
•
•
•
Outstanding
•
•
•
A
75-79
A-
70-74
B+
67-69
Excellent
•
•
Commendable
•
•
•
64-66
B-
60-63
C+
57-59
C
54-56
C-
50-53
P A S S
B
•
•
•
Good
•
•
•
•
D+
•
•
47-49
D
44-46
D-
40-43
An outstanding piece of work.
Shows evidence of wider reading and originality
Strongly analytical. All important points are
covered.
Arguments should be supported by examples
and evidence, objectively presented and
evaluated,
Well-structured and well written, without
noticeable grammatical or other errors.
Correctly referenced
Satisfactory
•
•
•
•
35-39
Marginal Fail
F
25-34
Fail
F-
01-24
Fail
F A I L
E
Very good work.
All main points will have been covered, though
minor issues may have been omitted.
The work will be analytical, balanced and
soundly based.
Examples and supporting evidence should have
been included.
The writing should be essentially correct,
without major grammatical or other errors.
Generally referenced correctly
Generally good work.
Most points will have been covered, but many
finer points will generally have been missed.
Shows limited reading.
Arguments/analysis should be basically well
structured and balanced with relevant
examples, but with errors and gaps.
The writing is clear, but has errors that
nevertheless do not obscure the meaning.
Referencing will be present but may at times
be inaccurate or insufficient.
Satisfactory.
Shows sufficient grasp of the subject to be
acceptable.
Tends to be descriptive.
Examples and evidence is likely to be weak and
limited.
Shows limited reading.
Referencing is likely to be absent or very poorly
carried out.
•
•
•
Unsatisfactory/ Compensatable fail.
Serious errors and omissions.
Very little analysis
•
Work of a very poor standard with little relevant
information and/or serious errors.
Work containing little of merit
•
FR
G
Majan University College
Level 5
0
Feb – June 20
• No work submitted
Non-Submission
Page 12
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