AASB15代写 澳洲AASB15范文

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报告首先概述了AASB 15与客户的合同收入将如何要求组织考虑收入的确认、衡量和披露。此外,还将通过对现有标准AASB 118收入和AASB 111建设合同的比较来进行阐述,并讨论新标准实施的原因。调查结果表明,新标准的主要原因是它符合IASB简化和整合标准的目标,同时简化了财务报表的编制。此外,这些变化还包括着重于控制权的转移、收购成本的资本化、对合同进展的衡量方式的变化,以及对收入确认信息披露的改进。因此,实施AASB 15与客户的合同收入将对组织产生重大影响,特别是在建筑业,从而导致Lendlease的运营和财务报表的变化。特别是,它将影响收入随时间的计量方式、合同的捆绑以及对合同延期的惩罚。因此,对AASB 15实施的有效准备将有助于Lendlease将对业务运营和利益相关者的潜在危害最小化。ENLUNWEN提供AASB代写服务


The purpose of this report is to advise the Chief Financial Officer (CFO) of Lendlease as to how the new revenue recognition criteria might impact the company’s current operations and financial statements.

The report begins by outlining how AASB 15 Revenue from Contracts with Customers will require organisations to account for the recognition, measurement and disclosure of revenues. Further, it will elaborate by drawing out comparisons between the existing standards, AASB 118 Revenue and AASB 111 Construction Contracts, and discuss reasons for the implementation of the new standard. Findings suggest that the primary reason for the new standard is that it corresponds with IASB objectives to simplify and integrate standards, while simplifying financial statement preparation. Additionally, changes include a focus on transfer of control, capitalisation of acquisition costs, changes to measurement of contract progress and improved disclosures for revenue recognition.

As a result, implementation of AASB 15 Revenue from Contracts with Customers will have significant impacts on organisations especially in the construction industry, thus resulting in changes to Lendlease’s operations and financial statements. In particular, it will impact the way revenue is measured over time, bundling of contracts and penalties for delays in completion of contracts. Therefore, effective preparation for AASB 15 implementation shall prove beneficial to Lendlease in minimising potential harm to business operations and stakeholders.


AASB 15 Revenue from Contracts with Customers uses a new five step approach for governing the recognition, measurement and disclosure of revenue. Effective from 1 January 2018 for annual reports, the Standard aims to enhance comparability between financial statements while also overcoming inconsistencies between existing standards; AASB 118 Revenue and AASB 111 Construction Contracts. While some organisations may enjoy a simple implementation, others will require substantial changes to internal financial reporting systems and operations. To achieve implementation success, it is therefore critical for Lendlease to fully consider its impacts to ensure that risks and opportunities are managed effectively (Deloitte 2015).



When recognising revenues from contracts with customers, entities must first identify the contract and its performance obligations. Under the new AASB 15, both parties must approve the rights and terms of commercially substantial contracts and it must be probable that entities will collect their entitled consideration. If these conditions are met, then entities must identify their performance obligations to the customer. (AASB15 2015, para 9e). Revenue is recognised upon satisfaction of performance obligations, by transferring the promised good or service to the customer.


Once recognised, entities must determine the transaction price that is allocated to the performance obligation. The transaction price promised in a contract is the “fixed or variable amount” of consideration “to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties” (AASB15 2015, para 47). Subsequent to determination, the transaction price must be allocated to the performance obligations. The objective of this is to transfer the goods or services at a value which meets the consideration anticipated by the customer for the performance obligations fulfilled (AASB15 2015, para 73).


By introducing mandatory provision of sufficient contractual information, disclosure requirements provide users of financial statements with an understanding of the “nature, amount, timing and uncertainty of revenue and cash flows” occurring as a result of contracts with customers (AASB15 2016, para 110). Specifically, entities must disclose information about its contracts with customers, significant judgements and any assets recognised from the acquisition or fulfilment costs of a contract. In doing so, this enhances financial statement understandability for all stakeholders. Therefore, the new five step approach for recognition, measurement and disclosure of revenue impacts the way organisations recognise revenue from contracts with customers.


Reason for New Standard

Between the U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), there are currently hundreds of revenue recognition standards, each offering narrowly focused and conflicting perspectives of economically similar transactions (Tracy 2011). Corresponding with IASB targets, AASB 15 aims to overcome inconsistencies and drawbacks evident in existing standards through provision of a single revenue recognition model based on the transfer of, and consideration received from goods and services (Chartered Accountants Australia and New Zealand 2016). Further, AASB 15’s generalised approach delivers a means for improved comparability across transactions, industries and capital markets while tackling the emerging revenue recognition issues in current standards (Brady 2014). Enhanced disclosures about revenue also provide improved guidance for a number of transactions previously lacking comprehensive explanation, such as disaggregation of revenue, contract balances and costs to fulfil or obtain a contract (Meade FCA 2012).

Contrast with Existing Requirements

For the reasons outlined above, AASB 15 Revenue from Contracts with Customers will, in most cases, substitute existing standards AASB 118 Revenue and AASB 111 Construction Contracts, demonstrating the following changes:

  • The capitalisation of contract acquisition costs will become mandatory, where AASB 111had originally declared it an optional management decision (KPMG 2015). In doing so, managers are required to treat contract acquisition costs optimistically and thus, retrievable.
  • While organisations are currently able to recognise revenues only when the relevant risks and rewards are transferred, AASB 15instead implements a transfer of control approach to revenue recognition.
  • While similar to the ‘percentage of completion’ method used in AASB 111 Construction Contracts, AASB 15’s ‘proportion of costs incurred to date’ model may significantly alter the pattern of profit recognition when large pieces of machinery are included in the construction contract (Lockwood 2015).



Despite having a number of significant implications for a diverse range of industries, the greatest impact lies in the real estate and construction industries.

  • Measuring progress towards completion
    • According to Lendlease’s 2015 Annual Report, its revenues of A$13.28b are primarily attributed to A$11.24b of construction and property development, as well as A$1.62b from the sale of development properties.
    • Application of AASB 15will ultimately delay the recognition of construction revenues, and therefore profit, in comparison to the current procedure under AASB 111 due to the exclusion of equipment installation from the new “costs incurred to date” model (Lockwood 2015).
  • Bundling and unbundling of contracts
    • In circumstances where Lendlease is contracted to design and construct a building, AASB 15treats these ‘indistinct’ contracts as one performance obligation, rather than individual contracts.
    • As a result, revenue from the design and construction of an asset is recognised simultaneously, rather than individually. Hence, design revenue is prolonged and thus profit margins in the short term are reduced.
  • Penalties and bonuses for project completion
    • AASB 15provides improved insight into accounting for revenues and expenses incurred from project penalties and bonuses for early or late completion. Expected penalties and bonuses are calculated based on the weighted-probability of their occurrence.
    • In regards to Lendlease, it is estimated that long term profitability may be impacted as reflected in financial statements and operations. Specifically, it is expected that the A$3.63b in receivables recorded in 2015 would significantly decrease in future reporting periods as revenue under the new standard dictate that revenue should be recorded “only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will notoccur” (Lockwood 2015).

As a result, it is essential that Lendlease prepare for the implementation of the new revenue recognition standards by retraining staff and manipulating operations to minimise their impact.


The aforementioned amendments to the recognition, measurement and disclosure of revenues will have a profound impact on not only Lendlease and the construction industry, but also impact the current financial statements and operations of a range of industries. Indeed, the short-term complexity of a five-step process for revenue recognition will prove to be challenging for organisations, however the long-term simplicity in financial statement preparation will serve to benefit Lendlease and the IASB.


Australian Accounting Standards Board (AASB) 2015, AASB 15 Revenues from Contracts with Customers, Canberra, viewed 13 May 2016, <http://www.aasb.gov.au/admin/file/content105/c9/AASB15_12-14_COMPoct15_01-18.pdf>

Brady, G. 2014, Revenue from contracts with customers, vol. 1, Australian Accounting Standards Board, Canberra.

Chartered Accountants Australia and New Zealand 2016, Revenue recognition, Chartered Accountants Australia and New Zealand, Canberra, viewed 12 May 2016, <http://www.charteredaccountants.com.au/Industry-Topics/Reporting/Current-issues/Convergence/News-and-updates/Revenue-recognition>.

Deloitte 2015, Aasb 15 revenue from contracts with customers - revenue but not as you know it, Deloitte, viewed 16 May 2016, <http://www2.deloitte.com/au/en/pages/audit/articles/aasb-15-revenue-contracts-customers.html>.

KPMG 2015, 'Implementing the new revenue recognition standard aasb 15', no 53, KPMG International, Parramatta, pp. 1-7, viewed 15 May 2016, <https://assets.kpmg.com/content/dam/kpmg/pdf/2015/09/implementing-revenue-standard-aasb15-15-sep-2015.pdf>.

Lockwood, A. 2015, Understanding ifrs 15 - the new challenges for real estate and construction, BDO Australia, viewed 16 May 2016, <http://www.bdo.com.au/en-au/insights/articles/real-estate-construction/understanding-ifrs-15-the-new-challenges-for-rea>.

Meade FCA, J. 2012, 'Revenue recognition - another chance to comment', Charter, vol. 83, no. 1, pp. 50-1.

Tracy, S. 2011, 'Revenue recognition revamp: Impact of proposed changes in building and construction accounting', Construction Accounting & Taxation, vol. 21, no. 1, pp. 37-42.