This assignment aims to discuss briefly the changes occurred in reporting after the application of new accounting standard AASB 15: Revenue recognition of contracts with customers. This is provided along with a real-time example of an ASX Listed company to understand the effects of implementation of such standard in the financial reporting of the company. It also came to notice during the course of the assignment that the inventory ownership and its recognition be a little affected due to the change in the timing of recognition of such inventory in the name of the company. The other standards on accounting will have no impact or less impact with the introduction of this new accounting standard on revenue, that is AASB 15: revenue from contracts with customers.
![[object Object]](/_next/image/?url=%2F_next%2Fstatic%2Fmedia%2Flogo.6d15ce61.png&w=640&q=75){kind=small}
![[object Object]](/_next/static/media/star-bottom.7253800d.svg)
