Task

Big Un is an interesting Australian case study where the management used Accounting loopholes to misrepresent financial performance, resulting in massive losses for investors. The study also highlights the role of regulators in developing accounting standards that usher in financial transparency and protects stakeholders from malicious businesses.

Students are required to investigate the debacle of Big Un and compile a report focussing on different aspects of:

AASB15

IFRS15

AASB118

AASB111

Introduction: Provide your readers with a brief background of Big Un. Some major milestones the business achieved. The changes in its market capitalisation since its listing. What went wrong? How did it impact various stakeholders? Why is your investigation important?

AASB15 Revenue from contracts with customers: Discuss AASB15 Revenue from contracts with customers. Compare AASB15 with IFRS15 and outline the differences. What is the difference between AASB15 and the accounting standards it supersedes (AASB118 and AASB111)? How it changes various aspects of accounting and reporting?

Role of Regulators: Explore the roles of AASB, ASIC and ASX in the matter. Search for various announcements on the regulators' websites concerning the Big Un Critically evaluate the relevance of regulators in enforcing stability in the financial markets by developing and implementing appropriate accounting standards. Identify the limitations of the regulators in developing and implementing relevant account standards swiftly.

Conclusion: Conclude the discussion by summarising your findings. Note: a balanced conclusion will also highlight the limitations and shortcomings of the investigation. What did you learn from this study? Do you have any recommendations for different stakeholders?

Can you help me please!! I need your assistance