Feedback From: Ben McHaffie Feedback To: Shelly Williams Step 1 Accounting as a model of business reality: Connecting this concept to your own role as a Project Officer, which made the idea relatable and practical. That personal link really strengthens your reflection. Comparing financial statements to a photo and a video was a creative way to explain the difference between point-in-time and over-time measures. It’s memorable and e

What is Accrual Accounting? When producing financial reports, firms following GAAP do not necessarily measure sales when the initial cash changes hands, but when the economic substance occurs.  For my firm, BrainChip, the flow is as follows. Customer signs a contract agreeing that BrainChip will provide them with a licence to produce Akida Chips and pays upfront, even though the product isn’t ready.  Those funds are recorded as deferred revenue, (a liability) because BrainChi

When I first opened brain chips annual report, I expected pages of complicated tech jargon, instead I found a fascinating story about a company working on something that could change the way we use technology every day.  Brain chip is an Australian company that designs computer chips inspired by the human brain. These chips are used in smart devices like modern cars, whiteware and security systems. Unlike traditional artificial intelligence a I systems that rely on massive cl

When I first enrolled for this unit, I thought it would be one I had to just get through and move on to something more interesting. I'm starting to realise this could be a great unit to help with investing, as it plans to teach us how to review a company’s Annual reports. Questions from within the chapter, "If you were currently running, or were an owner, or was thinking of purchasing any of these businesses you would find various accounting information coming your way. What