In your reflection consider the following:
- Describe two benefits of this process of self-reflection for you personally?
- Why do you think being a reflective practitioner is important in accountancy?
- As a professional accountant, how would the process for completingthe practice set assignment (a manual accounting process) be used in an accounting department. Explain how communication, teamwork, time management and interpersonal skills play a role in completing this process within an accounting department?
- When (why) would you use this system rather than an automated accounting system?
- What are the benefits and limitations of each type of system (manual vs computer)?
- Do you intend to pursue a CPA or CA qualification? If so, which one would you choose and why?
- At this point in time, what are your career aspirations?
- What pathways are available to you if you do not obtain a CA or CPA qualification?
- Apart from an accountant in an accounting firm or an auditor, what other professional roles are available to you and what are their responsibilities in an organisation?
- Which of these roles are of interest to you?
Based on yourself, conduct a SWOT analysis using the template provided below:
Talk about what you're good at, your unique assets and resources, and how your positive attributes are perceived by others.
Talk about improvements you need to make, any resources you lack, and how these negative attributes might be perceived by others.
List opportunities that are currently open to you, opportunities you can capitalize on, and how your strenghts can create new connections/opportunities.
List any harmful hazards, obstacles, and how known weaknesses can lead to threats.
- Alongside studying for your CA or CPA, what additional study could you undertake?
As a professional accountant, you work for Optimistic Ltd. Optimistic Ltd was incorporated with the objective of developing designer drugs to meet the needs of an ageing population. In reviewing the company’s draft financial statements for the year ended 30 June 2017, you detected the following:
- Your manager has capitalised $1,000,000 of researchexpenditure as research and development. This expenditure is clearly “research” as per the definition in AASB138
This Is Repetitive Of The Introduction? What did you get out of writing this reflection, in terms of your professional awareness and communication skills?
Conducting a SWOT analysis in accounting
This reflective report will emphasize on my realization of professional career as professional accountant identifying my career pathway along with strengths, weaknesses, opportunities and threats of mine to meet the expectation of my profession. Two benefits of self reflection process are to judge my ability as a true learner of this course and my ability to apply the theories of accounting in my practice. Being a professional in accounting, I can understand two benefits of self reflecting process by assessing my ability of facing a situation while in practice with the routine process and to understand the situation by applying my own knowledge to ensure suitable solution to the situation. (Grundy, 2015)
I have gone through practice set assignment to gain knowledge of basic accounting principle with the application along with nature of different reports generated from the financial information provided in practice set assignment. This process enables me to learn of the treatment of basic financial information and convert them with proper application in different financial statement. I have understood the roles of communication and interpersonal skill to ensure effective expression of myself to others, teamwork to get the job done as a team by knowledge sharing and time management to ensure completion of job in time in micro and macro level. (CILIP, 2017)
This system can be used instead of automated accounting system when I understand that the later is proving its limitation for application of accounting knowledge resulting to improper accounting practices.
Benefits and limitation of manual and computer accounting system
- Enhancement of accounting knowledge base
- Cost effective (Francis, 2017)
- Time taking
- Probability of mistakes
- Collection of data (Coursehero, 2017)
- Accuracy and time management
- No need of professional accountant (21stcenturystudent, 2012)
- Data security
- System crash
As a keen learner of accounting and choosing it as my profession, I have to think of enhancing my knowledge base through professional course. There are two options for me in this regard for future upgrading of my career- opting for CPA or CA. CPA Australia is association of certified practicing accountants from Australia; whereas CA Australia and New Zealand is the association for chartered accountants of ANZ. Both are providing excellent scope for the members of the associations, but I would prefer to pursue CPA to meet my career objective. CPA would provide more scope for my global career as they have professional access to more than 400 employers with the accessibility to Asia Pacific region and the world, as a whole, to be reckoned as professionally acclaimed producer of professional accountants. (Australia, 2018)
My career aspiration at this present time is to excel with my work and continue with knowledge enhancement in the fields of different global accounting standard like IASB and AASB with proficiency in financial reporting system like IFRS.
Crafting a reflective report in accounting
If I will not get entry in CPA or CA, there are other options for me in the form of Chartered Financial Analyst (CFA) or masters in accounting.
If will not get an opportunity to be professional accountant or auditor, I have other options in the form of tax or legal professional. To fit for these professions, I have to be more equipped with legal matters related to tax or law. Being a professional in any organization to serve these streams, I have to own up the responsibility by providing right direction to the employer in case of expert suggestion sought for these fields.
I would prefer tax professional as an alternative career, because this profession will allow me to have good knowledge of corporate and individual tax calculation of the entities. As this profession needs regular, upgrading though knowledge addition, I would gladly do that to prove my efficiency for the stakeholders.
SWOT analysis is comprised of two factors’ analysis- internal and external. Internal factors are comprised of strengths and weaknesses. Weaknesses can be identified by self realization for future rectification and strengths can be sharpened through enhancement of the existing skills. External factors can be identified through keen observation of the situation to identify future opportunity and probable threats.
My internal factor analyses are as follows:
- I am a keen learner
- I am able to apply my knowledge
- I have good communication and interpersonal skill
- I am a team member, in true sense
- I am good in sales accounting
- I am not comfortable in computer accounting
- I need to concentrate for excelling in finalization process of accounting
- I lack in the area of financial data management
My external Factor analyses are as follows:
- Wide scope of accounting jobs globally
- Global standardization of accounting systems in process
- Corporate accounting is framed with standardized form of reporting
- I have to face competition for global job
- I have to face certain unethical pressure in work
- I cannot sustain as non professional in accounting jobs
I believe that there is no end of learning. But learning in related to professional field will help me to make strong foundation in profession through value addition. Along with my pursuance of CA or CPA, I would undertake course in corporate law to understand the implication of legal effects in corporate world.
In case of the case study of Optimistic Ltd, where I am engaged as a professional accountant, I am facing a professional ethical issue while the accounting manager has capitalized $ 100,000 related to research expenses. As per AASB 138, any expense towards research work is to be treated as expense till its outcome is recognized as future financial benefit to the organization and the same would be treated as intangible asset. In this case, the research work had not produced any conclusive result yet to prove its worth to generate future financial benefit to the company.
Being a professional accountant to honor my professional ethics, I will speak to the board highlighting this unethical approach by the accounting manager.
APES 110 of Accounting Professional and Ethical Standards Board is endorsing strict compliance of performance of a professional accountant by Section 100 where it is clearly mentioned to identify threats to compliance with fundamental principle accounting as per different standards set by latest version of AASB. (APES, 2010)
To resolve the situation, I will advise the board to amend the entry as per ideal treatment of that financial information in the financial statement to keep prudence for stakeholders.
With the above self reflecting report, I would like to conclude that professional accounting is a noble profession with its dignity and responsibilities to the concerned stakeholders and the community. If I would have the chance to pursue CPA or CA in Australia, I will certainly put my entire effort to ensure sincere completion of the course. If I do not qualify for those courses, the world will not come to an end; as I will certainly find other options of career pathway in the form of professional tax consultant, legal advisor or financial analyst to justify my ability professionally.
21stcenturystudent, I. (2012, Septemeber 12). Explain the Advantages of Computerised Accounts over a Manual Accounts System. Retrieved May 26, 2018, from https://irish21stcenturystudents.blogspot.in: https://irish21stcenturystudents.blogspot.in/2012/09/explain-advantages-of-computerised.html
APES. (2010, December). APES 110 Code of Ethics for Professional Accountant. Retrieved May 26, 2018, from Accounting Professional and Accounting Standard Board : https://www.apesb.org.au/uploads/standards/apesb_standards/standard1.pdf
Australia, C. (2018). Become a CPA. Retrieved May 26, 2018, from CPA Australia: https://www.cpaaustralia.com.au/become-a-cpa
CILIP. (2017, July 6). What is the Professional Knowledge and Skills Base? Retrieved May 26, 2018, from The Library and information Association: https://archive.cilip.org.uk/careers/professional-knowledge-skills-base/what-professional-knowledge-skills-base
Coursehero. (2017). One of the largest disadvantages to manual accounting. Retrieved May 26, 2018, from CourseHero.com: https://www.coursehero.com/file/p7u04j7o/One-of-the-largest-disadvantages-to-manual-accounting-systems-is-collecting-the/
Francis. (2017). The Advantages of Manual Vs. Computerized Accounting. Retrieved May 26, 2018, from chron.com: https://smallbusiness.chron.com/advantages-manual-vs-computerized-accounting-4020.html
Grundy, T. (2015, July 1). Self reflection. Retrieved May 26, 2018, from ACCAGlobal.com: https://www.accaglobal.com/in/en/member/discover/cpd-articles/business-management/self-reflection.html
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