Practice-Based Reflection Report on Financial Accounting for Griffith University

This reflective report highlights self-realization of career as a professional accountant, knowledge and skills required for accounting profession, future program for career pathway, substitute of accounting as profession, SWOT analysis, future studies to enrich career and case study analysis.

Griffith University
2108AFE Financial Accounting
Practice-Based Reflection Report
Trimester1, 2018
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Table of Contents
Introduction.................................................................................................................................................3
Knowledge and skill in accounting profession for workplace......................................................................3
Future program for career pathway............................................................................................................4
Substitute of accounting as profession........................................................................................................5
SWOT analyses of mine...............................................................................................................................5
Future studies to enrich my career..............................................................................................................6
Case study analysis......................................................................................................................................6
Conclusion...................................................................................................................................................7
Bibliography................................................................................................................................................8
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Introduction
This is a reflective report, which will highlight on my self-realization of career as professional
accountant. This report will make the identification about career pathway of mine and respective
SWOT analysis including my strengths, weaknesses, probable opportunities and threats for my
profession as an accountant. This self reflection process will emphasize two basic outcomes- to
assess my ability as a sincere student of professional accounting course followed by subsequent
application of the learning outcomes in my professional practice as an accountant. Being an
aspired professional accountant, my understanding is proper assessment of my aptitude to face
such situation in practice, which I have to come across during routine jobs and problem
situations. This will make me totally equipped with experience and knowledge to provide logical
solution of those situations faced by me. (Watton, Collings, & Moon, 2001)
Knowledge and skill in accounting profession for workplace
While studying accounting, I have to pass through assignment of practice set for gathering of
knowledge related basic principles of accounting, which is mandatory for subsequent application
in workplace to produce coveted outcome of workplace. Practice set assignment is helpful to
understand the basics of accounting with the clear distinction of debit and credit with its
application for different financial information. This assignment helps me to give proper
treatment of financial information in accounting shape as per principle taught in the classes.
There are other significant factors like communication, teamwork, time management and
interpersonal skill, which are taught in this practice set management to enhance my skills and
ability to prove my efficiency as professional accountant. Communication plays a vital role in
workplace, as it is there to ensure self expression in effective manner. Teamwork teaches me
how to be a team member to complete a job. Time management teaches me how to manage a job
within specific time frame. Interpersonal skills enable me for effective expression through
official communication system. (Topan, 2014)
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There are merits and demerits of manual and automated system of accounting, which are
identified below:
Manual system
Merits Demerits
1. Enhance basic accounting knowledge
with principles
1. Collating of financial information for
finalization
2. Cost worthy 2. Prone to human errors
Automated system
Merits Demerits
1. Perfection as per set basis 1.Threat related to security of financial
information
2. No regular interference of professional
accountant
2.Prone to data manipulation
Future program for career pathway
I am a sincere follower of accounting tutorials and had chosen this profession as my career.
Main factor for my success is continuous enhancement of accounting knowledge, which is best
possible through any professional course. In Australia, I have two options- CPA or CA. CPA
Australia is a world renowned association of professionally qualified accountants who are known
as Certified Practicing Accountant. CA ANZ is the association of chartered accountants of
Australia and New Zealand. Both these course are extending best possible scope for professional
accountant. As per my personal inclination, I would prefer to choose CPA as my career pathway,
because this association will give me enough scope for domestic as well as global assignment
through their network of several countries and employees.
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Aspiration of my career presently is to ensure enhancement of my knowledge base and apply
them in work. I have to ensure my knowledge of global accounting standards like International
Accounting Standard Board and Australian Accounting Standard Board with proper knowledge
and ability for practical application through International Financial Reporting System.
In case I will not be able to get through CPA or CA, I have varied options in the form of
Chartered Financial Analysts, or professional lawyer. (australia, 2018)
Substitute of accounting as profession
In case I could not qualify for being a professional accountant or auditor, there are plenty of
options open for me in the form of legal advisor or tax professional. As these professions
demand more updated knowledgebase, I have to make myself ready to be equipped with the
basic knowledge and the latest developments in these fields. These professions also demand
responsibility and accountability, as these jobs require routine as well as crisis management, too.
Out of the above two options, I would certainly go for tax professional to be chosen for
alternative career. This profession will allow me to earn for life time without any effective
retirement through continuous upgrading of knowledge base in the same domain.
SWOT analyses of mine
SWOT analyses are normally required to assess tow factors-internal and external. Internal factors
are represented by strengths and weaknesses analyses; while external factors are represented by
opportunities and threats. (Mindtools, 2017)
My SWOT analyses are given below highlighting respective factors:
Internal Factors:
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My Strengths My Weaknesses
Good follower of learning Not conversant in cloud accounting
Ability to apply knowledge to practical
situation
Not fully equipped with finalization of
accounts
Good analyzer of situation to determine future
course of action
Lacking ideas to manage financial data
Possessor of good communication and
interpersonal skill
Need more practice to ensure perfection in
accounting
External Factors:
My Opportunities My Threats
Scope of global employment Stiff competition in job market
Huge scope of career enhancement Pressure situation forcing for unethical
deliverance
Global accounting standardization Application of time management
IFRS makes the job easy for financial reporting Hacking of computerized accounting data
Future studies to enrich my career
In order to make me more equipped with accounting knowledge, I would prefer to go through
courses of accounting standards as set in domestic and global basis. This learning will enrich my
knowledge for proper application of standards in corporate accounting.
Case study analysis
I work in Optimistic Ltd as professional accountant. This company is engaged in manufacturing
of medicines. As a part of development, the company has to engage them in research work.
Normal system of research cost for accounting purpose is to book the same in books of accounts
as expense, as per AASB 138. The accounting manager, however, had capitalized this cost as
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intangible assets. But, as this research work had not done any contribution to the financial benefit
of the company yet, this is to be treated as expense, till it would generate such benefit for the
company.
This will be my first step to talk to the accounting manager to rectify the entry of capitalization
by replacing it to expenses. Next I will talk to the Board, if my suggestion was not adhered to by
the accounting manager to pamper his personal interest of earning incentive for profit projection.
Ethical part of professional accountant in Australia is governed by Australian Professional
Ethical Standards Board who has directed the guideline through APES 110 of 2010. Section
100.2 of this guideline clarified that identification of any threat to compliance with basic
principles of accounting as per standards set by AASB is to be done on utmost urgency. (APES,
2010)
To resolve the situation, my advice to the board will be to rectify the entry and make it as per
AASB standard 138.
Conclusion
This reflective report projects my feeling about own career pathway in the segment of
professional accounting. Being an devoted accounting student, I always aspire for pursuing
professional accounting course from the platform of either CPA or CA. I would like to pursue
other curses, as well in addition to my professional course, if I am able to get the entry there. But
if I will not get chance in those professional courses, I would like to find other suitable
alternative so that I can grow with my career and excel in future life from professional point of
view.
Bibliography
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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). CFA Societies-Australia. Retrieved May 26, 2018, from cfa-australia.com.au:
https://www.cfa-australia.com.au/about/
Mindtools. (2017). Personal SWOT Analysis. Retrieved May 26, 2018, from www.mindtools.com:
https://www.mindtools.com/pages/article/newTMC_05_1.htm
Topan, R. (2014, September 8). 6 Skills You Need To Succeed In Accounting. Retrieved May 26, 2018,
from talentegg.ca: https://talentegg.ca/incubator/2014/09/08/6-skills-succeed-accounting/
Watton, P., Collings, J., & Moon, J. (2001, April). Reflective Writing. Retrieved May 26, 2018, from
www.exeter.ac.uk: https://www.exeter.ac.uk/fch/work-experience/reflective-writing-
guidance.pdf
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