This reflective learning journal discusses the learning experience on the topic of Double Entry Accounting and Australian Conceptual Framework for accounting standard setting and implementation.
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Running head: REFLECTIVE LEARNING JOURNAL Reflective Learning Journal Name of the Student Name of the University Author’s Note
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1REFLECTIVE LEARNING JOURNAL Reflective Learning Journal In this particular reflective learning, I will mention my overall learning experience on a topic of business accounting. For this particular context, I would like to mention that I have learnt as well as gain knowledge and understanding about certain topic under the subject of Business Accounting; and in this particular reflective learning journal, I will mention my learning experience on the topic named Double Entry Accounting that includes what I have learned about this topic, how I have learned and the difficulties I have faced while learning along with the ways to overcome them. I would also demonstrate my learning experience on Australian Conceptual Framework for accounting standard setting and their implementation. In my classes on the subject of Business Accenting, I have learned about the topic Double Entry Accounting. In this section, I am going to provide the overview of what I have learnt on this particular topic. According to my learning on this particular topic, double entry accounting or system indicates that every business transaction amounts need to be recorded in a minimum of two accounts. According to the requirements of double entry accounting system, for all the business transactions, the amounts entered as debit should be equal to the amounts entered as credit (Smith 2013). From this particular point, I have gained the insight that it is easy to ascertain the truthfulness or correctness of accounting transactions under double entry system due to the fact that it much be equal in both the sides; otherwise, it would be considered as wrong. Moreover, I have learnt about a particular equation from my classes on double entry system; the equation is as follows: Assets = Liabilities + Owner’s Equity. The above equation implies that, total assets of a particular company must be the total of this total liabilities and total owner’s equity. This particular aspect has provided me with the insight that it is possible for the accounts to assess whether is any error in the calculation of accounting items with the use of the above equation (Ijiri 2014). From the classes, I have also come to know about the fact that all the companies under the Australian Securities Exchange (ASX) comply with the principles of double entry accounting in their accounting process.
2REFLECTIVE LEARNING JOURNAL I would also like to mention that the classes of Business Accounting have also provided me with the knowledge on standard setting process by Australian Accounting Standard Board (AASB) (aasb.gov.au 2019). I have come to know about the fact that AASB follows certain steps in the standard setting process; such as oversight of strategic directives, identification of the technical issues, consideration of research on the issues, development of issue consultation document, submission of the document, issue of the final standard along with additional pronouncements, provide awareness as well as education about the standard and the post- implementation review of the standard. In this whole process, it is needed for AASB to obtain approval from the International Accounting Standard Board (IASB) (aasb.gov.au 2019). Above is the overview of the topics that I have learnt from my Business Accounting classes. Now, I would like to mention the ways in which I have learnt these. I am grateful to have a wonderful faculty for this subject and topic as they believe in practical learning on the accounting concepts. At the same time, they ensured that we have our theoretical accounting base strong for understanding the complex practical problems in double entry accounting. For this reason, I have received both theoretical and practical lessons from them on the topic. In addition, after getting important lessons on the topic, I used to get real life accounting problems to solve on double entry accounting and our teacher ensured this practice so that we can get the idea on how to use the gained knowledge on real life accounting issues. Most importantly, I had to sit for class exams on the topic so that my teachers can know how effectively I have learnt the topic.Iwouldliketomentionthatpracticeathomemajorlyhelpedmetogainmore understanding on the particular topic. I always approached to my teachers whenever I faced any issue in the topic; and it is worth mentioning that there were always there for me to help me on my issues and doubts. In this way, I have learnt about the topic. The experience was not so smooth due to the fact that I had to face certain challenges on this topic. In particular, it was not easy for me to totally understand the concepts of debit and credit under the double entry system; and it was frustrating for me as other peer students of mine were learning so well. However, then I decided to put more efforts on this particular topic so that I can understand the doubts. For this, I ensured that I practice a lot and I take the doubts to my teachers so that they can clarify it. In this way, I converted my challenge to one of my strengths.
3REFLECTIVE LEARNING JOURNAL However, in this context, I would also like to mention the fact that I have not learnt all the aspects related to the topic double entry accounting and for this reason, it was necessary for me to keep improving my knowledge base on this particular topic. For this, I have made certain strategies that help me gaining more knowledge on this topic. First, I have started to read research papers and journal articles on this particular topic as they contain different issues in this topic that I need to know. After that, I have started to solve some advanced level practical problems on double entry accounting so that I can gain understanding about the complex dimensions of this particular topic. Whenever I face issues in doing this, my teachers are always there to provide me necessary assistance. I would like to mention that the adoption of all these strategies has changed my attitude towards the topic and the subject as I feel more confident in this topic and subject.
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4REFLECTIVE LEARNING JOURNAL References Aasb.gov.au.2019.[online]Availableat: https://www.aasb.gov.au/admin/file/content102/c3/AASB%20Standard-setting%20process.pdf [Accessed 9 Jan. 2019]. Aasb.gov.au.2019.Thestandard-settingprocess.[online]Availableat: https://www.aasb.gov.au/About-the-AASB/The-standard-setting-process.aspx [Accessed 9 Jan. 2019]. Ijiri, Y., 2014. The beauty of double-entry bookkeeping and its impact on the nature of accounting information.Economie Notes by Monte dei Paschi di Siena,22(2-1993), pp.265-285. Smith, M., 2013. Luca Pacioli: The father of accounting.Retrieved,2(10), p.2017.