2108AFE Financial Accounting: Practice-Based Reflection Report

This financial accounting practice-based reflection report emphasizes the realization of a professional career as an accountant, identifying a career pathway and conducting a SWOT analysis to meet professional expectations. It reflects on the application of accounting principles and the benefits of self-...Read More

2108AFE Financial Accounting
Practice-Based Reflection Report
Trimester1, 2018
1 | P a g e

Table of Contents
Introduction.................................................................................................................................................3
Professional knowledge and skill in workplace............................................................................................3
Career pathway- future program................................................................................................................4
Alternatives of accounting profession.........................................................................................................5
SWOT analysis.............................................................................................................................................5
Future studies and professional development options...............................................................................6
Analysis of case study..................................................................................................................................6
Conclusion...................................................................................................................................................7
References:..................................................................................................................................................8
2 | P a g e

Introduction
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)
Professional knowledge and skill in workplace
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
Manual system
Benefits:
1. Enhancement of accounting knowledge base
2. Cost effective (Francis, 2017)
3 | P a g e

Limitations:
1. Time taking
2. Probability of mistakes
3. Collection of data (Coursehero, 2017)
Computer system
Benefits:
1. Accuracy and time management
2. No need of professional accountant (21stcenturystudent, 2012)
Limitation:
1. Data security
2. System crash
Career pathway- future program
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.
4 | P a g e

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.
Alternatives of accounting profession
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
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:
Strengths:
1. I am a keen learner
2. I am able to apply my knowledge
3. I have good communication and interpersonal skill
4. I am a team member, in true sense
5. I am good in sales accounting
5 | P a g e

Weaknesses:
1. I am not comfortable in computer accounting
2. I need to concentrate for excelling in finalization process of accounting
3. I lack in the area of financial data management
My external Factor analyses are as follows:
Opportunities:
1. Wide scope of accounting jobs globally
2. Global standardization of accounting systems in process
3. Corporate accounting is framed with standardized form of reporting
Threats:
1. I have to face competition for global job
2. I have to face certain unethical pressure in work
3. I cannot sustain as non professional in accounting jobs
Future studies and professional development options
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.
Analysis of case study
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
6 | P a g e

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.
Conclusion
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.
Word Count- 1208
7 | P a g e

References:
21stcenturystudent, I. (2012, Septemeber 12). Explain the Advantages of Computerised Accounts over a
Manual Accounts System. Retrieved May 26, 2018, from
http://irish21stcenturystudents.blogspot.in:
http://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: http://smallbusiness.chron.com/advantages-manual-vs-computerized-accounting-
4020.html
8 | P a g e

Grundy, T. (2015, July 1). Self reflection. Retrieved May 26, 2018, from ACCAGlobal.com:
http://www.accaglobal.com/in/en/member/discover/cpd-articles/business-management/self-
reflection.html
9 | P a g e