University Business Accounting Reflective Journal - Finance

This reflective journal delves into the author's understanding of business accounting principles within the Australian context. The paper explores the Australian Conceptual Framework, the roles and significance of accounting standards, and their practical implications in a commercial environment. The author reflects on their learning journey, emphasizing the importance of the International Accounting Standards Board (IASB) and the Australian Accounting Standards Board (AASB) in shaping financial reporting. Key topics covered include accounting equations, double-entry accounting, financial statement preparation, and the application of Australian Accounting Standards. The author highlights the importance of staying updated with accounting standards, applying concepts practically, and developing ethical practices. The journal also discusses the two-tiered structure of Australian Accounting Standards and the author's future career aspirations as a financial analyst. The author reflects on the value of continuous learning, feedback, and the interconnectedness of financial concepts. The paper concludes with a focus on the application of learned skills and the author's plans for professional development, including internships and certifications.

Running head: REFLECTIVE-BUSINESS ACCOUNTING
Reflective-Business Accounting
Name of the Student
Name of the University
Author Note

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REFLECTIVE-BUSINESS ACCOUNTING
The following paper will provide with an understanding of the Australian Conceptual
framework. The role played and the significance of the Accounting standards setting and its
implications in the commercial environment practically. The purpose of this reflective is to
entertain the learners with the concepts and applications of the accounting concepts and
principles that are applicable in Australia and its fulfillment as well the observance by the
business organizations. With the following topics that are covered in this unit I will be able to to
understand and revise the Australian Conceptual Framework with respect to all of its accounting
policies and standards. I would also be able to differentiate the objectives of the policies and
their uses in the business operations. The readings will help me in my future to take decisions
and form better business policies for my dream business or may be for the company that I would
be serving with my efforts. I can prevent to incur penalties caused due to non-compliance. In
addition, I would have earned a better internal control to ensure ethics and legal framework in
operations related to accounting.
As per the first topic, we understand that the International Accounting Standards Board
(IASB) is based on a conceptual framework for a brief description of the basic concepts. There
are various standards under it that are responsible for the financial statements to ensure
uniformity and reliability of the information observed. Australian accounting Standards Board
(AASB) is responsible for framing and developing the financial reporting standards. It also
contributes it efforts for the development of the global financial reporting standards (Preiato,
Brown and Tarca 2015).
With the learning of this unit I have made my concepts clear regarding accounting
equations, double entry accounting, the accounting standards and policies. Then the preparation
of financial statements and accounting tools, accounting cycle and the types of accounting are

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clear to me. However, I would make into a habit to regularly update myself with the upgraded
standards and policies, practice the concepts and better understanding of the concepts and had
developed better understanding and applying them with proper knowledge.
According to Australian accounting standards, companies are to prepare financial
statements as per the Corporations Act 2001. The standards are applicable in two tiers:
Tier 1 Australian Accounting Standards
Tier 2 Australian Accounting Standards-Reduced Disclosure Documents
Table: Australian Accounting Standards in two tiers.
While learning of the subject, I had prioritized to understand the applicability of the
Australian framework on the business entities as I would like become an financial analyst I
would require in depth knowledge of the concepts to apply in the business situations. I rather
more focus on the practical aspects rather than subjective theory. I have knowledge regarding
theoretical applicability but I want to improve my idea to face simultaneous applicability of the
standards of financial statements to present financial facts and figures accurately (Wei 2015).
I believe that with this learning of the subject I would be able to strengthen my concepts
and understanding of the subject. In addition, I have earned enough of confidence to face and
participate in the academic activities related to finance and commerce to overcome my academic
weaknesses.
According to me financial accounting filled with various of learning outcomes in specific
but all related to each other. It is significant to access all the knowledge regarding the basic
concepts and the focal concepts as well. By leaning this unit I would be able to maintain all the

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kinds of transactions that take place in a business and other related analytical skill. A good
analytical skill, communication, strong memory power and presentation as well management
skill is required to manage the bills receivables, doubtful debts, budgeting and break even
analysis and other costing tools to manage the inventory system and the balance sheets and profit
loss accounts.
When I take my tests through the assessments and competitions I record feedbacks that
help me later on to identify the gaps and the skills that I need to gain and improve. Accordingly,
mentor helps us with the guidance to enhance the development in future. It really helps me to
work on my gaps and fill them (Gregory, Uys and Gregory 2014).
I have understood that accounting is not an individual learning rather it is applying
various concepts to get results. It has been observed by me that all the parts of finance are almost
connected with the accounting learning. The business concepts, ethics in accounting and
regulatory framework are all connected and help to develop desire objectives (Azmat and Lymer
2016).
The learning outcomes in this unit are all connected to each other. On the basis of all the
outcomes, financial statements are prepared with accounting information. The next applicability
would be in the disclosure f the information in the proper manner. Still the disclosure of
depreciation is an issue but however, I am putting my effort in the standards like AASB 116 &
AASB 138.
According to my future career I want to become a financial analyst in a reputed company
and for which I have to be well aware of the concepts and procedures of the accounting. It would
be able enough to tackle the situations with my application and knowledge of accounting

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standards. I use online learning and books to improve my learning and be update with the
upgraded standards of accounting.
Previously before learning this unit, I had a thinking that Accounting and commerce is all
about mathematics but it changed. Now I understood that accounting is related to several policies
and procedures that needs to be carefully imposed in business operations to assist the transaction
in a accurate manner. Thus, this information assists stakeholders to make rational decisions to
enhance profits and to achieve the financial objectives.
After earning the above knowledge I would be able to become a successful manager in
the field of accounting for a company. I have planned to apply for the internships to enhance my
skills as being a intern first. Then I world test my accounting practical skills to measure my
efficiency. Along with all the practical and theoretical implications I would rather put an extra
effort to get a certificate in accounting software. I am also interested to develop my interpersonal
skills in the academic activities to earn the position of skillful leader.

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References
Azmat, N. and Lymer, A., 2016. Basic Accounting. Teach Yourself.
Gregory, B., Uys, P. and Gregory, S., 2014. The role of instant feedback in improving student
understanding of basic accounting concepts. Rhetoric and Reality: Critical perspectives on
educational technology. Proceedings ascilite Dunedin, pp.634-637.
Preiato, J., Brown, P. and Tarca, A., 2015. A comparison of between‐country measures of legal
setting and enforcement of accounting standards. Journal of Business Finance &
Accounting, 42(1-2), pp.1-50.
Wei, C.A.O., 2015. On the Theoretical Integration of Accounting Subject and the Boundary of
Accounting. Contemporary Finance & Economics, 1, p.012.