Reflective Learning Journal: Cash Management, AASB, and Accounting

This reflective learning journal documents a student's experiences and insights gained from studying cash management systems and the Australian Accounting Standards Board (AASB). The journal details the student's understanding of cash management as a corporate technique for handling cash, its importance for financial solvency, and its two key areas: receivables and payables. The student also reflects on learning about the AASB, its standard-setting process, and the requirement for approval from the International Accounting Standards Board (IASB). The journal further describes the learning methods employed, including practical overviews from faculty, real-life problem-solving, and class tests. Challenges encountered, particularly in understanding receivables and payables, are discussed, along with the strategies used to overcome them, such as reviewing journal articles and solving advanced-level problems. The student expresses increased confidence and enthusiasm towards the subject and acknowledges the need for continuous learning to master all aspects of cash management system and Australian accounting framework. Desklib provides access to similar solved assignments and past papers for students.

Running head: REFLECTIVE LEARNING JOURNAL
Reflective Learning Journal
Name of the Student:
Name of the University:
Author’s Note:
Course ID:

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Reflective Learning Journal:
In this specific reflective journal, I will state my learning experience on a business
accounting topic. In this regard, I would like to say that I have studied and gained knowledge
of certain topics by thoroughly understanding the same, which fall under business accounting
subject. In this specific reflective paper, I will state my learning experience on the topic, cash
management system, which includes the theories I learned in this topic, the ways of my
learning and the issues I have encountered at the time of learning along with the ways of
overcoming the same. I will also share my learning experience on the Australian conceptual
framework of accounting in relation to standard setting in accounting and implementation.
In my business accounting classes, I have learnt about the topic cash management
system. In this particular section, I will provide an insight of the learning I have acquired
from this topic. As per my learning on this topic, cash management is the corporate technique
of accumulating and handling cash and it can be utilised in short-term investment decisions as
well. I have learnt that cash management system is one of the significant elements of the
financial solvency and stability of an organisation. Thus, from this concept, I gathered
knowledge that business managers or corporate treasurers are frequently accountable for
entire cash management and associated responsibilities for staying solvent.
Cash management system includes not only avoiding insolvency, it includes
minimising average outstanding accounts receivable, raising collection rates, choosing
suitable short-term investment vehicles and raising cash on hand to enhance cash position and
profitability of an organisation. This has helped me in understanding that wise management
of cash allows an organisation to meet unanticipated expenses along with handling daily
occurring events like payroll. Additionally, I have learnt that cash management system
involves two areas and they are receivables and payables. Receivables are reported when an

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organisation issues invoices and it might have to wait for 30 days, 60 days or 90 days to
receive cash. Furthermore, I have understood that when an organisation controls its payable,
it is possible to control its cash flows in a better manner. Thus, by enhancing the overall
efficiency of the payables process, it becomes easy for a business organisation to minimise
costs and retain more cash in the business. In my classes, I have learned that all listed
organisations in Australia employ automated systems in their accounting processes for better
management of receivables and payables.
Apart from cash management system, it is noteworthy to mention that I have gathered
knowledge regarding “Australian Accounting Standards Board (AASB)”, which is the
standard setting body in Australia. In my classes, I have been taught AASB follows a series
of steps for setting standards like overseeing strategic directives, identifying technical issues,
document submission, providing awareness, issuance of final standard and extra
pronouncements, knowledge of the standard along with its post-implementation review. For
conducting the entire process, AASB requires approval from “International Accounting
Standards Board (IASB)”.
The above includes a picture of the topics I have learned from my classes of business
accounting. Now, I will describe the ways that have assisted me in learning the same. I am
sincerely thankful to all the faculties for this subject, as they have provided me with a
practical overview on the accounting theories. Along with this, they have assured to
strengthen our theoretical base of accounting so that the complicated practical issues could be
understood easily in cash management system. Due to this reason, I have obtained both
practical and theoretical knowledge from them on this particular topic. Moreover, after
gathering significant knowledge on the topic, I am provided with real life accounting
problems to solve on cash management system and our professors assured this practice for
having an idea of the ways to utilise the accumulated knowledge on accounting issues. Along

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with this, I have to undergo several class tests so that the professors could understand my
grasp on the topic. Needless to say, my practice at home has assisted me immensely in
gaining wider insight on this specific topic. When I encountered any issue on the topic, I used
to approach my professors and all the time, I have received considerable amount of support
from them. This has enhanced my learning process a lot.
I would say that I did not have a smooth experience initially owing to the number of
challenges that I confronted on this topic. More precisely, it was never easy for me to gain an
insight of the concepts receivables and payables under cash management system. However,
when I placed additional efforts on the topic, I developed the ability slowly to gain an
understanding of the doubts. Therefore, I decided to solve practice sets and when I was in
doubt, I used to approach my teachers for clarification. This has assisted me in converting my
challenge to a kind of strength.
However, I would like to say that I am yet to learn all the aspects associated with cash
management system and hence, this has mandated the need for me to keep on enhancing my
knowledge base on this topic. As a result, I devised out a number of strategies that would aid
me in gaining additional knowledge on the subject. Initially, I used to review journal articles
and research papers, since they cover various issues about the topic, which is important for
me. Afterwards, I started solving practical problems of advanced level on cash management
system, which have assisted me in obtaining insight of the complicated dimensions of the
topic. Whenever I encountered any issue, I got the necessary support from my teachers and
fellow mates. Finally, I would like to say that the enforcement of all these strategies has
modified my attitude towards this particular topic as well as the subject, as I have begun to
feel more confident and enthusiastic. Overall, cash management system and the Australian
conceptual framework in accounting have enhanced my knowledge about the Australian
accounting systems and processes to a large extent.