Reflective Essay: Challenges and Learning in Accounting Practices

This reflective essay delves into the author's personal learning experiences within the realm of accounting, specifically focusing on its application in international business contexts. The essay evaluates the efficiency and usefulness of the learning process, highlighting the importance of financial reporting frameworks and the challenges faced by accountants in a constantly evolving global environment. It discusses the impact of technological advancements, regulatory changes, and ethical considerations on accounting practices. The author reflects on the application of learned concepts, the importance of continuous professional development, and the need for accountants to adapt to the changing demands of the industry. The essay also explores the skills required for success in the field, drawing upon examples and highlighting the significance of communication and analytical skills. The essay concludes with a discussion on the future of accounting and the ongoing relevance of the profession in providing guidance to businesses.

RUNNING HEAD: REFLECTIVE ESSAY 1
REFLECTIVE ESSAY
Student Name
Institute Name

REFLECTIVE ESSAY 2
Contents
Introduction......................................................................................................................................3
Evaluate the efficiency and the usefulness of the learning experience............................................3
How learning process will be useful?..............................................................................................4
Discuss objectively about what happens in the learning process....................................................5
Evaluation of overall learning.........................................................................................................6
Explanation of learning process.......................................................................................................7
Explain plan on how the learning will be applied...........................................................................7
Conclusion.......................................................................................................................................8
Reference.........................................................................................................................................9

REFLECTIVE ESSAY 3
Introduction
The report will be presented in a form of reflective journal associated to the personal level
learning. This will include the diversified issues that are related to the accounting and
development in the international company. As per the research, it has become important to focus
on the different advancement of the technologies with varied changes and administering cost.
Evaluate the efficiency and the usefulness of the learning experience
The accounting based functions generally impact the system functioning and the concepts which
are related to the finances and the other associated stabilization of the financial systems.
(Schaffartzik et al., 2015). The constant transformation in environment also impact the
management based accounting function which further leads to so many issues faced by
accounting managers in the current time. Apart from that, the overall rise in scandals associated
with accounting like failure of the auditing or accounting further leads to the transforming of the
regulations of government.
It is based on the coordination issues, competitor analysis and the resource allocation, where the
adamant governance focus on the financial based reporting systems. The research will study
about the challenges through different books as well as studies based on selecting accounting
functions. The main reason for the same is that there is no kind of setup as per regulatory laws
and anybody has the freedom to become an accountant without any formal training or learning.
The rule is not particular and many countries pass a kind of exam and join a professional base
which helps in making the subject to kind of professional standards (Richardson, 2017). It is very
crucial to be clearer about the restricted knowledge of the accountants as well as people that are

REFLECTIVE ESSAY 4
same in the field of accounting and yet functioning as per the business and there are organization
that are turning toward them for assistance or as a guide for different reasons. There is also some
kind of risk that a type of business must base and accomplish number of bad advices that can
harm the goodwill of the profession and its influence on negative growth.
How learning process will be useful?
The learning process is important and helpful based on the financial reporting frameworks which
includes how the lower level of the costs are related to handle the cost effective capitals with the
easy allocation of the resources. This further can be transformed with the release of proposed
level of accounting based on international management which is specifically designed
particularly to grow or establish a proper framework to bring more consistency in many
management accounting practices across the world (Akroush et al., 2016). The principle is also
associated with America Institute of CPS and is further practiced in UK. It is termed as
Chartered Institute of Management Accountants. In addition to it, it is also subjected to the
whole ninety days of consultation period which finally ended in past few time as well as also
assisted with management based accounting to take into consideration about international
platforms.
As per the global perspective, it is also crucial to discuss in detail about the proper blueprint for
different prediction and it is also able to meet the demand of the company. The main goal here is
to assist the professionals of management accounting as well as also build based on so many
high-performance companies. In number of countries like Hong Kong there is rising importance
of management accounting that mainly addresses as per the institute which is based on a module
presented in finance based controllership programs but it is under in development process right

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now (Rubiano et al., 2015). The study also helped in understanding that concept of management
accounting as part of developing trend and there will be different transformation when it is
related to work. There are different types of professionals working in accounting field and they
are also an important part of the market and need having knowledge in the field. Here it is also
important to try and have control on the different programs as a procedure to address the need for
high amount of education along with management accounting. The management proposal is
based on already practiced accounting principles which are becoming a standard for different
kind of accountants that are able or can adopt varied training objectives (Rubiano et al., 2015).
Discuss objectively about what happens in the learning process
It is important to understand here the overall expansion on international level of platform can be
perceived as the business in the present time that are trying to grab the attention of potential
customers since there is a rise in level of profitability as well. All type of uncertainty in the
coming future as well as with all the challenges that yet can see themselves as a part of so many
rules that are conducting the business on global level. It is important to understand here that as a
professional I must base my knowledge new international practices. Also, there will be number
of different issues in the form of challenges as faced by the current accounting sector and as per
different experts. It is also based on local level trends for number of consolidated organizations
(Chandramohan et al., 2015).
Because the overall enhancement in the level of cost at every industry, there is decrease in so
many overheads along with expenses as a part of sharing the resources with the help of
expansion that offers and provides different kind of selection of services for consumers that are
more sensible in approach. In addition, there are also so many kinds of accounting practices

REFLECTIVE ESSAY 6
entirely dependent on people that usually discusses about the company and the necessity to
consolidate and provide a solution to the problem faced by different accountants (Chang et al.,
2014). In addition, it is also crucial to aim on the actual challenge and identify the type of service
that customer can be interested in. at the time of providing any sort of thing and further getting a
step closer since it is not very crucial to encourage. When I as a profession try to become
significant in terms of work, the aim is always on the increasing the overall value of the current
management accounting because it helps in providing a secure or safe future to the company.
Evaluation of overall learning
The case research also throws some light on examples like Phil Knight; founder of Nike had
initiated his career as a professional accountant. It is very crucial to understand the subject
accounting is foundation of his career and unlike people’s perception that accountants have a
sitting job and they just must play with numbers. But, it is a big misconception or myth about
this profession. The profession in accountancy is based on working all the time with different set
of people and addresses the challenges of the business (Nigam and Maheshwari, 2015).
Therefore, it needs a very strong foundation for analysis of skills and it is also crucial to be able
to evaluate all finance related data since it is crucial to work in an impactful manner with peers.
In addition to this, it is also crucial to have an effective set of interpersonal skills and therefore it
is also crucial to discuss as well as write and speak in right manner. Also, it is important to
present all types of financial data which is in term of people that can be completely clear about
the need of effective communication skills.

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Explanation of learning process
The previous discussion explained number of challenges along with number of companies that
are dealing with accounting practices as well as its overall application in the global business. But
it has also become important to develop them and it is also possible that people are aware of such
challenges and it becomes further crucial to take all necessary or required steps to help or support
the customers with newer type of demand or requirement that people will have to face (Prencipe
et al., 2014). The best part is that the current industry in accounting is still perceived as a most
trusted as well as continuously developing industry where the professional with diverse sectors
provides a support to newer type of businesses with future looking bright.
Explain plan on how the learning will be applied
There is different number of public companies that helps in providing clients with right kind of
accounting as well as tax related services for the sake of fees. It is crucial to form a plan based on
learning about different members of the company that are a certified and professional accountant
and who also have taken the right education. It is important that the work requires establishing as
per the state and gain clarity about the complicated exams. There are number of public
accounting based organizations that are offering consulting or advices related to tax services as
well as there is also a hallmark in the profession which is based on performing properly as an
adult in external environment (Verburg et al., 2013). An accountant in public company must test
the financial statement of the company as well as submit views on their preparation related to
GAAP. The encouragement in the level of confidence and reliability of people, the plan is to
properly invest all the hard work and efforts in gaining clarity related to learning about diverse
subjects.

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Conclusion
The overall understanding is associated with the fact there are number of challenges or issues in
accounting sectors especially when it is practiced on international platform but with
advancement of number of new technologies and the continuous development based on the rules
and different set of rules and regulation related to changes and when there is rise in cost, so many
kinds of accountant along with future professionals will be more concerned about the future
(Budding et al., 2014). Belief in a traditional base which is dependent on number finance based
organization will remain as it is and for most of the time. However, the accounting profession is
still one of the trusted professions for any type of advice for types of businesses.

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Reference
Akroush, S.N., Dhehibi, B. and Aw-Hassan, A., 2016. Agricultural Growth Accounting and
Total Factor Productivity in Jordan: Trends, Determinants, and Future Challenges. International
Journal of Productivity Management and Assessment Technologies (IJPMAT), 4(1), pp.1-14.
Budding, T., Grossi, G. and Tagesson, T., 2014. Public sector accounting. Routledge.
Chandramohan, A., Agrawal, A., Subramani, P. and Munipalle, P., 2015. The Impact of
Globalization ACIS 5034 Global Issues in Accounting and Information Systems Spring 2015.
Chang, H., Ittner, C.D. and Paz, M.T., 2014. The multiple roles of the finance organization:
Determinants, effectiveness, and the moderating influence of information system
integration. Journal of Management Accounting Research, 26(2), pp.1-32.
Nigam, N. and Maheshwari, D., 2015. A Study on Environmental Accounting with Reference to
Manufacturing Industries in India.
Prencipe, A., Bar-Yosef, S. and Dekker, H.C., 2014. Accounting research in family firms:
Theoretical and empirical challenges. European Accounting Review, 23(3), pp.361-385.
Richardson, A.J., 2017. The Relationship between Management and Financial Accounting as
Professions and Technologies of Practice.
Rubiano, A.M., Carney, N., Chesnut, R. and Puyana, J.C., 2015. Global neurotrauma research
challenges and opportunities. Nature, 527(7578), p.S193.

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Schaffartzik, A., Haberl, H., Kastner, T., Wiedenhofer, D., Eisenmenger, N. and Erb, K.H., 2015.
Trading land: a review of approaches to accounting for upstream land requirements of traded
products. Journal of industrial ecology, 19(5), pp.703-714.
Verburg, P.H., Erb, K.H., Mertz, O. and Espindola, G., 2013. Land System Science: between
global challenges and local realities.