You are required to write a practice-based reflection report in maximum 1,400 words. In your reflection, you will be reflecting on your learning experience in the course, the relevance of the course material to the accounting profession, and your understanding of the accounting
profession in general. The purpose of this report is to develop your professional awareness and identity, as well as written communication skills.
2108AFE Financial Accounting Practice-Based Reflection Report-Griffith University Australia.
Formatting Checklist
o A cover page with the title of your report, name and student number.
o Table of contents
o Reference list – Sources used should be reliable, reputable, and relevant.
• Maximum word length of 1,400 words (excludes reference list). Include your word count at the end of your report.
• Using Times New Roman 12-point font
• Line spacing 1.5 lines (reports with line spacing less than 1.5 will not be marked)
• Margins must be 2 cm on all sides
The above instructions must be followed carefully and completely. Failure to adhere to any requirement may result in a penalty of up to 10% of the available marks.
• Late submission will be penalised 25% for every 24 hours beyond the due date and time.
Submission Point
• In L@G under the heading A1: Assignment – Reflective Report (due on Monday, 11 th January 12 Noon), you are going to upload your Word file using the following submission point: A1 SUBMISSION POINT – Reflective Report.
Content and layout of the Report
Introduction
• Describe two benefits of self-reflection for you personally.
• Why do you think being a reflective practitioner is important in accountancy?
Develop your answers for the 5 separate sections described below.
Section 1:Understand the application of professional knowledge and skills in the workplace (max. 200 words).
• As a professional accountant, how would the process for completing the practice set assignment (a manual accounting process) be used in an accounting department. Explain whether communication, teamwork, time management and interpersonal skills play a role in completing this process within an accounting department?
• When (why) would you use this manual accounting system rather than a
computerised accounting system?
• What are the benefits and limitations of each type of system (manual vs computer)?
Section 2: Identify career pathways associated with current program of study (max. 300 words).
2108AFE Financial Accounting Practice-Based Reflection Report-Griffith University Australia.
• Do you intend to pursue a Professional Membership qualification such as CAANZ or CPA? If so, which one would you choose and why?
• At this point in time, what are your career aspirations?
• What pathways are available to you if you do not obtain a Professional Membership qualification?
• A Work Integrated Learning (WIL) experience: How do you think you could personally benefit from participating in a WIL course such as 3000AFE? List some reasons why you may choose NOT to enrol in a WIL course during your undergraduate studies.
What other steps can you take during your degree to enhance your employ ability options when you graduate?
Section 3: Identify a variety of professional roles in the workplace and their associated responsibilities (max. 200 words).
• Apart from an accountant in an accounting firm or an auditor, what other professional roles are available to you and what are their responsibilities in an organisation?
• Which of these roles are of interest to you and why?
Section 4: Identify your own strengths and weaknesses in relation to particular career paths (max. 200 words).
Based on yourself, conduct a SWOT analysis using the template provided below:
Internal Factors
Strengths
Talk about what you’re good at, your unique assets and resources, and how your positive attributes are perceived by others.
For example:
What are your strengths?
What do you do better than others?
What unique capabilities/skills do you possess?
What do others perceive as your strengths?
Weaknesses
Talk about improvements you need to make, any resources you lack, and how these negative attributes might be perceived by others.
For example:
What are your weaknesses?
What do other students do better than you?
What can you improve given the current
situation?
What do others perceive as your weaknesses?
External Factors
Opportunities
List opportunities that are currently open to you, opportunities you can capitalize on, and how your strengths can create new connections/opportunities.
For example:
What trends or conditions may positively impact you?
What opportunities are available to you?
Threats
List any harmful hazards, obstacles, and how known weaknesses can lead to threats.
For example:
What trends or conditions may negatively impact you?
What impact do your weaknesses have on the threats to you?
Section 5: Understanding of legal and ethical professional responsibilities and standards (max. 300 words)
Case Study:
As a professional accountant, you work for Immuno genetics Ltd. Immuno genetics Ltd was incorporated with the objective of developing drugs for cancer patients. In reviewing the company’s draft financial statements for the year ended 30 June 2019, you detected the following:
• Your manager has capitalised $1,500,000 of research expenditure as research and development. This expenditure is clearly “research” as per the definition in AASB138
Research Phase
No intangible asset arising from research (or from the research phase of an internal project) shall be recognised. Expenditure on research (or on the research phase of an internal project) shall be recognised as an expense when it is incurred.
In the research phase of an internal project, an entity cannot demonstrate that an intangible asset exists that will generate probable future economic benefits. Therefore, this expenditure is recognised as an expense when it is incurred.
Examples of research activities include: (a) activities aimed at obtaining new knowledge;
(b) the search, evaluation and final selection of applications of research findings or other knowledge;
(c) the search for alternatives for materials, devices, products, processes, systems or services; and
(d) the formulation, design, evaluation and final selection of possible alternatives for new or improved materials, devices, products, processes, systems or services.
• Therefore, this type of expenditure is to be expensed immediately as per the requirements of AASB 138 Intangible Assets.
• If this research expenditure had been recorded as per the requirements of AASB 138, the company would have made a loss of $500,000.
• You are also aware that your manager stands to receive a generous bonus for meeting prescribed profit targets.
2108AFE Financial Accounting Practice-Based Reflection Report-Griffith University Australia.
QUESTIONS:
In your capacity as a professional accountant, how would you personally handle this situation
– what would be your first step, second step, etc?
• Would you speak to anyone about this situation?
• In your response, consider the Code of Ethics for Professional Accountants?
• What would you do to resolve this situation?
Conclusions
After developing your answers to the sections above, what did you get out of writing this reflection, in terms of your professional awareness and communication skills?
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