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Acct6007_Assignment Brief Critical Analysis Page 1 of 6 ASSESSMENT BRIEF Subject Code and Title ACCT6007 Financial Accounting Theory and Practice Assessment Critical Analysis Individual/Group...

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Acct6007_Assignment Brief Critical Analysis Page 1 of 6

ASSESSMENT BRIEF
Subject Code and Title ACCT6007 Financial Accounting Theory and Practice
Assessment Critical Analysis
Individual/Group Individual
Length 1500 words +/- 10%
Learning Outcomes 1. Identify the underlying social and corporate
imperatives that underlie the accounting conceptual
framework.
2. Identify the key players in Australian financial
eporting regulation and articulate the relationship
etween International Financial Reporting Standards
(IFRSs) and Australian Accounting Standards (AASs).
3. Explain the relationship between accounting theory,
the accounting conceptual framework and accounting
standards.
4. Work individually and in groups to identify and apply
appropriate accounting standards to a range of authentic
accounting scenarios.
Submission Week 9 Sunday midnight (AEST) 22nd April 2018
Weighting 20%
Total Marks 100 marks
Context:
This assignment develops research and critical thinking abilities. It is a critical
analysis
eview of an academic article.
Changes in technology are impacting accounting and how accountants perform their jobs. Is
it a threat or an opportunity for the accounting profession? AI and blockchain are few
examples.
This activity will provide students information on new trends in accounting field.
Instructions:
Download and critically analyse an academic article written by Daniel Hood XXXXXXXXXXThis
article can be found in the To
ens University li
ary using the following citation:
Acct6007_Assignment Brief Critical Analysis Page 2 of 6
Hood, D., (2018)., Brace yourself for AI & blockchain: There's less threat and more opportunity in
emerging technologies than many think. Accounting Today., Vol. 32 No. 1, pp.1&30-31, Database:
Business Source Ultimate
You may use an essay format or any other acceptable academic format for critical review. Use APA
eferencing style guide. Use minimum 10 academic references.
Answer the following questions or topics during your analysis.
1. Briefly explain Artificial intelligence and blockchain. How are they cu
ently used in accounting?
What is the potential use in accounting in the future?
2. Explain to what extent AI and blockchain will eliminate the need for accountants? You are
expected to comment on future accounting jobs and skills the accountants need to possess?
3. To what extent do you support arguments made by the author regarding AI and blockchain?
Explain your point of views and provide evidence in support of your point of views.
4. Are there any other technologies that can also have an impact on accounting field? Name and
explain at least one technology.
Academic skills resources: Assessment
ief analysis, Essay/Report writing and Critical Thinking
These resources can be downloaded from LASU - Learning and Academic Skills Unit on Blackboard
following the link:
https:
laureate-
au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id
=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1

ACCT6007_Assignment Brief Critical Analysis XXXXXXXXXXPage 3 of 6

Learning Ru
ics
Assessment
Attributes
Fail (Unacceptable)
0%-49%
Pass
(Functional)
50%- 64%
Credit
(Proficient)
65%-74%
Distinction
(Advanced)
75%-84%
High Distinction
(Exceptional)
85% - 100%
Grade Description
(Grading Scheme)
Evidence of unsatisfactory achievement
of one or more of the learning
objectives of the course, insufficient
understanding of the course content
and/or unsatisfactory level of skill
development.
Evidence of
satisfactory
achievement of course
learning objectives, the
development of
elevant skills to a
competent level, and
adequate
interpretation and
critical analysis skills.
Evidence of a good
level of understanding,
knowledge and skill
development in
elation to the content
of the course or work
of a superior quality on
the majority of the
learning objectives of
the course.
Demonstration of a
high level of
interpretation and
critical analysis skills.

Evidence of a high
level of
achievement of
the learning
objectives of the
course
demonstrated in
such areas as
interpretation and
critical analysis,
logical argument,
use of
methodology and
communication
skills.
Evidence of an
exceptional level of
achievement of
learning objectives
across the entire
content of the course
demonstrated in such
areas as
interpretation and
critical analysis,
logical argument,
creativity, originality,
use of methodology
and communication
skills.

AI and blockchain
explained







20%
Does not meet minimum standard

Did not explain co
ectly any
technology

Demonstrates no awareness of content
and/or purpose of the assignment.


Meets minimum
standard

Explained both
technology.

Demonstrates limited
awareness of content
and/or purpose of the
assignment

Moves beyond
minimum standard

Explained both
technologies well.

Demonstrates
consistent awareness
of content and/or
purpose of the
assignment.


Exceeds minimum
standard

Explained both
technologies in
depth

Demonstrates an
advanced and
integrated
understanding of
content and/or
Exceeds minimum
standard and exhibits
high levels of
independence

Explained both
technologies
thoroughly

Consistently
demonstrates a
systematic and critical
http:
www.tua.edu.au/media/50742/a240_grading-scheme.pdf

ACCT6007_Assignment Brief Critical Analysis XXXXXXXXXXPage 4 of 6



purpose of the
assignment.


understanding of
content and purpose
of the assignment.

Will technology
eliminate accounting
profession



















20%

Limited understanding of required
concepts and knowledge

Key components of the assignment are
not addressed.












Knowledge or
understanding of the
field or discipline.

Resembles a recall or
summary of key ideas.

Often
conflates/confuses
assertion of personal
opinion with
information
substantiated by
evidence from the
esearch/course
materials.



Thorough knowledge
or understanding of
the field or discipline/s.
Supports personal
opinion and
information
substantiated by
evidence from the
esearch/course
materials.

Demonstrates a
capacity to explain and
apply relevant
concepts.


Highly developed
understanding of
the field or
discipline/s.

Discriminates
etween assertion
of personal
opinion and
information
substantiated by
obust evidence
from the
esearch/course
materials and
extended reading.

Well
demonstrated
capacity to explain
and apply relevant
concepts.

A sophisticated
understanding of the
field or discipline/s.

Systematically and
critically discriminates
etween assertion of
personal opinion and
information
substantiated by
obust evidence from
the research/course
materials and
extended reading.

Mastery of concepts
and application to
new
situations/further
learning.
Critical reasoning,
presentation and
defence of an
argument and/or
position

Specific position (perspective or
argument) fails to take into account the
complexities of the issue(s) or scope of
the assignment.

Makes assertions that are not justified.
Specific position
(perspective or
argument) begins to
take into account the
issue(s) or scope of the
assignment.
Specific position
(perspective or
argument) takes into
account the
complexities of the
issue(s) or scope of the
Specific position
(perspective or
argument) is
expertly presented
and accurately
takes into account
Specific position
(perspective or
argument) is
presented expertly,
authoritatively and
imaginatively,
ACCT6007_Assignment Brief Critical Analysis XXXXXXXXXXPage 5 of 6









20%









Justifies any
conclusions reached
with arguments not
merely assertion.
assignment. Others’
points of view are
acknowledged.

Justifies any
conclusions reached
with well-formed
arguments not merely
assertion.
the complexities of
the issue(s) and
scope of the
assignment.
Justifies any
conclusions
eached with well-
developed
arguments.
accurately taking into
account the
complexities of the
issue(s) and scope of
the assignment.
Limits of position are
acknowledged.

Justifies any
conclusions reached
with sophisticated
arguments.
Other technologies
impacting accounting
field.





20%














Limited analysis. No other technology
identified

Limited recommendations

















Demonstrated analysis
and synthesis of new
knowledge with
application.

Identified and
explained
iefly one
other technology

Shows the ability to
interpret relevant
information and
literature.









Well-developed
analysis and synthesis
with application of
ecommendations

Identified and
explained sufficiently
one other technology













Thoroughly
developed and
creative analysis
and synthesis with
application of
pretested models
and
ecommendations

Identified and
explained
iefly at
least 2 other
technologies


Highly sophisticated
and creative analysis,
synthesis
Answered Same Day Apr 15, 2020 ACCT6007 Torrens University Australia

Solution

Pulkit answered on Apr 19 2020
124 Votes

Solution 1
Artificial Intelligence: - The Artificial Intelligence is a recreation of human intelligence which is administered by the machines specially the computer systems for performing an intelligent task. The administration includes the procurement of information and rules for using the procured information for reasoning and self-co
ection. These machines are also performing the task like voice recognition and machine vision. Artificial Intelligence was think up by an American computer scientist John McCarthy, in 1956 at The Dartmouth Conference where the discipline was introduced. It can perform the tasks like identifying the data patterns more efficiently than the humans beings that enabling the businesses to gain more understanding of their data.
Artificial intelligence is
oadly classified into two types which includes the Weak AI and the Strong AI. Weak AI is the model in which the systems are trained to perform a particular task only. The Apple’s siri is the perfect example of weak AI which works on the virtual personal assistants model. Strong AI is the systems which inherited the generalized human cognitive abilities which help them to find a solution in unfamiliar task. Robotic process automation is the perfect example of strong AI. AI is a major application in the healthcare for improving the patient outcomes and reducing the cost AI is also effectively used in the business, education, finance, law and manufacturing.
Blockchain: - is the open register on cloud based system which records the business transactions between two users when they are belonging to the same network and data is stored in a secured and verifiable place and in permanent way. The data relating to the transactions are saved inside the cryptographic blocks that are connected to each other with the help of hierarchy. This creates an endless chain of data blocks and hence it is known by the blockchain technology. The blockchain technology allows tracing and verifying of all the transactions is easy which that were ever made. Thus we can say that the primary function of a blockchain is to certify the transactions between people.
In the case of Bitcoin the most popular cryptocu
ency, the blockchain serves to verify the exchange of the bitcoin between two users but it is only one of the many possible uses of this technological structure. In other sectors the blockchain is certify that the exchange of shares and stocks are operate as if it were a notary and validate a contract or to make the votes cast in online so that it is impossible to alter. One of the greatest advantages of the blockchain system is its high degree of security guarantees. In fact, if once the transaction is certified and saved within one of the chain blocks then it cannot be modified or tampered. Each block of the block chain consists of a pointer that is connected to the previous block and a timestamp that certifies the time at which the event is actually took place and its transaction data.
In the cu
ent scenario the Artificial Intelligence and Block chain are used only in certain working areas in accounting. We need to make envision on intelligent systems so that they can enable better decisions in business, and understand that the how accountants can help this process. The recently emerged Blockchain is a trustless because it is the form of distributed ledger which is openly available and having negligible costs of use. The accountants are cu
ently more trustworthy than AI and the use of blockchain is almost negligible in accountancy.
The Potential uses of the technology Artificial Intelligence and Blockchain in in the accounting and finance will eliminate the separate records keeping of every transaction receipts; companies can write their transactions directly to a joint register and then creating the interlocking system to permanent the accounting records. The entries which are entered and cryptographically sealed, intruder’s attempt to destroying them is practically impossible. It is the process which required to be verified by a notary only in an electronic way. The blockchain technology has the necessary potential to transform the nature of today’s accounting system. It may establish the way to massively automate the accounting processes and to comply with the rules and regulations of the companies.
Artificial Intelligence is the future of accounting but the accountants has to focus on purpose, exploit powerful technologies of AI and radically for the long term vision of AI. The AI and human Intelligence work together by approaching to the AI and using the strength of machine learning and overcoming the limits of AI. Accountants can use the AI for solving the accounting problems, practical challenges roles and skills and for institutional issues.
Solution 2
In Blockchain system of accounting all transactions are recorded in real-time and the time stamped with a unique crypto-signature. The accountant is not to wo
y for the completeness of financial information and records, existence of assets and liabilities and whether they are true and accurate, rights and obligations of the company, accuracy of information captured and for the record or information has been tampered or not. The combination of Artificial intelligence and Blockchain will all these problems.
A simple example would be, let’s say a bank sells shares to another company The Bank would credit Investments and Debit Cash and the Company would debit Investments and Credit cash. In a scenario where there is a 'distributed ledger' or Blockchain, the whole transaction would be updated on the shared distributed ledger simultaneously with a timestamp and a crypto signature/digital fingerprint. Accordingly the Company cannot falsify its records to say it received more shares than it actually bought and neither can the Bank say it received more cash than it actually did. The records cannot be changed and cannot be manipulated on a back-dated basis.
The future jobs of the accountant are not much affected but the scope of work of accountants are changed from the data recording to the data reconciling pre and post of blockchain entry and the verification of documents. The accountants must possess the required skills and expertise to work in the modern culture of blockchain and artificial intelligence.
Accountants and Auditors will not need to become the engineers with detailed knowledge of how blockchain works but they will need to know at least how to advise on blockchain adoption in the accountancy and will have to consider the impact of blockchain on their businesses and clients.
Solution 3
I strongly support arguments made by the author regarding AI and blockchain because of the following points:
· It allowed the auditor to dig deeper into the large volume of data processed by the machines.
· It eliminates the need of sampling in checking of accounting records and vouchers.
· Machines are much better than auditors in processing of the huge amount of data.
· Auditors are become well with AI if they are
acing themselves as the author said in article.
· The security purpose solved with the use of blockchain because of the highly encrypted and secured keys.
· The accountants need not to wo
y for the completeness and proper recording of transaction.
· Blockchain could help the accountants to clarity over the available resources and obligations of their organization, and also free up the resources to concentrate on some important task like planning and valuation, rather than recordkeeping of transactions.
· Blockchain may enhance the accounting profession by reducing their costs of maintaining the record, and keep the reconciling ledgers records, and providing the complete certainty over the ownership life and value of assets.
· The transactions are updated simultaneously at all these blockchain points are cannot be modified by any or all persons with access to the blockchain or have access to this information.
· Blockchain creates immutable records that are resistant to tampering; frauds may still occur in blockchain system but will be captured in the records and can be easily detected.
Solution 4
Machine learning is also like an artificial intelligence which affects the day to day operations of an organization has become a buzzword in recent years. The machine learning is adopted as the proactive strategy are achieving the approximately 12.5% higher return in the finance sector. Accounting software’s are getting smarter than before, and they are performing the tasks that are earlier required to be done with human intervention. The Repetitive task, and tedious tasks are eliminated so that bookkeepers, and business owners now spend less time on keeping their accounts data up to date and spend their most of the time on other important tasks.
Accounting applications learn the coding behavior of invoice and then suggest where the transactions should be allocated. Bank reconciliations are fully automated no human intervention required and again the technology will learns from its previous allocations and account choices and then afterwards makes the right recommendations for new bank transactions.
Machine learning algorithms is the process of machine learning in which the data is automatically processed and then review to the data is made, to recognize the anomalies and compile with a list of outliers for auditors to check the complete transaction of the company. It will help the auditors from instead of spending most of their valuable time on checking the data; an auditor can apply their skills to investigating and deducing the reason behind a pattern or anomaly.
References:
Blockchain
Swan, M. (2015). Blockchain: Blueprint for a new economy. " O'Reilly Media, Inc."
Zyskind, G., & Nathan, O. (2015, May). Decentralizing privacy: Using blockchain to protect personal data. In Security and Privacy Workshops (SPW), 2015 IEEE (pp. 180-184). IEEE.
Kosba, A., Miller, A., Shi, E., Wen, Z., & Papamanthou, C. (2016, May). Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. In Security and Privacy (SP), 2016 IEEE Symposium on (pp. 839-858). IEEE.
Artificial Intelligence
Russell, S. J., & Norvig, P. (2016). Artificial intelligence: a modern approach. Malaysia; Pearson Education Limited,.
Bench-Capon, T. J., & Dunne, P. E. (2007). Argumentation in artificial intelligence. Artificial intelligence, 171(10-15), 619-641.
Boden, M. A. (1998). Creativity and artificial intelligence. Artificial Intelligence, 103(1-2), 347-356.
Solution 1

Artificial Intelligence:
-

The Artificial Intelligence is a
ecreation

of human intelligence which
is
administered

y the machines
specially

the computer systems

for performing an
intelligent
task. The

administration

includes the
procurement

of
information and rules for using the

procured
information

for
easoning and self
-
co
ection. These machines are also
performing
the
task like

voice
ecognition and machine vision. Artificial Intelligence was
think up

y

an
American computer scientist

John McCarthy
, in 1
956 at
The Dartmouth Confere
nce where the
discipline was introduced
.

It
can perform
the tasks like
identifying the

data
patterns more

efficiently
than

the humans

eings that

enabling

the

usinesses to gain more
understanding

of
their data.

Artificial
intelligence

is
oadly

classified into two types which includes the Weak AI and the
Strong AI. Weak AI is the model in
which

the systems are trained to
perform

a particular task
only. The

Apple

s siri is the perfect example of

weak AI which
works

on the virtual
personal
assistants

model
.

Strong AI is the systems which inherited the

generalized human cognitive
abilities
which help them
to find a solution

in
unfamiliar task
.

Robotic process automation is the
perfect example of strong AI.

AI
is a major application

in the healthcare for improving the
patient

outcomes and reducing the cost

AI is also effectively used in the business, education,
finance, law and manufacturing.
Blockchain
:
-

is the open

egiste

on cloud based system

which

ecords

the

usiness t
ansactions
etween two
users

when they are
elong
ing to the same network

and
data

is

stored in a secure
d
and
verifiable

place

and

in

permanent way. Th
e data

elating to the transactions

are sa
ved inside

the cryptographic bloc
ks that
are connected to each other with the help of

h
ierarchy
. This creates
Solution 1
Artificial Intelligence: - The Artificial Intelligence is a recreation of human intelligence which
is administered by the machines specially the computer systems for performing an intelligent
task. The administration includes the procurement of information and rules for using the
procured information for reasoning and self-co
ection. These machines are also performing the
task like voice recognition and machine vision. Artificial Intelligence was think up by an
American computer scientist John McCarthy, in 1956 at The Dartmouth Conference where the
discipline was introduced. It can perform the tasks like identifying the data patterns more
efficiently than the humans beings that enabling the businesses to gain more understanding of
their data.
Artificial intelligence is
oadly classified into two types which includes the Weak AI and the
Strong AI. Weak AI is the model in which the systems are trained to perform a particular task
only. The Apple’s siri is the perfect example of weak AI which works on the virtual personal
assistants model. Strong AI is the systems which inherited the generalized human cognitive
abilities which help them to find a solution in unfamiliar task. Robotic process automation is the
perfect example of strong AI. AI is a major application in the healthcare for improving the
patient outcomes and reducing the cost AI is also effectively used in the business, education,
finance, law and manufacturing.
Blockchain: - is the open register on cloud based system which records the business transactions
etween two users when they are belonging to the same network and data is stored in a secured
and verifiable place and in permanent way. The data relating to the transactions are saved inside
the cryptographic blocks that are connected to each other with the help of hierarchy. This creates
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