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Deliverable King’s Own Institute ACC700 Principles of Accounting Trimester 1, 2018 Group Assignment (20% in total) Group Formation A major component of ACC700 subject is the group assignment. All...

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Deliverable
King’s Own Institute
ACC700 Principles of Accounting
Trimester 1, 2018
Group Assignment (20% in total)
Group Formation
A major component of ACC700 subject is the group assignment. All students in ACC700 have to form groups with members drawn from your lecture group. Groups can be a minimum of three (3) students and a maximum of four (4) students. If you are not cu
ently in a group by week 7, please see your tutor urgently.
Group Assignment Topic & Due Date
Please read the following economist article that is attached at the end of this instruction paper: “The Future of Jobs The onrushing wave Previous technological innovation has always delivered more long-run employment, not less. But things can change” The Economist 18th January 2014.
The article said that the accounting field in particular is highly susceptible to automation in the near future and implied that accounting jobs disappear because of future technological innovation such as automated computer software, artificial intelligence, etc.
Each group is required to prepare report regarding:
What and how does future technological innovation such as artificial intelligence and accounting software automation impact on accountant skills, ethics and career opportunities associated with various accountant designations in future?
Your group will be assessed on three aspects of the assignment:
· Final report of your group: 3,000 words plus or minus 20%, excluding Job Advertisements and Group Work Activity Report;
· Group Work Activity Report including group meeting minutes: around 750 words plus or minus 20%, excluding group meeting minutes (5%); and
· Group presentation based on group assignment: (5%).
The final report with group work report is due by week 11.
Final Report (10%)
The final report of the group should use an appropriate business report format and should include:
1. A title page; include all group member full name and student numbe
2. A table of contents (Times new Roman 14 point);
3. Introduction (Times new Roman 12 point);
4. Appropriate topic headings (Times new Roman 14 point);
5. A detailed description on (Times new Roman 12 point):
a. What your group have research about cu
ent and future technology, accountant skills and ethics and career opportunities for those who pursue accounting careers?
. What information has surprised your group ?
c. The technology, the accountant skills, the ethics and the career opportunities your group have researched may reflect an Australian viewpoint. Choose a country that members of your group may have an interest in, or knowledge about. Briefly discuss what aspects of the technology, the accountant skills, the ethics the career opportunities would have to be considered and what changes/adaptations your group might need to make.
d. What is your group opinion on the value of studying/taking accounting courses?
6. Conclusion or recommendation (Times new Roman 12 point);
7. Reference (Times new Roman 11 point);
8. Appendix
a. At least 12 accounting job advertisements related to accountant or this assignment
. Group Work Activity Report where at least 3 Group Meeting Minutes should be attached.
To identify cu
ent required accountant skills and cu
ent career opportunities associated with various accountant designations,
1. Find at least 12 accounting job advertisements advertised after 1st March 2018 from www.seek.com.au www.careerone.com.au r www.gumtree.com.au or other job advertisement WEB sites and analyse them in your final report.
2. Print the above job advertisements in KOI printing facilities that enable to identify the printing dates.
3. Attach the printed Job Advertisements as an appendix
To identify the cu
ent ethics, please visit the following WEB site.
http:
www.cpaaustralia.com.au
http:
www.charteredaccountants.com.au
Please read the following articles and documents for your assignments:
Job Outlook
ANZSCO codes
Andon, P., Free, C. and Scard, B., 2015. Pathways to accountant fraud: Australian evidence and analysis. Accounting Research Journal, 28(1), pp.10-44.
Cernusca, L. and Balaciu, D.E., 2015. The Perception of the Accounting Students on the Image of the Accountant and the Accounting Profession. Journal of Economics and Business Research, 21(1), pp.7-24.
Drew, J., 2015. Keep Pace with Tech Changes. Journal of Accountancy, 220(4), p.20.
Henry, B. and Hicks, M., 2015. A Survey of Perspectives on the Future of the Accounting Profession. The CPA Journal, 85(8), p.6.
Murphy, G., 2015. A vision for the future: by using the most cu
ent technology and keeping their skills up to date, management accountants can enhance their careers and their organizations. Strategic Finance, 97(4), pp.62-64.
Pan, G. and Seow, P.S., 2016. Preparing accounting graduates for digital revolution: A critical review of information technology competencies and skills development. Journal of Education for Business, pp.1-10.
Sharpe, M., 2016. Investigating How Religiosity, Ethics, and Other Factors Relate to Future Accounting and Business Professionals' Views on Work-Life Balance. Ethics (January 22, 2016).
Suddaby, R., Saxton, G.D. and Gunz, S., 2015. Twittering change: The institutional work of domain change in accounting expertise. Accounting, Organizations and Society, 45, pp.52-68.
Traistaru, D.A., 2016. PERCEPTIONS CONCERNING PROFESSIONAL JUDGEMENT AND ETHICS IN THE EVOLUTION OF THE ACCOUNTING PROFESSION. European Journal of Business and Social Sciences, 4(10), pp XXXXXXXXXX.
Walsh, J., 2014. The Role of Ethics in a Future Accounting Career.
Welsh, D.T., Ordóñez, L.D., Snyder, D.G. and Christian, M.S., 2015. The slippery slope: How small ethical transgressions pave the way for larger future transgressions. Journal of Applied Psychology, 100(1), p.114.
Final Report Ru
ic (10% in total)
    Unsatisfactory
    Satisfactory
    Effective
    Excellent
    Exceptional
    %
    Fail
    Pass
    Credit
    Distinction
    High Distinction
    
    Cu
ent required accountant skills and ethics and cu
ent career opportunities associated with various accountant designations
    No description provided
    A very basic description provided with no detail
    A good description that shows evidence of some thought and effort
    An excellent description that shows evidence of good thought and knowledge
    A creative description that engages the reader and shows evidence of excellent thoughts and knowledge
    1.5
    Future Technological Innovation: Strengths, Limitations and How new technology might be used in accounting field
    No list or discussion of strengths and limitations of the technology provided
    Brief list or discussion of strengths and limitations provided
    Full list or discussion of strengths and limitations provided, covering many aspects
    Detailed list of strengths and limitations provided together with good annotations or discussion
    Very detailed, well-written list of strengths and limitations provided together with excellent description or discussion
    0.5
    No examples or discussion provided of how the technology might be used in accounting field
    Brief list or discussion of examples provided of how the technology might be used in accounting filed
    Full list or discussion of examples provided of how the technology might be used in accounting field, covering many aspects
    Detailed list of examples provided of how the technology might be used in accounting field together with good description or discussion
    Very detailed, well-written examples provided of how the technology might be used in accounting field, plus suggestions of a range of innovative ways to use the technology
    0.5
    Future required accountant skills and ethics and future career opportunities associated with various accountant designations
    No discussion of future required accountant skills and ethics and career opportunities
    Brief discussion of future required accountant skills and ethics and career opportunities
    Full discussion of future required accountant skills and ethics and career opportunities, covering many aspects
    Detailed list of future required accountant skills and ethics and career opportunities together with good annotations or discussion
    Very detailed, well-written list of future required accountant skills and ethics and career opportunities together with excellent description or discussion
    1
    The technology, the accountant skills, the ethics and the career opportunities your group have researched may reflect an Australian viewpoint. Choose a country that members of your group may have an interest in, or knowledge about. Briefly discuss what aspects of the technology, the accountant skills, the ethics the career opportunities would have to be considered and what changes/adaptations your group might need to make
    No description provided
    A very basic description provided with no detail
    A good description that shows evidence of some thought and effort
    An excellent description that shows evidence of good thoughts and knowledge
    A creative description that engages the reader and shows evidence of excellent thoughts and knowledge
    0.5
    What is your group opinion on the value of studying/taking accounting courses?
    No description provided
    A very basic description provided with no detail
    A good description that shows evidence of some thought and effort
    An excellent description that shows evidence of good thoughts and knowledge
    A creative description that engages the reader and shows evidence of excellent thoughts and knowledge
    0.5
    Referencing
    
    No references provided, or many in-text and end-text reference e
ors
    References provided but many in-text and end-text reference e
ors
    References provided but some in-text or end-text e
ors
    References provided, only minor in-text or end-text reference e
ors
    In-text and end-text references cited co
ectly
    0.5
Group Work Activity Report (5%)
Each group will provide a group work report on how the group has worked together to produce the final report. It should not contain the main deliverable itself in the final report. Each group documents how members discuss, and division of responsibilities and describes how the individual efforts capitalised on strengths of each group member. It will be used as evidence of individual contributions in the group. It is therefore in each member’s interest to ensure that their contribution to the final report is complete.
Each group is expected to have at least three group meetings for the group assignment. The minutes of group meetings should be documented and attached as appendix of this group work report, clearly indicating who was present, issues and actions, agreed timelines, and the like. The group work report must indicate that a fair and reasonable distribution of work amongst group members was achieved. Periodic information such as emails or diary entries must be inserted into the co
ect section in chronological order.
If the submitted group work report suggests that not all contributions were of equivalent standard and effort, differential marks will be awarded to individuals within the same group. It must also document what individual group members understood as their allocated tasks, that individual group members submitted allocated work of acceptable standard and quality by the date that was agreed upon.
Group Work Activity Report Ru
ic (5% in total)
    Criteria
    Unsatisfactory
    Satisfactory
    Effective
    Excellent
    Exceptional
    %
    
    Fail
    Pass
    Credit
    Distinction
    High Distinction
    
    Documentation
    Group Work Activity Report
No meeting minutes
    Group Work Activity Report
Less than 2 meeting minutes
    Group Work Activity Report;
Less than 3 meeting minutes
    Group Work Activity Report;
3 meeting minutes;
    Group Work Activity
Answered Same Day May 22, 2020 ACC700 Deakin University

Solution

Aarti J answered on May 28 2020
131 Votes
Cu
ent and Future of Accounting practices
Course Name
Course Date
Student’s Name
Cu
ent and Future of Accounting practices        11
Table of Contents
Contents
Introduction    3
Present accounting practices    3
Cu
ent requirement of accounting skills:    4
Cu
ent ethics in Accounting    5
Cu
ent Career opportunities:    5
Future technological innovations in Accounting    6
Artificial intelligence:    7
Blockchain:    7
Future required accounting skills and career opportunities:    8
Future ethics in Accounting:    8
Comparing the Accounting in Australia and United States of America    8
Required qualification:    9
Code of Ethics:    9
Values of Studying Accounting course    9
Recommendation:    10
Conclusion:    10
References    11
Introduction
Accounting can be said as the process which is used for identifying and measuring different quantitative activities and communicates these accounting activities in the form of the financial reports to the different decision makers. It is a systematic process and way of identifying and recording different financial and accounting transactions. (Hoggett, J., Edwards, L., Medlin, J., Chalmers, K., Hellman, A., Beattie, C., and Maxfield, J., , 2015) Accountants have always been exploited with the emerging and changing technologies which has helped the accountants to accomplish their tasks more accurately and quickly. In this report different perspectives of the cu
ent and the future accounting perspectives are considered. This report focuses on the cu
ent required accounting skills as well as different career opportunities in the field of accounting. It also analyses the different aspects of the future accounting and the skills required for the technological options as well as future career opportunities. We will also focus on comparing the different aspects of accounting practices in Australia and United States of America.
Present accounting practices
Accounting has been one of the areas which has been highly influenced and effected by the technological changes. Accountants are always being exploited with the emerging technologies which has helped them to complete their tasks accurately and quickly. Initially in the 18th century, the accounting was done through incised clay tablets which was taken over by machines in the 19th century. The 20th century was marked by calculators and computers which has reshaped the world of accounting as well as business. The 21st technology has been marked by cloud, big data, mobile and other social collaborations which are changing the face of information technology. With this the accountants have to change themselves with the changing technologies and practices. All these developments and technological changes are changing the way in which different departments like accounting and finance communicate and collaborate with its businesses. The advanced technology today helps in automation of the tasks, lowering the e
ors, managing efficiency and restoration of the data in case of the disaster.
With the advancement of technology, the costs of the businesses has increased. All the accounting software needs to be purchased and needs to have a licence to work on. With the upgradation, the licences needs to renew. This requires high costs for the business.
Apart from this the accountants and the other employee needs to be keep themselves upgraded with the accounting system and new technologies. For this they need to be trained and jeep themselves updated about the new technologies and innovation.
Security is also one of the major concerns which is faced in today’s time, the company needs to assure that its system is protected against the viruses and malware which can be attracted through the different software and internet connection. Apart from this the new technology can attract unauthorized access and hijack of the system and records. With the advancement of technology, the accounting system has been simplified and the efficiency of the work has improved. (Brian. P.,, 2003)
Cu
ent requirement of accounting skills:
There are different kinds of skills that are required by the employees to perform the jobs that is required for different accounting job. Based on the cu
ent job market, there are a set of skills that are required for a person to fulfil the accounting position.
Education qualification: The prospective candidates of accounting should hold bachelor’s degree in accounting or commerce. There are different topics which needs to be covered by them which includes cost accounting, managerial accounting, financial management, accounting information systems, taxation and auditing.
Accounting qualifications: The prospective candidates should have the qualification of a CPA or CA i.e. Certified public accountants. With this qualification, the prospective candidate should have adequate and proper knowledge about different accounting standards and accounting principles.
Computer skills: The prospective candidate should have the basic knowledge of computers which includes the Ms-Office like Ms-Excel, Ms-Word, Ms-PowerPoint and other basic software. Apart from this the prospective candidate should also have the knowledge about different software like MYOB, Peachtree, Quick books etc.
Communication skills: The candidate must have good ve
al as well as written communication skills which can help in communicating effectively between the departments.
Soft skills: There are certain technical skills and soft skills that are required which includes the leadership skills, team work, analytical skills, interpreting skills, time management and working as ethics.
Work experience: The prospective candidates should have atleast an year’s experience in the field of accounting.
Cu
ent ethics in Accounting
Ethics plays a major role in accounting, as the ethical workplace helps in ensuring the working environment is positive and helps in increasing the productivity and the teamwork within the company. There are certain accounting standards which has been setup by the governing accounting authority of Australia. APESB is an independent body which was established in the year 2006 which was made from the initiative done by the CPA Australia and Institute of Chartered accountants in Australia. The code of ethics that has been issued by the authority and is in line with the International Ethics standards Board for Accountants (IESBA) of the International Federation of Accountants. (APESB, 2017)
It is important for all the members in Australia to comply with APES110. This standard puts forward certain aspects which are important for the accounting professional to adhere. These includes: Integrity and objectivity. Apart from this the members also needs to keep...
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