ACCT6007- Financial Accounting Theory and Practice

Task:

Learning Outcomes: 

1. Identify the underlying social and corporate imperatives that underlie the accounting conceptual framework.

2. Identify the key players in Australian financial reporting regulation and articulate the relationship between 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.

Context:

This assignment develops research and critical thinking abilities. It is a critical analysis/review 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.

Answer the following questions or topics during your analysis.

1. Briefly explain Artificial intelligence and blockchain. How are they currently 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.