CC700 Principles Of Accounting Assessment

CC700 Principles Of Accounting Assessment

King’s Own Institute

ACC700 Principles of Accounting

Trimester 2, 2017

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 currently in a group by week 6, 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 number

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 current and futuretechnology, accountant skills and ethics and career opportunitiesfor those who pursue accounting careers?

b. 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

b. Group Work Activity Report where at least 3 Group Meeting Minutes should be attached.

To identify current required accountant skills and current career opportunities associated with various accountant designations,

1. Find at least 12 accounting job advertisements advertised after 1st July 2017 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 current 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 current 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.126-135.

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 Rubric (10% in total)

Unsatisfactory

Satisfactory

Effective

Excellent

Exceptional

%

Fail

Pass

Credit

Distinction

High Distinction

Current required accountant skills and ethics and current career opportunitiesassociated 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 excellentdescription 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 fieldtogether 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 opportunitiestogether with good annotations or discussion

Very detailed, well-written list of future required accountant skills and ethics and career opportunitiestogether with excellentdescription 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 errors

References provided but many in-text and end-text reference errors

References providedbut some in-text or end-text errors

References provided, only minor in-text or end-text reference errors

In-text and end-text references cited correctly

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 correct 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 Rubric (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 Report;

3 meeting minutes;

Other source documents

1

Group Participation

Only one persons

actively participate

More than one persons

actively participate

At least half the students

confer or present ideas

At least 3/4 of students

actively participate

All students

enthusiastically

participate

1

Shared

Responsibility

Exclusive reliance on only one person

Exclusive reliance on more than one person

Responsibility is shared

by half the group

members

Responsibility is shared

by most group members

Responsibility for task is

shared evenly

1

Quality of

Interaction

No interaction; No evidence of discussion or alternatives

Little interaction; little evidence of discussion or alternatives

Some ability to interact;

some evidence of discussion or

alternatives

Students show adeptness

in interacting; lively

discussion centres on the task

Excellent listening and

leadership skills

exhibited; students reflect

awareness of others’

views and opinions in

their discussions

1

Roles Within Group

No effort made to assign

roles to group members

Little effort made to assign

roles to group members

Students assigned roles but roles were not

consistently adhered to

Each student assigned a role but roles not clearly defined or consistently

adhered to

Each student assigned a

clearly defined role;

group members perform

roles effectively

1

Presentation (5%)

Groups will provide a presentation of their assignment in weeks 11 and 12tutorial. Each person in the group will be required to present a section. All members will conduct some part of the presentation. If any student does not attend their group presenting, the student will not get presentation marks unless a medical certificate has been provided

Times and dates for each group’s presentations will be set in the tutorials in week 9 of the trimester.

Presentation Rubric (5% in total)

Criteria

Unsatisfactory

Satisfactory

Effective

Excellent

Exceptional

%

Fail

Pass

Credit

Distinction

High Distinction

Organisation

Not Applicable

Presentation is not smooth and audience attention lost because there is little sequence of information.

Audience has difficulty

following presentation

because some of the

information is not in

logical sequence.

Student presents information in logical sequence which audience can follow.

Student shows enthusiasm and presents information in logical, interesting sequence which engages the audience.

1

Content

Not Applicable

Some information is not accurate, not sufficient information

Accurate information, not sufficient information

Accurate information, sufficient information

Accurate and in depth information, sufficient amount of information

1

Audience Interaction

Not Applicable

Members just read

presentation with no eye contact or no use of appropriate gestures

Members primarily

read presentation,

occasionally

use eye contact and use appropriate

gestures.

Members maintain

eye contact and use appropriate gestures while often referring to notes.

Members maintain

eye contact and use appropriate

gestures while seldom returning to notes.

1

Communication & Time Management

Not Applicable

Student mumbles, and speaks too quietly for students in the back of class to hear and/or the presentation was too brief or too long.

Student’s voice is low. Audience members have difficulty hearing presentation and/or the presentation was somewhat short or somewhat long.

Student’s voice is clear. Most audience members can hear presentation. The presentation was of the proper duration.

Student uses a clear voice and correct, precise terms so that all audience members can hear presentation. The presentation was of the proper duration.

1

Teamwork

Not Applicable

Members have

unclear or no role in

presentation and poor

transition from member to

member.

Members have a

role in the presentation,

but the individual parts

appear poorly

coordinated.

Members are well

coordinated and well

prepared for presentation.

Members have

equivalent roles, smooth

transitions, and all parts

are integrated with each other.

1

Some relevant comments in relation to our group assignment from WEB sites

Can Software Really Replace Accountants?

I’s not a reality—yet—but accounting software is poised to eliminate accountants. We are at a tipping point for many similar professions: online education replacing professors, legal software replacing lawyers. As threatening as this sounds to professionals with many years of education and experience invested in a single field of expertise, the phenomenon of new technologies disrupting the workforce isn’t a new concept.

With such a radical technology disruption, there’s always the same cycle of debate: outrage, denial, compromise, and defeat. Ironically, accountants are instrumental in consulting with software developers to create the very technology that will replace them.

Of course, accounting software isn’t new to the accounting profession, and in fact, it has become very useful for many accountants. Even tax filing software hasn’t put accountants out of business. But changes are on the horizon that could likely empower accounting software users to the point when they don’t need accountants any longer, and reduce the process to a turnkey program anyone could follow. Again, automation is a common disruptor. Read about how automated cars are closer to reality than most believe, and how that is set to shake up the industries associated, especially insurance.

The latest evolution for accounting software has been in products moving into the “cloud.” Some software packages, like QuickBooks Online, offer certification programs, which help set accountants apart as the go-to professionals, but others seem to compel users to do more of the accounting themselves. This act of moving accounting online doesn’t precipitate the end of accountants. However, what does push accountants to the margins is how inexpensive and user-friendly the new online accounting software is. Check out FreshBooks, Xero, and Wave, for example.

If that’s not enough to instill fear in a well-educated accountant, think about how the Uber app has shaken up the taxi business, and how AirBnB is threatening the tourism industry. Giving consumers a way to do something effectively themselves for cheaper, and with ease, is a recipe for a paradigm shift.

Accounting software won’t replace accountants all at once, just like universities won’t disappear once Massive Open Online Courses (MOOCs) become the standard fare, and there will be exceptions, just like there will likely always be students who think it’s better to pay an amount that exceeds any reasonable ROI to obtain a liberal arts degree in person. Some exceptions will likely outlast predictions, especially for CPAs who play a critical role in large publicly traded organizations, for example, that need credentialed experts to conduct audits and sort through other complex regulatory issues.

Automating accounting for small business owners and entrepreneurs won’t be a bad thing either, as many would prefer to have turnkey programs to handle the grunt work of a task that once cost a good bit of a start-up’s small budget. Financial advisors will still have a role to play in helping entrepreneurs decipher the numbers, but it’s likely the software will come more complete with better industry standards, and give feedback on the financial health of the business being monitored.

You are talking about what is available in todays market , those cheap softwares but we are talking about future here and , when it comes to future it is important to know that artificial intelligence , a power full computer system exists and is in developing stages as we speak Well probably you haven’t heard of artificial intelligence that are rapidly developing at present which can take own decisions come up with own solutions can even explain what happens to particles , dna and more complex situations such as what happens inside your mind, surgeons and also engineers who made these systems are also being replaced. Accounting is something that humans made up all these formulas and theories all human made up stuff not earth natural theories. An artificial intelligence system can do and explain any of the things you said very efficiently and with no or minimum error. therefore it can be replaced. It’s just a matter of time that people trying to figure out how to manufacture these systems in mass quantity and in cost effective ways.

I think what you don’t understand is what an accountant does these day. We aren’t the ‘bookkepers’ in the traditional sense anymore. We are if anything advisers, and the field itself has done fairly well at adapting to the change in technology. So much of what we do is about getting the bigger picture, analyzing data & financial statements, essentially making up for unskilled workers they are allowed to have in other departments due to accounting software. Our courses are geared towards accounting software, and no matter what type you have, it is a system that must be ran by PEOPLE. If you have simple step by step instructions on how to use this system, great, but someone will need to be answering why the numbers look the way they do during a company’s yearly audit. Someone is will need to answer the IRS when they want to review your returns for irregularities & it won’t be H&R block because you sign an agreement waiving them of those responsibilities. If anything, a person with an accounting background is valued even more because i promise you, it’s not that popular of a major. AP, AR , Payroll, etc are filled with people with barely a degree, all they do is data entry. Your official accounting department, finance, and internal audit of the company have to be college educated with a degree in accounting or finance, and preferably be a CPA. So for all these unskilled workers they are now allowed to have doing data entry, they try to make up for their errors at the last stop before the financials statements: the accounting department. And the fact you’ve reduced it down to tax preparation is laughable, few accountants enjoy tax or do it willingly, so honestly, i’m glad there’s more technology out for it. Maybe now people will stop assuming accountants give a flying eff about someone’s taxes who make only 40k per year. But here’s the catch, tax preparation isn’t meant to be hard or a secret, the IRS has a step by step guide, they don’t expect people to need professionals in order to do taxes. So the fact that people need a software to do a step by step guide, of a step by step guide that is published every year that shows you what to do says a lot. You can buy software, you can outsource to H&R block, but the people using those services aren’t who accountants typically serve. Accountants are going to be doing taxes of a non profit, of large corporations with complex structures. Your idea of what an accountant does is very low level, i was doing corporate taxes for an international company during my junior year of college, i doubt they were going to h&r block. In other words, most true accountants have nothing to worry about because that’s not their market. H&R block does taxes, ok? Well when the government calls you saying you owe taxes on a property you just bought,that should have been paid by a previous owner, i doubt H&R block is gonna follow up with you on that problem & do the correct research. Don’t talk about what you don’t know, there are vast levels to accounting and it’s not just in ‘tax’ lol as if there’s one type of tax

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