...ACCOUNTING THEORY AND PRACTICE (FAR 600) Teaching and Learning Arrangements (SEMESTER: JAN 2007 – APRIL 2007) COURSE CODE : FAR 600 PROGRAM : BACHELOR OF ACCOUNTING (HONS) CREDIT HOURS : 4 CONTACT HOURS : 4 STATUS : CORE SYNOPSIS This financial accounting course exposes students to accounting theory, corporate accounting policies and financial reporting practices. The importance of history is introduced through a brief discussion on accounting history from both experiences of both western and Muslim Civilization. In understanding the theoretical framework of accounting, the various perspectives on financial accounting theory are examined with particular emphasis on their rationale and implications on accounting practice. General concepts of theory formulation are discussed and types of accounting perspectives and research are also introduced in this course. Corporate Accounting Policies are explained by the development of the Conceptual Framework and the Importance of a Regulatory Environment. The Standard Setting process in Malaysia is discussed. An analytical approach of the accounting standards is adopted by examining the recognition, measurement, disclosure and presentation of accounting information is discussed. Significant emphasis is placed on Asset Measurement, Nature of Liabilities, Types of Equity, Recognition of Revenue and Income Finally contemporary accounting practices and...
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...RAMON RAMIREZ ID#: 1059854 ACG 6026 Prof: Dr. Krishnamurthy Surysekar Discussion Essay “TWO WORLDS ACCOUNTING IS OKAY FOR NOW” By: Ramon Ramirez George Bush Sr. once said“…We are facing with the opportunity to forge, for ourselves and for future generations, a New World Order. A World where the rule of law, not the law of the Jungle, governs the conduct of Nations…A World…in which a credible United Nations can use its peace keeping role to fulfill the promise and visions of the UN founders. ” The world was listening and since then, globalization started to lurk around the hemisphere. Business has gone as usual, yet people ignored the reality that with so many treaties, so many agreements, so many compromises, the Big Wide World as we knew it once, was becoming so small that anyone would hold it in the palm of one hand. Business Globalization, once seemed to be impossible, now a reality of life. Companies throughout the world conduct business and interrelate with each other, regardless of race or culture. The obvious next step is accounting globalization. The Convergence is not a new concept; according to Mark Conmy (2011) “convergence has been discussed for almost a decade...is a done deal.” These words might bring hope to those who expect the changes as a positive solution to a new world order. But, Floyd Norris, in his article “Accounting that comes in flavors, differs from Mr. Conmy. Norris says “The world was supposed to be moving to a single set...
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...Accounting and its role in society Accounting is concerned with collecting, analysing and communicating economic information (Atrill & McLaney, 2004, p1). However in order to develop a broader understanding of accounting and the central role it plays in society, we need to consider it from a social perspective. Individuals in society coexist by establishing relationships with each other. Another way of viewing society is by segmenting it into different groups or arenas, for example the social, economic, organizational and political arenas (Kyriacou, 2007, Lecture 1, p4). In order to function effectively, these different arenas need to communicate and it is accounting information that facilitates this communication. According to Kyriacou (2007, Lecture 1, p5) accounting information serves many important purposes, for example assisting users in making informed decisions, in relation to the effective allocation of scarce resources. Therefore accounting information can be seen to be a potent influence in society, which affects everybody. This is illustrated by the National Coal Board case (Cooper et al, 1985, p10) were the measurement of accounting profit was used to justify the closure of coal pits, causing an impact on electricity prices, jobs and taxes. Accounting has a long history and as demonstrated by Hines (1988, p251-261) it is seen as being socially constructed i.e. it is practised by people for people and therefore it is more of an art rather than a science. Unlike...
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...Accountancy from Mississippi State University. Mr. de Verteuil is employed with the Mississippi Department of Human Services as an Accountant. He aspires to complete his Master’s and become a Certified Public Accountant. Mr. de Verteuil’s long-term goal is to open his own accounting firm and specialize in taxation. Essay: If you were to ask a group of kindergarteners what they want to be when they grow up you will hear answers such as, doctors, firefighters, and maybe even policemen, but I guarantee no one will say an accountant! Accounting is a word that many people are familiar with, but only a handful of people actually know what it means. Accountants excel in working with numbers, reconciling conflicting reports, and paying close attention to detail; all things I find interesting. As a current second semester graduate student, I did not start out as an accounting major. When I first went off to college I found out after one semester that I would not be a successful computer engineer. Not only could I not understand how to write computer codes, but it was also something that I knew I did not want to do as a profession. Meanwhile, as I became introduced to accounting, it did not take long for me to feel comfort in the copious amounts of numbers and their respected accounts to be charged to. The National Association of Black Accountants (NABA), a professional organization focused specifically for African-Americans, is an amazing opportunity for any accounting and...
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...Question A As what we understand for the words of Professional Accountant is who has experience and skills in establishing and maintaining accurate financial records for a business. Accountants’ works including control the system of record, auditing books and prepare a financial statement (Hossain, 2013). The accounting profession in Malaysia is controlled by the Malaysian Institute of Accountants (MIA) through the powers discussed by the Accountants Act, 1967. In Malaysia, we needed some certificates to show that we are accounting educated so that we are having the abilities to work as certain company’s accountant. Those certificates are known as ACCA, LCCA, CIMA and also MICPA. Start from few years back, Malaysia standard of requiring accountants was raised from LCCA to ACCA. With ACCA certificate, a person can consider as a professional accountant and so he or her has the ability to finish the duties. Question B In an organization, accountant plays a very important role. Without an accountant, the organization cannot work effectively (role of accountant, 2013). Accounting is a special division of knowledge. Both the accounting system and the accountant provide a very useful service to the society. There are a lot of stuff can be done by an accountant. Firstly, an accountant does bookkeeping. They keep a systematic record of the transaction in the business to ensure the organization operation. Accountant also analyzed and review budgets and expenditures for their clients...
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...Introduction The usefulness of accounting theory is evident at various levels within the accounting profession and society in general including, standard setters, accounting professionals and users of accounting information. This essay will address two key areas, firstly, a personal reflection on this course and why studying theory is essential for practicing accountants. The second part is a critical evaluation of the conceptual framework and why it is an essential part of accounting literature. Areas evaluated include the purpose and benefits of a conceptual framework, a brief history of it in Australia, principle based versus rules based standards and some criticisms of it are discussed. Personal reflection I must admit, when scrolling through the list of courses I have left to complete my degree Accounting Theory did not jump out as one I was eager to enrol in. This is in no small part due to my lack of appreciation of how knowledge of the development of theory can give context and power to understanding changes. Whereas before I was more about practice and ‘getting it done’, it has become apparent that theory generally is an intrinsic element in advancing our understanding of our environment, culminating in improvements in practice. It is not a means of simply explaining or predicting behaviour, nor is it there only to serve as a framework for further inquiry (although these are important benefits of theory). Theory has a much more significant and elegant role to...
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...(SOX), a new era of stakeholder expectations was crystallized for the business world and particularly for the professional accountants that serve in it. The drift away from the professional accountant’s role as a fiduciary to that of a businessperson was called into question and reversed. The principles that the new expectations spawned and renewed resulted in changes in how the professional accountants are to behave, what services are to be offered, and what performance standards are to be met. These standards have been embedded in a new governance structure and in guidance mechanisms, which have domestic and international components. The influence of the International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) will be as important as that of SOX in the long run. This chapter examines each of these developments and provides insights into important areas of current and future practice. Building upon the understanding of the new stakeholder accountability framework facing clients and employers developed in earlier chapters, this chapter explores public expectations for the role of the professional accountant and the principles that should be observed in discharging that role. This leads to consideration of the implications for services to be offered, and of the key “value added” or competitive edge that accountants should focus their attention on to maintain their reputation and vitality. Sources of ethical governance and guidance are...
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...process. Reese and Janes (2012) indicate that accounting has changes both in terms of accounting theories, as well as application of technology in accounting. Therefore, when looking at the history and evolution of accounting, it is imperative to look at the changes that have occurred. These changes are both in theory, and the application of technology in accounting. It is also worth looking at the various accounting theories that have come up. These have to be related to the changes in technology, higher literacy levels, and more complex business operations which call for the review of accounting practices. The need to protect the interest of the public is also a chief reason why changes in the accounting practice needed to occur. This essay looks at the changes both in practice and application of technology. Evolution in Theory and Practice According to Alexander (2002) observes that accounting in the ancient times was propagated by the understanding of the accounting principles. These included private property, wealth, capital, credit, commerce, money, writing, and arithmetic. These were the basic principles which made it necessary for the accounting theory to come into being. These particulars made it important to have the accounting...
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...Job ref:MPRE13312359 Dear Sir/Madam, I am a recent graduate of the University of Nottingham with a BSc Economics degree (First Class honours), applying for the ACA qualification graduate role. Feeling inspired by the immense presence of finance in our global and everyday lives, I believe accounting is a profession I will excel at. My enthusiastic, self-driven nature and willingness to work hard led to me to recognise where my future lies very early on. It is my earnest aspiration to continue my studies and become a qualified accountant achieving the ACA qualification, while at the same time stepping into the world of business and finance. Being passionate about the business world, I believe that the ACA qualification is a natural continuation of my university studies and will provide me with a broad knowledge, skills and experience not only in accounting, but also in other aspects of business and finance. Furthermore, the fact that the ACA can combine postgraduate studies along with work experience is paramount in setting strong foundations for a successful career. I was also very happy to see that through working towards the ACA qualification, I will be able to contribute to my community through pro-bono services and charity work. Looking for as much professional exposure as possible as a student, I was privileged to be selected to participate in internships with two firms...
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...Week 2: This week talked about the accounting environment in Australia. At the beginning of the lecture, we were asked to complete a questionnaire. The questionnaire contained the definitions of accounting terms. Introduction to course outline, trying to understand how it relates to accounting degree as a whole. The way to develop an understanding is to focus on the suitability of current accounting practices and how to develop improved accounting practices where current practices are unsuitable for changing business circumstances. This allows me to look at the course as a whole. Team formation with group of 4 led to some problems as two members had a personality clash and had a fight about the first task which included choosing photos out of a magazine that represented accounting. The group worked the problem out however it just shows the pros and cons of team work as sometimes personalities that clash each other may erase any benefits of team work. The vital issue this week is why regulation is needed and I hope to reflect about this in the weeks to come Other issues is who regulates and why one framework has begun to dominate world wide Why were certain regulations introduced such as “Intangible assets” Not reliable or timely, can’t be measured accurately. Problem is it undervalues organisation. Found the topic beneficial as a whole Week 3: Watched the movie “Company Men”, which reflects the operation of a financial company during the global financial crisis...
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...Unit 1 IP By Amber Brooker June 14, 2013 ACCT310 Abstract In this essay I am a manager in an accounting department and would like to hire another managerial accountant. The CEO is not convinced, so I must convince him. Manager Report Accounting has two different purposes: the first is reporting for external users and other is for internal users like management. Because of this, accounting can be put into two different categories: financial accounting and managerial accounting. Financial Accounting gives us a view of the financial position of the company. It is management’s responsibility to keep the accounting records in a way that gives us the correct view of the company; it must be free from any material misstatement, which may distort the reader. In order for it to be conveyed properly, management has to follow certain rules and regulation such as GAAP, IAS, etc. Managerial accounting helps with the planning & control, as well as the decision making activities of the company. The success of the business depends on the planning and the correct decision making in keeping the facts and figures related to the situation, this is what the managerial accounting does. So, Financial Accounting is used for external reporting purpose and the managerial accounting is used for internal reporting purpose. Financial Accounting emphasizes on the financial aspect and the Managerial Accounting is the planning and decision making aspect. Most of the time, reports are created...
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...会计专业硕士学位在国外的发展已超过五十年，而在我国的发展方兴未艾。借鉴吸收发达国家的培养经验，对于完善我国会计专业硕士课程体系、提高人才培养质量具有十分重要的作用。 * 主要内容和观点 文章首先介绍了专业硕士学位及会计专业硕士的发展情况。然后，分别从中国和美国选取十所高校的会计专业硕士项目作为样本，从模块结构、培养方向、核心课程等方面做了比较全面的分析，尤其是比较了中美会计专业硕士的课程体系的差异，并对其成因进行分析。最后，为我国会计专业硕士的发展提出了一些建议，如：统一培养方向划分、明确培养目标等等。 * 主要贡献 本文的侧重点在会计专业硕士的课程体系，主要以对比的方式进行研究，并从差异分析中得出启示，希望能有助于我国会计硕士的发展。 关键词： 会计专业硕士，课程体系，比较 ABSTRACT Background The master of professional accounting program, shorted for MPAcc, is a new developing one in mainland China. It’s beneficial to learn from the same program in other countries, which has been successful in training professional accountants for decades. Contents Firstly the essay introduces the history and current situation of MPAcc in China and U.S. Then it selected several schools to study its master of accounting program. The programs in both China and American are researched and compared. Contribution This essay compares MPAcc curricula from twenty colleges in China and the United States. Some differences are found and analyzed. Finally suggestions are put forward to stimulate the program in China to achieve success. Key words: Master of Professional Accounting, System of Accounting Courses, Comparison 目 录 一、引言 1 二、文献综述 1 三、专业硕士学位介绍 1 四、中美两国的会计专业硕士的发展历程及现状 2 五、中美会计专业硕士的课程体系情况对比 4 （一）样本选择 4 （二）模块结构 5 （三）培养方向 5 （四）补修课程 6 （五）核心课 6 （六）实践课 7 六、中美会计专业硕士课程体系对比结果及原因分析 7 （一）模块结构比较相似 7 （二）培养方向有较大不同 7 （三）对补修课程要求有较大不同 8 （四）核心课有一些差异 8 （五）实践课不同 9 七、启示与建议 9 （一）尽量统一培养方向的划分...
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...liked to write journals, poetries, short stories and even novels. However, when I moved to America for four and half year ago. I started to hate writing. I don’t feel confident to write anymore. It’s probably because of the language. I tried to learn how to write in English when I move to America, but it was so hard for me at that time. I remember the first time when I wrote an essay in English, it took me two days to write a short paragraph. The big problem is I didn’t have enough words to write, and my huge mistake is that I always thought in my own language, then tried to translate to English, which was the slowest way to learn in writing. That habit changed when my professors kept telling me to think in English during writing time instead of thinking about Vietnamese, and that helped me a lot in writing. I’m a narrative writing person. I love creating different characters and telling stories about my characters. When I was in middle school, I used to write a lot of actions...
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...Analytical Essay – My Son The Fanatic For many people it can be hard to break out of the social inheritance, which we all have. It takes time, effort and often, a lot of money. This is just one of the many things, that is happening on in the short story “My Son The Fanatic”. My Son The Fanatic is about Ali and his father Parvez. It takes us threw Ali´s life and how his father Parvez, has a big impact on Ali´s life it. It also shows us the ups and downs in the little families’ lives. The main focus in my analysis is going to be the relationship between Ali and his father, and also on how the relationship develops, how the father helps his son. I also want to look at, the impact that Ali has in his father’s life. If he changed him in any way, maybe Parvez is just living his own life, without any influence from his son, Ali. I will also tell a bit about the environment in the short story. The short story My Son The Fanatic is a about a boy Ali, whom goes to college. He is very religious, a Muslim. He is independent and sees Parvez' beloved Britain as a fraudulent cocktail of "a sink of hypocrites, drug takers and prostitutes.” He seems to bear no resemblance to his father and be very resentful towards his way of sees life. His father Parvez is the caring, protective husband, whose dream is Britain itself; to have his son grow up, educating as an accountant, shine at cricket and school and then set off to marry a good girl and commence his own life. He...
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...lessons that were discussed in the case were based on misleading information, or information that was inaccurate when trying to make a final decision. The decisions discussed in the case were not made in order to help make decisions; rather top managers were trying to save themselves and their reputations. The first ethical lesson pulled from the case was that when there is information that is misrepresented or wrongly described, one should not hesitate to speak up. Whether you are looking over information from peers on your own level or information from top-level management or anyone higher in a company than you, one should be able to speak up to misrepresented information. As someone going into an accounting field, one thing that accountants strive for is to have accurate information in order for stakeholders and shareholders to make correct and informed decisions based off of accurate and up to date data. When you are able to voice your opinion, good things can come from this. In the accounting profession it is good to have an eye to seek out mistakes in data that could...
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