Posted: May 15th, 2022

ACCT6007 Financial Accounting Theory and Practice, Critical Analysis 1500words

ASSESSMENT BRIEF
Subject Code and Title ACCT6007 Financial Accounting Theory and Practice
Assessment Critical Analysis
Individual/Group Individual
Length ACCT6007 Financial Accounting Theory and Practice +/- 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 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.
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/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.
Instructions:
Download and critically analyse an academic article written by Daniel Hood (2018). This article can be found in the Torrens University library using the following citation:
Acct6007_Assignment Brief Critical Analysis Page 1 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 referencing 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 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.
Academic skills resources: Assessment brief 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://laureateau.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id =_2498849_1
Acct6007_Assignment Brief Critical Analysis Page 2 of 6
Learning Rubrics
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
relevant skills to a
competent level, and adequate
interpretation and critical analysis skills. Evidence of a good level of understanding, knowledge and skill development in relation 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 correctly 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
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 research/course materials.
Thorough knowledge or understanding of the field or discipline/s. Supports personal opinion and information substantiated by evidence from the research/course materials.
Demonstrates a capacity to explain and apply relevant concepts.
Highly developed understanding of the field or discipline/s.
Discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/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 between assertion of personal opinion and information substantiated by robust 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,
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 reached with welldeveloped 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 briefly one
other technology
Shows the ability to interpret relevant information and literature.
Well-developed analysis and synthesis with application of recommendations
Identified and explained sufficiently one other technology
Thoroughly developed and creative analysis and synthesis with application of pretested models and
recommendations
Identified and explained briefly at least 2 other technologies
Highly sophisticated and creative analysis, synthesis of new with existing knowledge.
Strong application by way of pretested models and Recommendations are clearly justified based on the analysis/synthesis. Applying knowledge to new situations/other cases.
Identified and explained sufficiently at least 2 other technologies
Use of academic and
discipline conventions and sources of evidence.
Grammar, spelling and referencing
20% Poorly written with errors in spelling, grammar.
Demonstrates inconsistent use of good quality, credible and relevant research sources to support and develop ideas.
There are mistakes in using the APA style.
Is written according to academic genre (e.g. with introduction, conclusion or summary) and has accurate spelling, grammar, sentence and paragraph construction.
Demonstrates consistent use of credible and relevant research sources to support and develop ideas, but these are not always explicit or well developed.
There are no mistakes in using the APA style. Is well-written and adheres to the academic genre (e.g. with introduction, conclusion or summary).
Demonstrates consistent use of high quality, credible and relevant research sources to support and develop ideas.
There are no mistakes in using the APA style.
Is very well-written and adheres to the
academic genre.
Consistently demonstrates expert use of good quality, credible and relevant research sources to support and develop appropriate arguments and statements. Shows evidence of reading beyond
the key reading
There are no mistakes in using the APA style. Expertly written and adheres to the academic genre.
Demonstrates expert use of high-quality, credible and relevant research sources to support and develop arguments and position statements. Shows extensive evidence of reading beyond the key reading
There are no mistakes in using the APA Style.