Hi Kindly find the attached document of financial accounting theory and practice. It is TURNITIN...

Question

Hi Kindly find the attached document of financial accounting theory and practice. It is TURNITIN report.There is assignment brief document where you will find the details of assignment and supporting documents are article document which has to be used.

Acct6007_Assignment Brief Critical Analysis Page 1 of 6 ASSESSMENT BRIEF Subject Code and Title ACCT6007 Financial Accounting Theory and Practice Assessment Critical Analysis Individual/Group Individual Length 1500 words +/- 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 2 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://laureate- au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id =_2498849_1 https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1 https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1 https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1 ACCT6007_Assignment Brief Critical Analysis Page 3 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 http://www.tua.edu.au/media/50742/a240_grading-scheme.pdf ACCT6007_Assignment Brief Critical Analysis Page 4 of 6 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, ACCT6007_Assignment Brief Critical Analysis Page 5 of 6 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 well- developed 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

unifolks_636593585713532526_116919_1.pdf unifolks_636593585713532526_116919_2.pdf unifolks_636593585713532526_116919_3.pdf

Pulkit · Accepted Answer

Solution 1
Artificial Intelligence: - The Artificial Intelligence is a recreation of human intelligence which is administered by the machines specially the computer systems for performing an intelligent task. The administration includes the procurement of information and rules for using the procured information for reasoning and self-correction. These machines are also performing the task like voice recognition and machine vision. Artificial Intelligence was think up by an American computer scientist John McCarthy, in 1956 at The Dartmouth Conference where the discipline was introduced. It can perform the tasks like identifying the data patterns more efficiently than the humans beings that enabling the businesses to gain more understanding of their data.
Artificial intelligence is broadly classified into two types which includes the Weak AI and the Strong AI. Weak AI is the model in which the systems are trained to perform a particular task only. The Apple’s siri is the perfect example of weak AI which works on the virtual personal assistants model. Strong AI is the systems which inherited the generalized human cognitive abilities which help them to find a solution in unfamiliar task. Robotic process automation is the perfect example of strong AI. AI is a major application in the healthcare for improving the patient outcomes and reducing the cost AI is also effectively used in the business, education, finance, law and manufacturing. 
Blockchain: - is the open register on cloud based system which records the business transactions between two users when they are belonging to the same network and data is stored in a secured and verifiable place and in permanent way. The data relating to the transactions are saved inside the cryptographic blocks that are connected to each other with the help of hierarchy. This creates an endless chain of data blocks and hence it is known by the blockchain technology. The blockchain technology allows tracing and verifying of all the transactions is easy which that were ever made. Thus we can say that the primary function of a blockchain is to certify the transactions between people.
In the case of Bitcoin the most popular cryptocurrency, the blockchain serves to verify the exchange of the bitcoin between two users but it is only one of the many possible uses of this technological structure. In other sectors the blockchain is certify  that the exchange of shares and stocks are operate as if it were a notary and validate a contract or  to make the votes cast in online so that  it is impossible to alter. One of the greatest advantages of the blockchain system is its high degree of security guarantees. In fact, if once the transaction is certified and saved within one of the chain blocks then it cannot be modified or tampered. Each block of the block chain consists of a pointer that is connected to the previous block and a timestamp that certifies the time at which the event is actually took place and its transaction data.
In the current scenario the Artificial Intelligence and Block chain are used only in certain working areas in accounting. We need to make envision on intelligent systems so that they can enable better decisions in business, and understand that the how accountants can help this process. The recently emerged Blockchain is a trustless because it is the form of distributed ledger which is openly available and having negligible costs of use. The accountants are currently more trustworthy than AI and the use of blockchain is almost negligible in accountancy.
The Potential uses of the technology Artificial Intelligence and Blockchain in in the accounting and finance will eliminate the separate records keeping of every transaction receipts; companies can write their transactions directly to a joint register and then creating the interlocking system to permanent the accounting records. The entries which are entered and cryptographically sealed, intruder’s attempt to destroying them is practically impossible. It is the process which required to be verified by a notary only in an electronic way. The blockchain technology has the necessary potential to transform the nature of today’s accounting system. It may establish the way to massively automate the accounting processes and to comply with the rules and regulations of the companies.
Artificial Intelligence is the future of accounting but the accountants has to focus on purpose, exploit powerful technologies of AI and radically for the long term vision of AI. The AI and human Intelligence work together by approaching to the AI and using the strength of machine learning and overcoming the limits of AI. Accountants can use the AI for solving the accounting problems, practical challenges roles and skills and for institutional issues. 
 Solution 2
In Blockchain system of accounting all transactions are recorded in real-time and the time stamped with a unique crypto-signature. The accountant is not to worry for the completeness of financial information and records, existence of assets and liabilities and whether they are true and accurate, rights and obligations of the company, accuracy of information captured and for the record or information has been tampered or not. The combination of Artificial intelligence and Blockchain will all these problems. 
A simple example would be, let’s say a bank sells shares to another company The Bank would credit Investments and Debit Cash and the Company would debit Investments and Credit cash. In a scenario where there is a 'distributed ledger' or Blockchain, the whole transaction would be updated on the shared distributed ledger simultaneously with a timestamp and a crypto signature/digital fingerprint. Accordingly the Company cannot falsify its records to say it received more shares than it actually bought and neither can the Bank say it received more cash than it actually did. The records cannot be changed and cannot be manipulated on a back-dated basis.
The future jobs of the accountant are not much affected but the scope of work of accountants are changed from the data recording to the data reconciling pre and post of blockchain entry and the verification of documents. The accountants must possess the required skills and expertise to work in the modern culture of blockchain and artificial intelligence.
Accountants and Auditors will not need to become the engineers with detailed knowledge of how blockchain works but they will need to know at least how to advise on blockchain adoption in the accountancy and will have to consider the impact of blockchain on their businesses and clients.
Solution 3
 I strongly support arguments made by the author regarding AI and blockchain because of the following points:
· It allowed the auditor to dig deeper into the large volume of data processed by the machines.
· It eliminates the need of sampling in checking of accounting records and vouchers.
·  Machines are much better than auditors in processing of the huge amount of data.
· Auditors are become well with AI if they are bracing themselves as the author said in article.
· The security purpose solved with the use of blockchain because of the highly encrypted and secured keys.
· The accountants need not to worry for the completeness and proper recording of transaction.
· Blockchain could help the accountants to clarity over the available resources and obligations of their organization, and also free up the resources to concentrate on some important task like planning and valuation, rather than recordkeeping of transactions.
· Blockchain may enhance the accounting profession by reducing their costs of maintaining the record, and keep the reconciling ledgers records, and providing the complete certainty over the ownership life and value of assets.
· The transactions are updated simultaneously at all these blockchain points are cannot be modified by any or all persons with access to the blockchain or have access to this information.
· Blockchain creates immutable records that are resistant to tampering; frauds may still occur in blockchain system but will be captured in the records and can be easily detected.
Solution 4
Machine learning is also like an artificial intelligence which affects the day to day operations of an organization has become a buzzword in recent years. The machine learning is adopted as the proactive strategy are achieving the approximately 12.5% higher return in the finance sector. Accounting software’s are getting smarter than before, and they are performing the tasks that are earlier required to be done with human intervention. The Repetitive task, and tedious tasks are eliminated so that bookkeepers, and business owners now spend less time on keeping their accounts data up to date and spend their most of the time on other important tasks.
Accounting applications learn the coding behavior of invoice and then suggest where the transactions should be allocated. Bank reconciliations are fully automated no human intervention required and again the technology will learns from its previous allocations and account choices and then afterwards makes the right recommendations for new bank transactions.
Machine learning algorithms is the process of machine learning in which the data is automatically processed and then review to the data is made, to recognize the anomalies and compile with a list of outliers for auditors to check the complete transaction of the company. It will help the auditors from instead of spending most of their valuable time on checking the data; an auditor can apply their skills to investigating and deducing the reason behind a pattern or anomaly. 
References:
Blockchain
Swan, M. (2015). Blockchain: Blueprint for a new economy. " O'Reilly Media, Inc."
Zyskind, G., & Nathan, O. (2015, May). Decentralizing privacy: Using blockchain to protect personal data. In Security and Privacy Workshops (SPW), 2015 IEEE (pp. 180-184). IEEE.
Kosba, A., Miller, A., Shi, E., Wen, Z., & Papamanthou, C. (2016, May). Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. In Security and Privacy (SP), 2016 IEEE Symposium on (pp. 839-858). IEEE.
Artificial Intelligence
Russell, S. J., & Norvig, P. (2016). Artificial intelligence: a modern approach. Malaysia; Pearson Education Limited,.
Bench-Capon, T. J., & Dunne, P. E. (2007). Argumentation in artificial intelligence. Artificial intelligence, 171(10-15), 619-641.
Boden, M. A. (1998). Creativity and artificial intelligence. Artificial Intelligence, 103(1-2), 347-356.
Solution 1
 
Artificial Intelligence: 
-
 
The Artificial Intelligence is a 
recreation
 
of human intelligence which 
is 
administered
 
by the machines 
specially
 
the computer systems
 
for performing an 
intelligent 
task. The
 
administration
 
includes the 
procurement
 
of 
information and rules for using the
 
procured 
information
 
for 
reasoning and self
-
correction. These machines are also 
performing 
the 
task like
 
voice 
recognition and machine vision. Artificial Intelligence was 
think up
 
by
 
an 
American computer scientist
 
John McCarthy
, in 1
956 at 
The Dartmouth Confere
nce where the 
discipline was introduced
.
 
It 
can perform 
the tasks like 
identifying the
 
data 
patterns more
 
efficiently 
than
 
the humans
 
beings that
 
enabling
 
the
 
businesses to gain more 
understanding
 
of 
their data.
 
Artificial 
intelligence
 
is 
broadly
 
classified into two types which includes the Weak AI and the 
Strong AI. Weak AI is the model in 
which
 
the systems are trained to 
perform
 
a particular task 
only. The
 
Apple
’
s siri is the perfect example of
 
weak AI which 
works
 
on the virtual 
personal 
assistants
 
model
.
 
Strong AI is the systems which inherited the
 
generalized human cognitive 
abilities 
which help them 
to find a solution
 
in 
unfamiliar task
.
 
Robotic process automation is the 
perfect example of strong AI.
 
AI 
is a major application
 
in the healthcare for improving the 
patient
 
outcomes and reducing the cost
 
AI is also effectively used in the business, education, 
finance, law and manufacturing.

Blockchain
: 
-
 
is the open
 
register
 
on cloud based system
 
which
 
records
 
the
 
business tr
ansactions 
between two 
users
 
when they are 
belong
ing to the same network
 
and 
data
 
is
 
stored in a secure
d 
and 
verifiable
 
place
 
and
 
in
 
permanent way. Th
e data
 
relating to the transactions
 
are sa
ved inside
 
the cryptographic bloc
ks that 
are connected to each other with the help of
 
h
ierarchy
. This creates 
Solution 1 
Artificial Intelligence: - The Artificial Intelligence is a recreation of human intelligence which 
is administered by the machines specially the computer systems for performing an intelligent 
task. The administration includes the procurement of information and rules for using the 
procured information for reasoning and self-correction. These machines are also performing the 
task like voice recognition and machine vision. Artificial Intelligence was think up by an 
American computer scientist John McCarthy, in 1956 at The Dartmouth Conference where the 
discipline was introduced. It can perform the tasks like identifying the data patterns more 
efficiently than the humans beings that enabling the businesses to gain more understanding of 
their data. 
Artificial intelligence is broadly classified into two types which includes the Weak AI and the 
Strong AI. Weak AI is the model in which the systems are trained to perform a particular task 
only. The Apple’s siri is the perfect example of weak AI which works on the virtual personal 
assistants model. Strong AI is the systems which inherited the generalized human cognitive 
abilities which help them to find a solution in unfamiliar task. Robotic process automation is the 
perfect example of strong AI. AI is a major application in the healthcare for improving the 
patient outcomes and reducing the cost AI is also effectively used in the business, education, 
finance, law and manufacturing.  
Blockchain: - is the open register on cloud based system which records the business transactions 
between two users when they are belonging to the same network and data is stored in a secured 
and verifiable place and in permanent way. The data relating to the transactions are saved inside 
the cryptographic blocks that are connected to each other with the help of hierarchy. This creates

Acct6007_Assignment Brief Critical Analysis Page 1 of 6 ASSESSMENT BRIEF Subject Code and Title ACCT6007 Financial Accounting Theory and Practice Assessment Critical Analysis Individual/Group...

Answer To: Acct6007_Assignment Brief Critical Analysis Page 1 of 6 ASSESSMENT BRIEF Subject Code and Title...

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment