Reflective Report, please see the file attached
Griffith University 2108AFE Financial Accounting Practice-Based Reflection Report Trimester 2, 2019 You are required to write a practice-based reflection report in maximum 1,200 words. In your reflection, you will be reflecting on your learning experience in the course, the relevance of the course material to the accounting profession, and your understanding of the accounting profession in general. The purpose of this report is to develop your professional awareness and identity, as well as written communication skills. Formatting Checklist YOU MUST FOLLOW THESE · The report is due Tuesday 17th September 2019 9.00am · Your report will be completed in PebblePad and will include the following: · Your responses to each section of the reflection report · Reference list - Sources used should be reliable, reputable, and relevant. · Maximum word length of 1,200 words. · Include your word count at the end of each section, excludes reference list. · Note that the markers will stop marking your report once the word limit has been reached. · The above instructions must be followed carefully and completely. Failure to adhere to any requirement may result in a penalty of up to 10% of the available marks. · Late assignment completion will be penalised according to the Griffith Late Submission policy. Submission Checklist YOU MUST FOLLOW THESE · As per the information the In L@G under the heading Assessment/Assignment – Practice-Based Reflection Report (10%), you are required to complete each item below: · Complete the reflection in PebblePad, · Note: No need to submit manually as the submission will be shared automatically with the teaching team. · Save your work from time to time. Ensure that you keep a copy of the report in a Word for back up. · Note: The marker will only read what you have written until the Due Date. Anything you have written after the due date will be ignored. · Failure to adhere to any requirement may result in a penalty of up to 10% of the available marks. · Late assignment completion (only marked on the request of the student) will be penalised according to the Griffith Late Submission policy. Content and Structure of your Reflection Report In your reflection consider the following: Section 1: Understand the application of professional knowledge and skills in the workplace (max. 200 words). · As a professional accountant, how would the process for completing the practice set assignment (a manual accounting process) be used in an accounting department. Explain whether communication, teamwork, time management and interpersonal skills play a role in completing this process within an accounting department? · When (why) would you use this manual accounting system rather than a computerised accounting system? · What are the benefits and limitations of each type of system (manual vs computer)? Section 2: Identify career pathways associated with current program of study (max. 300 words). · Do you intend to pursue a Professional Membership qualification such as CAANZ or CPA? If so, which one would you choose and why? · At this point in time, what are your career aspirations? · What pathways are available to you if you do not obtain a Professional Membership qualification? · A Work Integrated Learning (WIL) experience: How do you think you could personally benefit from participating in a WIL course such as 3000AFE? List some reasons why you may choose NOT to enrol in a WIL course during your undergraduate studies. · What other steps can you take during your degree to enhance your employability options when you graduate? Section 3: Identify a variety of professional roles in the workplace and their associated responsibilities (max. 200 words). · Apart from an accountant in an accounting firm or an auditor, what other professional roles are available to you and what are their responsibilities in an organisation? · Which of these roles are of interest to you and why? Section 4: Identify own strengths and weaknesses in relation to particular careers (max. 200 words). Based on yourself, conduct a SWOT analysis using the template provided below: Internal Factors Strengths Weaknesses Talk about what you're good at, your unique assets and resources, and how your positive attributes are perceived by others. For example: What are your strengths? What do you do better than others? What unique capabilites/skills do you possess? What do others percieve as your strengths? Talk about improvements you need to make, any resources you lack, and how these negative attributes might be perceived by others. For example: What are your weaknesses? What do other students do better than you? What can you improve given the current situation? What do others perceive as your weaknesses? External Factors Opportunities Threats List opportunities that are currently open to you, opportunities you can capitalize on, and how your strenghts can create new connections/opportunities. For example: What trends or conditions may positively impact you? What opportunities are available to you? List any harmful hazards, obstacles, and how known weaknesses can lead to threats. For example: What trends or conditions may negatively impact you? What impact do your weaknesses have on the threats to you? Section 5: Understanding of legal and ethical professional responsibilities and standards (max. 300 words) Case Study You are the assistant accountant at Sugafree Ltd, a distributor of healthy snack foods. Sugafree has a large loan from ABC Bank, and part of the loan agreement stipulates that the company must maintain a Cash at Bank account balance of at least $75 000, reviewed monthly by the bank manager. At 30 June you report to the accountant, Mandy Sherlock, that the cash balance is only $50 000. Mandy is concerned and instructs you to keep the cash receipts records open for one more day. She explains that if Sugafree reports this cash balance to the bank, the company will default on the loan agreement and the bank may foreclose on the loan and require full repayment. The company could be forced into liquidation and all employees will lose their jobs. Mandy’s friend Peter Holmes is the accountant at Fantastic Foods, one of Sugafree’s largest customers. She says she will ring Peter and get him to send through a cheque for $35 000 (in part payment of Fantastic Foods’ account) dated 30 June, which you will receive tomorrow, 1 July. Mandy instructs you to include this cheque in the cash balance so that Sugafree does not have any issues with ABC Bank due to falling below the $75,000 limit at 30 June. QUESTION: In your capacity as a professional accountant, how would you personally handle this situation – what would be your first step, second step, etc? · Would you speak to anyone about this situation? · In your response, consider the Code of Ethics for Professional Accountants? · What would you do to resolve this situation? Learning Resources – Have you looked at these resources? · L@G/Student Support · L@G/GBS Resources · L@G/GBS Organisations including Business PLUS and PebblePad · L@G/ GBS Work-Integrated Learning opportunities - https://www.griffith.edu.au/griffith-business-school/student-opportunities/work-integrated-learning-programs · 2108AFE Practice-Based Reflection Report Rubrics · Provides you with guidance relating to the marking of the Practice-Based Reflection Report. This rubric should be consulted when completing your Practice-Based Reflection report. · Griffith University Library Guides - http://libraryguides.griffith.edu.au/c.php?g=28707&p=177081 Content Resources - Where to start? · Australian professional accounting bodies websites: CPA Australia, Chartered Accountants Australia and New Zealand (CAANZ), Institute of Public Accountants (IPA). · Publications of professional accounting bodies: In the Black (CPA Australia); Charter (CAANZ) (available online through Griffith Library – see above link) · Accounting standard setters and other regulators, especially AASB, IASB, IFRS. · International accounting firms, e.g. Deloitte, Ernst & Young, KPMG, PwC. · The Code of Ethics for Professional Accountants: https://www.cpaaustralia.com.au/professional-resources/accounting-professional-and-ethical-standards/apes-110-code-of-ethics-for-professional-accountants 1 ctl_reflective_writing.indd Page 1 Last edited 27 November 2014. CRICOS Provider: 01241G Quick Guide Reflective writing What is in this guide • What is reflective writing? • Features of the language of reflective writing • Examples What is reflective writing? Reflective writing is a personal style of writing. It is expected when you are asked to reflect on and think critically (analyse and judge in relation to the theory) about ideas and practices that relate to you personally (e.g. your teaching practices). Its purpose is to help you to understand your course material better, to help you create links between your past and present learning and clarify the relationship between theory and practice. You can write your paragraphs to give your opinion (interpretation/analysis) first then the supporting evidence, like in Example 1. Or you can present the theory first to provide the basis for your subsequent opinion, like in Example 2. If you do not link your opinion to the theory, then your opinion lacks credibility, like in Example 3. Features of the language of reflective writing • You can write in the first person when you are reflecting. That is, you can include yourself (I, me, we) in your writing when you are expressing personal experiences, observations or opinions. • When you are referring to theory or other writers you should write in the third person. That is, refer to other writers by name and try not to use I, or me. • The actions (verbs) when you reflect are usually those of feeling and thinking e.g. feeling, felt, considered, experienced, wondered, remembered, discovered, learned. • When you are reflecting, if your opinion is not all that strong, you can modify or soften it by using words like may, perhaps or might. Page 2 Last edited 27 November 2014. CRICOS Provider: 01241G Quick Guide Examples Example 1: Your opinion (interpretation/analysis) followed by supporting theory Note how paragraph structure is used to: • state a reflection/opinion • give explanation and an interpretation about that reflection • provide a theoretical justification for the interpretation. This adds credibility to the interpretation • draw a logical conclusion. On contemplation, I realised that some of my values are in conflict with one another. One value is that financial security brings happiness. Another value of mine is that education is extremely important. These values are in direct conflict because the second (education) prevents me from achieving the first (security from monetary gains). As Egan (1977, p. 12) explains, conflict occurs if different values get in the way of one another. This conflict of values probably explains why I have been feeling distressed and anxious about coming to university. Actions of thinking and feeling Example 2: Theory followed by interpretation/evaluation Self-disclosure is an important component of developing good communication in a close relationship. According to Johnson (1999, p. 45), self-disclosure is the act of letting people know personal information about oneself. It usually occurs within a personal relationship where there is a lot of trust involved or when there is a need