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. It shows how a company circumvented regulation due to greed. It provided some answers I asked last week as to why regulation was needed The lectures emphasies that regulation is about two things: 1. Regulation is about control 2. Regulation is about governing conduct of individual firms and also those who manage and operate firms
A very hard question to answer is What amount of