Accounting in Context

Questions: 1. When you think of the accounting profession what comes to your mind? 2. What contextual factors do you think could influence the accounting profession? 3. Describe the people you expect to interact with as an accountant? 4. What role do you think you should play in contributing to your community as an accountant? 5. What might the clients and fellow employees expect of you as an accountant? 6. What skills do you think you should possess to be a successful accountant? Answers: 1. In the beginning of the semester, when I thought of the accounting profession, the initial idea that strikes my mind is related to technical jobs. As I have accumulated knowledge regarding accounting information system in my course, the accounting profession was about operating various complex accounting systems and handling technical work like making journal entries, evaluating financial information and developing financial reports. However, during my course of curriculum, I have learnt that the profession of accounting is much more in contrast to technical jobs. At present, whenever I think about this particular profession, the initial thing, which comes into mind, is the top four accounting organisations. Moreover, the accounting profession also covers various aspects like auditing, taxation and assurance. Thus, seeking entry into one of those organisations has become my dream. Along with this, after listening to the Xero presentation, I am aware of the rising significance of technology in the profession of accounting and thus, the trend of future development is accounting information system and cloud computing. 2. According to the past learning, I have a thought that the single contextual factor affecting the profession of accounting is the prevailing regulations. In Australia, the accounting profession and organisations need to follow the requirements laid down on the part of Australian Accounting Standards Board (AASB, International Financial Reporting Standards (IFRS) and Australian Securities and Investments Commission (ASIC). Besides these, an accountant is required to take into account the influence of policies and rules. However, I have now realised other contextual factors like economic environment, politics, society, culture and globalisation have direct influence on the accounting profession. Thus, a broad group of contextual factors in both external and internal environment of the profession of accounting and the accounting professionals have direct influence on the same. 3. As an accountant, I could interact with my fellow colleagues and managers, as teamwork plays a significant role in the process of accounting. As I came to know about the top four accounting firms in my college seminars, I recognised that effective interaction with the clients is crucial for an accountant. This is because these organisations carry out the accounting activities, which are one-to-one, based with specific clients like auditors, shareholders and suppliers. 4. In order to carry out my accounting work, I believe delivering accurate and faithful financial information is necessary for the users for making decisions regarding the organisation. As per ACCA, the accountant role has been increasing with respect to technical demand and conformance to the financial reporting standards. In addition, the current day accountants are encouraged with ambitions of higher career coupled with career progress prospects. This knowledge has been obtained from the seminars because of the industry partner address. In addition, an accountant needs to possess effective leadership skills and the role of the individuals in performing accounting work. Furthermore, according to CIMA, the accountants now-a-days are focusing on building analytical skills rather than entering data and developing financial reports. 5. I need to behave ethically for assuring the interest of the firm in order to meet the expectations of the clients and fellow employees. Along with this, these individuals have some sort of expectations regarding my competence, technical ability, interpersonal skills and leadership abilities. An accountant is needed to maintain effectual time management and balance of work life to carry out different accounting activities. Finally, it is crucial for me to understand the significance of cultural differences and needed skills for preparing presentations. Such presentations would deliver greater value in the current business environment. 6. According to ACCA, I have accumulated knowledge regarding the various issues, which an accountant face for maintaining balance of work life, idleness and gap in market of service demand. The other issues faced on the part of an accountant are related to cyber safety, sustainability, ethics, digital commotion and reporting standards. In addition, the challenges also arise for the accountants based on their specialisation areas. For instance, an accountant doing taxation specialisation would keep a record of the annual regulatory changes, which the government of Australia undertakes. Hence, the above-mentioned skills are needed in order to be successful as an accountant.