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...

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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
eporting regulation and articulate the relationship
etween 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 11 Thursday midnight (AEST)
Weighting 20%
Total Marks 50 marks
Context:
This assignment develops research and critical thinking abilities. It is a critical
analysis
eview of an academic article.
Changes in technology are impacting accounting and how accountants perform their jobs. Is
it a threat or an opportunity for 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. This article can
e found in the To
ens University li
ary 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, p1-31.3p, Database:
Business Source Ultimate
You may use an essay format or any other acceptable academic format for critical review. Use APA
eferencing style guide. Use minimum 10 academic references.
Answer the following questions or topics during your analysis.
1. Briefly explore and explain what is Artificial intelligence and Blockchain? How are they cu
ently
used in accounting? What is the potential use in accounting in the future?
2. Describe in detail one case for each how Artificial intelligence is being used in accounting and how
Blockchain can be used in accounting.
3. Do you disagree with any arguments made by the author? Explain your point of view and provide
evidence in support of your point of views.
4. Comment on how would financial reporting regulation change in the future and with
advancement in technologies in accounting?
Academic skills resources: Analysing the Brief, Essay 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
lackboard/content/listContent.jsp?course_id=_20163_1&content_id
=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1

ACCT6007_Assignment Brief Critical Analysis XXXXXXXXXXPage 3 of 6

Learning Ru
ics
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
elevant skills to a
competent level, and
adequate
interpretation and
critical analysis skills.
Evidence of a good
level of understanding,
knowledge and skill
development in
elation 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







10
Does not meet minimum standard

Demonstrates no awareness of content
and/or purpose of the assignment.


Meets minimum
standard

Demonstrates limited
awareness of content
and/or purpose of the
assignment

Moves beyond
minimum standard

Demonstrates
consistent awareness
of content and/or
purpose of the
assignment.




Exceeds minimum
standard

Demonstrates an
advanced and
integrated
understanding of
content and/or
purpose of the
assignment.


Exceeds minimum
standard and exhibits
high levels of
independence

Consistently
demonstrates a
systematic and critical
understanding of
content and purpose
of the assignment.




http:
www.tua.edu.au/media/50742/a240_grading-scheme.pdf

ACCT6007_Assignment Brief Critical Analysis XXXXXXXXXXPage 4 of 6

One case each for AI
& blockchain



















10
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
esearch/course
materials.



Thorough knowledge
or understanding of the
field or discipline/s.
Supports personal
opinion and
information
substantiated by
evidence from the
esearch/course
materials.

Demonstrates a
capacity to explain and
apply relevant
concepts.


Highly developed
understanding of
the field or
discipline/s.

Discriminates
etween assertion
of personal opinion
and information
substantiated by
obust evidence
from the
esearch/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
etween assertion of
personal opinion and
information
substantiated by
obust 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.

Justifies any
conclusions reached
with arguments not
merely assertion.
Specific position
(perspective or
argument) takes into
account the
complexities of the
issue(s) or scope of the
assignment. Others’
points of view are
acknowledged.

Justifies any
conclusions reached
with well-formed
Specific position
(perspective or
argument) is
expertly presented
and accurately
takes into account
the complexities of
the issue(s) and
scope of the
assignment.
Justifies any
conclusions
eached with well-
Specific position
(perspective or
argument) is
presented expertly,
authoritatively and
imaginatively,
accurately taking into
account the
complexities of the
issue(s) and scope of
the assignment. Limits
of position are
acknowledged.
ACCT6007_Assignment Brief Critical Analysis XXXXXXXXXXPage 5 of 6

10 arguments not merely
assertion.
developed
arguments.

Justifies any
conclusions reached
with sophisticated
arguments.
Future financial
eporting regulation

10
Limited discussion Justifies any
conclusions reached
with arguments
Justifies any
conclusions reached
with arguments not
merely assertion.
Justifies any
conclusions
eached with very
well developed
arguments not
merely assertion.
Justifies any
conclusions reached
with sophisticated
arguments.
Use of academic and
discipline conventions
and sources of
evidence.

Grammar, spelling
and referencing












10
Poorly written with e
ors 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
esearch 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
elevant 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
Answered Same DayAug 15, 2020ACCT6007Torrens University Australia

Solution

Abr Writing answered on Aug 17 2020
56 Votes
Financial accounting theory and practice
Table of Contents
INTRODUCTION    3
MAIN BODY    3
CONCLUSION    6
REFERENCES    7
INTRODUCTION
The most common and a powerful technique in the modern digital world which has proved itself to be highly important is Artificial Intelligence (AI) (Jin, 2018). These are improving day by day to cater all the requirements of the users and make the process all the more easier. It is important to first recognize its strengths as well as the limitations and hence develop an understanding as to how it can be utilized for best results.
Block chain on the other hand, is an accounting technology concerned with the transfer of ownership of assets as well as maintaining a ledger of accurate financial information for an organization. This technology can help accounting professions to improve the efficiency of the complete work (Dai, & Vasarhelyi, 2017).
For the purpose of the following report, the academic article written by Daniel Hood is refe
ed and the study is based on the information provided by the same. It
iefly highlights the use AI and Block chain in the field of accountancy.
MAIN BODY
1. Artificial Intelligence & Block chain in the accountancy arena
In the simplest of terms, AI can be interpreted as a computer having the ability to think just like a human being. But this definition sounds little vague and would be too much boasted. Hence, keeping with the cu
ent state of field, AI can be explained as software having the ability to draw conclusions from immense amount of data and thereby adjusting its activities on the basis of those conclusions. Essentially, AI is software that can learn and adapt itself. This is the reason why Machine Learning is known as one of its subsets (Shyshkova, 2018).
Daniel Hood further explains that in traditional programming, the machine was taught to how a job is done i.e. to repeat a human’s actions. On the contrary, AI involves teaching the machine to learn just the way humans do i.e. directly from the data on its own. This indicates that it can learn without human inputs or directions.
AI has proved itself to be of utmost importance with its capacity to analyze massive data efficiently and effectively. It can also help in making useful decisions and recommendations as well.
Moving ahead, Daniel also throws light on Block chain which is still in its infancy (Wang & Kogan, 2017). It can be predicted to have just a theoretical impact in the coming one or two years followed by significant impact in the later years. Block chain can be understood as a technology that creates database which is distributed across the internet. But the favorable part here is that the access rights are availed only to the users which are heavily encrypted with keys that are highly secured. Such users are allowed to post individual transactions or blocks to the database. Following which, they become a part of the “chain” once the transactions get accepted.  Both of these are associated with the creator and are completely unchangeable as well as i
evocable (Jin, 2018). However, it is important to note that a later block might record a change to the status of the assets. The information provided in the original block can also get impacted by this. But, the original block does...
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