ACCT103 Assignment Brief

Learning Reflection

This assignment contributes 15% towards your final grade for the course.

You must submit your learning reflection by Friday 29 May, 7:00pm via the submission page on the ACCT103 LEARN site.

The learning reflection is comprised of six questions.  You should write about 400 words per question.  The word limit is 500 words per question (excluding references).

You should cite any sources that are quoted or paraphrased in the body of your answer to each question, and then list these sources at the end of each question.  See the UC Library website for details on how to cite various sources: https://www.canterbury.ac.nz/library/support/citations-andreferencing/.  Use the APA style (7^th edition) when presenting references.

Your submission must be your own work.  You must not use Artificial Intelligence (AI) such as ChatGPT to prepare the answers that you submit.  Also, your submission must be not copied from someone else’s work.

Academic Integrity

One of the key principles at UC is academic integrity, which involves acting honestly, ethically, fairly, and respecting others in teaching, learning, research, and administration. It means producing honest, ethical work and it’s one of the key foundations of being a good student.  It is expected that you are familiar with UC’s regulations on academic misconduct, which can be found here: https://www.canterbury.ac.nz/regulations/general-regulations/academic-misconduct-regulations/.

Question 1: Learning Activities, Topics and Assessments

Discuss the following issues:

Part (a) – Learning Activities: Which learning activities did you find most and least helpful (or beneficial)? Why?

o Note that learning activities include attending lectures and tutorials, watching recordings on LEARN or ECHO360, reading the notes on LEARN and chapters in the textbook, working through questions on LEARN (self-study and previous test/exams), completing the quizzes, etc.

Part (b) – Topics Covered in the Course: Which topics have you found most interesting and challenging? Should more or less time have been spent on any topics covered in the course?  Why?

Part (c) – Test and Exam: How did you prepare for the mid-semester test? What was your plan for answering questions during the test?  Given your test result, how, if at all, could you have prepared differently for the test or altered your approach during the test?  How are you drawing on this experience to prepare for the final exam?

Part (d) – Other Issues: What other challenges or difficulties have you had during the course? How could the course be changed to improve your learning experience?

Note that you do not need to discuss the MYOB Project in your answer to Question 1 because it is covered in Question 6.  Also, no references are required for your answer to Question 1.

Marking Rubric for Question 1:

Question 2: Kaitiakitanga (or Guardianship) Applied to Financial Reporting

The difference between operating income and expenses is called a profit or loss for entities in the corporate sector and a surplus or deficit for entities in the public and third sectors.  This figure is the primary focus of attention when entities release their financial reports to the public.  A loss or deficit is generally considered unacceptable to the governing boards of entities and their stakeholders.

Discuss whether financial reporting is overly focused on profit at the expense of people and planet, and then how financial reporting can be changed or reimagined, so that greater attention is placed on social and environmental challenges in the world.

Marking Rubric for Question 2:

Question 3: Valuation of Non-Current Assets

For property, plant and equipment, an entity can choose the cost model or revaluation model (see NZ IAS 16 for the corporate sector, and PBE IPSAS 17 for the public and third sectors).  The choice between the cost model and revaluation model and then, if the revaluation model is chosen, the choice among valuation methods significantly affects an entity’s income statement and balance sheet.

For intangible assets, an entity can also choose the cost model or revaluation model (see NZ IAS 38 and PBE IPSAS 31), although there are some restrictions.  Most notably, internally generated brands and internally generated goodwill cannot be recognised as assets.  Goodwill can be recognised as an asset but only upon acquisition (see NZ IFRS 3 and PBE IPSAS 40).

Non-current assets are also subject to depreciation and/or impairment.

Discuss the merits and problems with how non-current assets are valued under the applicable NZ accounting standards.  Also, discuss how, if at all, you would change the NZ accounting standards to resolve these problems.

Marking Rubric for Question 3:

Question 4: Capital Gains and Wealth Taxes

Revisit the tutorial question, “Question 1: Discussion of the NZ Tax System”.  During lectures and tutorials, there was some discussion of whether people with very high incomes and wealth are currently contributing enough taxation for the NZ tax system to be considered fair and equitable.

For this question, you should discuss the possible merits and problems with introducing a comprehensive capital gains tax and/or a wealth tax in NZ.  Conclude your answer by stating if you do or do not favour introducing such taxes.

Note that there is no “correct” answer to this question.  All opinions are acceptable.  However, to receive full marks, your answer should be clearly expressed, logical and supported by evidence.

Marking Rubric for Question 4:

Question 5: The Automation of Accounting Work

Firstly, discuss the extent to which the accounting work covered in this course can be automated at present or will likely be automated in the future using hardware and software (e.g. computers, robotics, optical scanners for reading paper, machine learning, artificial intelligence, natural language processing, etc.).

Secondly, discuss how, if at all, this automation will likely change the work available to graduates seeking their first job in accountancy firms and other organisations.  Put differently, consider the competencies and skills accounting students should be developing while studying at tertiary education providers to maximise their chances of being employable when they graduate.

Note that there is no “correct” answer to this question.  All opinions are acceptable.  However, to receive full marks, your answer should be clearly expressed, logical and supported by evidence.

Marking Rubric for Question 5:

Question 6: MYOB Project

As you completed the MYOB Project, you learnt to use MYOB to a basic level.  First, discuss MYOB’s ease of use.  How user-friendly is MYOB?  What aspects of MYOB did you find easy and difficult to learn to use?

Second, discuss the features of MYOB that were not utilised in the MYOB Project, the possible benefits of these features, and the circumstances in which these features would most likely be used (or adopted).

Third, consider how MYOB compares to other accounting software.  Search the internet for opinions of MYOB and other accounting software.  Summarise and reflect on these opinions.  How, if at all, could MYOB be improved?

Marking Rubric for Question 5:

Hint: Possible sources of information on the website of MYOB and other providers of accounting software, online reviews of MYOB and other accounting software, blog posts by consultants and accountants about MYOB and other accounting software, news articles, etc.

Note that the reference list only needs to include the MYOB website once; you do not need to cite each page on the MYOB website that you reviewed.

END OF ASSIGNMENT