Week 8 Personal Development Portfolio

Final reflections

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This week?s Personal Development Portfolio will enable you to engage with your colleagues in reflecting on what you have learned in this module and its potential for advancing your career.

To prepare for this PDP assignment:

Build upon the material from your Week 4 reflective paper. In doing so, please reflect upon the feedback from your Week 4 PDP. Below are questions/issues that you may again like to further reflect upon:

• What links have you now identified between accounting and finance and effective strategic decision making?
• Further discuss those areas of financial and management accounting, plus financial management, that have most resonated with you.
• How do you see the concepts that you have studied applying to your professional experience, plus your personal finances?
• What steps might you now take to aid you in the transition of applying the coursework to your workplace?
• How can you link what you have studied in Managing Financial Resources with what you took away from your previous modules?
• What ethical and cultural issues have you considered important in this module and how have they impacted upon your views of global business?
• Do you feel that you have improved your ?key skills? (report writing, time management, etc.) as a result of your experiences with this module?

To complete this PDP assignment:

• By Day 7, submit your reflection (1,500?2,000 words) to Turnitin.

PDP week 4 I am pleased to reflect on my experience of the course. I feel that the managing financial resources course from week one till week 4 has taught me all the financial reporting standards and requirements. However, I don't enjoy courses that do not challenge me. However, this course has really challenged me, and I was much contented with the course. From my past knowledge, I thought regulators of financial statements apply two systems of rules for controlling how an operator reports its financial results. The first system is a uniform system of accounts that outlines how accountants need to keep and report their financial reports for regulatory purposes. The financial statements include income statement, balance sheets, statement of cash flow. Therefore, I understood that the purpose of financial regulation is to provide accurate records for rate making, to clearly identify assets and asset values. I used to think that financial statements are summaries of monetary data about the company. I now understand that financial statements contain more than just monetary information of the company. I earlier did not understand how the financial statements can be used to predict the future since they contain past information about the company. I also understood that although the financial statements provide the information useful for decision makers, there is important information that is omitted. The information omitted includes market demand, technological advancement, and the price of raw materials, subsidies, acts of nature and competitors actions. There are some issues related to financial accounting and management accounting. Therefore, at the level of economic entity the accounting system is classified as external, internal and tax accounting. The bottom line is that accountants need to begin to prepare for the day in the not so distant future when the Securities and Exchange Commission could designate a date for voluntary or even mandatory adoption of IFRS by the US public companies. We have also seen that as IFRS grows in acceptance, most accountants and the financial statements preparers and auditors will have become more knowledgeable about the new rules. However, there are other areas of profession affected by the new rules of IFRS and include: actuaries and valuation experts who are engaged by the management to help in measuring individual assets and liabilities. These professions are not taught the currently IFRS. Therefore, profession associations and the industry groups need to integrate IFRS into their training materials, testing, publications and their certification programs. Also, colleges and universities need to include IFRS in their curricula. Thus, the new textbooks covering IFRS should be in circulation in the reasonable near future. I also had good a knowledge of how to distinguish and define between relevant cost, opportunity costs and outlay costs, now I have better understanding of how to make a distinction between variable and fixed cost and the benefits of explaining the relationship between volume, cost and profit. Now I have a clear vision on how to assume the break-even point for some activates and consider the break-even point for certain activity. Critically know more about ERP (enterprise roscoe planning) system and how it works to eliminate the problems of multiple systems that includes both nonfinancial and financial data. Conclusion To conclude, there are a lot of interferences, convergence and different views on how accounting and financial reporting is done. Therefore, the standards for preparing financial statements need to meet the user requirements. I have concluded that there is a need for simplified financial statements to SMEs in comparison with financial statements for large companies. References; Atrill, P, Eddie M. Accounting and finance for non-specialists, 8th Edition (Atrill 230), chapter 7,8 Atrill, P, Eddie M. Accounting and finance for non-specialists, 8th Edition. Pearson learning solutions, 11/2012 vital book file . Regards, Noor