Accg/399 Task 1

Having the opportunity to learn ACCG 399 has allowed me to gain the most valuable and helpful experience throughout three years of Bachelor study. And what I have attained the most are from the study of social, institutional and accounting professional aspects. Throw back to the conventional explanation of accounting regarding its practical application in the corporation fields, it has been defined as the process of undertaking analysis, preparing and recording the financial information of a venture, with the intention to deliver useful guidelines to various uses in the decision making. Prior to undertake this unit, my comprehension of accounting were merely revolving around the technical perspectives relating to taxation, financial accounting …show more content…
However, upon learning from the tutorial, I further realised that the conceptual framework has contributed some significant impacts on the functioning of a company, combining aspects such as the objective of financial reporting, accurate financial measurement elements, and the organisational characteristics. Also not limited to those identified categories, there are more concerns with relation to society and environment should be focused on too. As an illustration, the triple bottom line accounting theory has driven more attention from the public sector towards the sustainability of our environment （Slaper & Hall, 2013）. In addition, the benefits absorbed from the compliance with triple bottom line theory are mainly focusing on helping a business make reasonable decision while concerning the drawbacks that it has to the current environment （Slaper & Hall, 2013）. And what the theory emphasises the most is around the development of a more sustainable economy and community. It is highly suggested that accountants in profession should substantiate the effects on our society and the environment prior to undertaking accounting