Accounting in Context

Accounting in context mainly focuses on the opportunity to integrate and advance the basic principal of accounting with a broader societal and corporate business focus. It is also a combination of financial and management accounting, auditing and information systems with the purpose of critically evaluating accounting information and accounting standards through an understanding of the different theoretical approaches to accounting over the past few decades.

After preparing the portfolio, I start to realize the significance of critical, analytical and integrative thinking. For example, when talking about the usefulness of accounting as a tool for decision-making, we should not only talk about the advantages that accounting brought to use, but also need to specifically identify many factors in a critical way, including pointing out what kind of decisions are we talking about, who will gain benefits from the accounting approach, what kind of benefits can they received, is accounting information in its current annual report the most effective means to undertake decisions, and how to assess the significance of other non-financial accounting measurements, such as physical measures without the dubious valuation assumption. Hence, we learn to be capable of reasoning, critical thinking and integrating knowledge from different factors in different accounting circumstances. Besides, I found creative and innovative ability plays an important role when preparing our portfolio. For instance, there are some issues associated with the current accounting practices, such as entity assumption and unreliably measured externalities. More specifically, it is necessary to consider all the costs associated with the production of goods or services including the use of the environment when taking accounting for externalities into consideration. Hence, we need to clearly clarify the possible change needed to be made in order to achieve a better decision, such as including an appropriate...