Financial Reporting Quality Private Firms -Myassignmenthelp.Com

Question: Discuss About The Financial Reporting Quality Private Firms? Answer: Introducation In this paper, I am going to build my reflection upon the materials and feedback from week 4. This will enable me share my insights and motivations from this unit. I am intending to show the links I have identified between accounting and finance and the effective strategic decision making. Further, my reflection discusses the areas of financial accounting and management accounting that have effectively resonated with me. Moreover, I will be presenting a case of how I see the concepts I have studied which are applicable to my professional experience and my personal finances. I will also be reflecting on the specific steps I will take to assist me in transitioning when applying the coursework to my workplace. Further, the reflection details the particular ethical and cultural issues I consider useful in this module. I also highlights how my views have been impacted in regards to global business. Finally, I will conclude my reflection by taking a position that I have improved my key success including report writing and time management due to my experiences with this module. From the Week 4 materials and feedback, I have subsequently identified the connections between the management accounting and finance accounting. For example, from my experience in the process of implementing management accounting, I have realized that it has the benefit of improving the management of the firm. I have identified links between these concepts: Whereas management accounting describes the internal processes used in accounting for business transactions, financial accounting provides the wholesome picture of financial performance. The management accounting provide the particular detailed analysis that assist management accountants. Accounting finance will help me write a report using accounting information derived from the management accounting. Thus, there is a link between the two terms as one seems to always complement the other (Weygandt, Kimmel and Kieso 2015). These areas of accounting and finance have highly resonated with me in that, I have been able to have confidence when dealing with accounting and finance issues. By understanding the above linkage, I am able to generate proper strategic decisions that will enhance my professional development. These concepts in accounting and finance are really applicable to my professional experience and my personal finances. For example, before investigating to understand the connection above, I lack any knowledge in managing my finances well in my personal experience. I have had difficulties before when trying to manage my finances at an individual level. However, with this background, I am now able to effectively apply these concepts in managing my personal finance effectively (Hope, Thomas and Vyas 2013). I have identified various key steps that I help me transition by applying coursework in my workplace. One of the steps is to further undertake a deeper probe into this link in order that I fine-tune my knowledge. This will help me fill my knowledge and skills gap so that I will be able to have the essential skills and information on how to do my job (Nas 2016). I believe this will help me transition effectively. I have learned that without this step, I would have challenges transitioning due to lack of necessary skills and information on the link between the management accounting and finance. I have also decided to continue practicing on my own by using my personal finances to see how well I can manage my finance and apply the experience to my workplace. I have also identified some of the ethical as well as cultural issues and subsequently considered them useful in this module. For example, one of the ethical issue I have considered is the need to give full disclosure of financial info. I have realized that all stakeholders of the company have the right to be given right information to make informed decisions. Thus, in my workplace, I will always advocate for the full disclosure since this is an ethical practice. The cultural issue I have considered is the need to ensure that the company serves the people well by ensuring cultural diversity is achieved in recruitment, promotion and leadership. My views have been impacted in regards to the global business in that I have come to learn that only businesses that respect cultural diversity will survive as they are viewed as ethical. This makes many stakeholders to associate with them relative to their rivals (Edmonds, Edmonds, Tsay and Olds 2016). In conclusion, I take a position that I have improved my key success including report writing and time management due to my experiences with this module. References Edmonds, T.P., Edmonds, C.D., Tsay, B.Y. and Olds, P.R., 2016.Fundamental managerial accounting concepts. McGraw-Hill Education. Hope, O.K., Thomas, W.B. and Vyas, D., 2013. Financial reporting quality of US private and public firms.The Accounting Review,88(5), pp.1715-1742. Nas, T.F., 2016.Cost-benefit analysis: Theory and application. Lexington Books. Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015.Financial managerial accounting. John Wiley Sons.