Unit II: School Accountancy Curriculum

Global Standards 

There is two sets of global standards:

1. International Financial Reporting Standards (IFRS): The main objective of IFRS is to establish a single set of high quality, understandable and enforceable.

2. General Accepted Accounting Principles (GAAP): It is a set of accounting principles and guidelines.

Influence of Global Standards:

• Adaption and Convergence: It facilitates cross-border business activities and enhance comparability of financial reporting which attracts foreign investments.
• Harmonization efforts: It reduce the difference between international and local standards, ensuring greater consistency and comparability.
• Influence in local standard setting: The principles and concepts of International Standards serve as a reference point for local standards.

Accounting Standards 

Accounting standards are the set of guidelines and principles to record, measure and disclose financial transactions and information.

Some of the significance of accounting standards in the accounting ecosystem are: 

• to establish uniformity in the business in terms of approach and principles
• standard being dynamic, the business should be adaptable so that they can facilitate the effective flow of business using standards
• to ensure better transparency 
• to have consistency in the reporting 
• it facilitate cross-border business activities and comparability in the financial reporting.  

Procedure of issuing standards:

The process of issuing standards typically follows several key steps:

1. Agenda Setting: This involves identifying the need for a new standard or the revision of an existing one. It may be triggered by technological advancements, changes in industry practices, or regulatory requirements.
2. Research and Analysis: Once the need for a standard is identified, research is conducted to gather relevant information. This may involve analyzing existing standards, conducting surveys, consulting experts, and assessing potential impacts.
3. Exposure and Draft: A preliminary draft of the standard is developed based on the research findings. This draft is then exposed to stakeholders, which may include industry associations, government agencies, businesses, and the public. Feedback is solicited to refine the draft.
4. Public Comment Period: The draft standard is made available for public review and comment for a specified period, typically ranging from weeks to months. This allows stakeholders to provide feedback, raise concerns, and suggest improvements.
5. Re-Deliberation: Comments and feedback received during the public comment period are reviewed and considered. The standard may be revised further based on this feedback, and any contentious issues are addressed through further deliberation.
6. Final Standard: After considering all feedback and making necessary revisions, a final version of the standard is prepared. This version reflects consensus among stakeholders and addresses any concerns raised during the exposure and public comment periods.
7. Implementation and Education: Once the final standard is published, efforts are made to ensure its effective implementation. This may involve providing guidance, training, and resources to help stakeholders understand and comply with the standard. Education campaigns may also be conducted to raise awareness about the standard and its importance.

Concepts of Worksheets

Busy sheets: worksheets that keep students engaged/ occupied in some other ways.

Power sheets: The sheet that keeps the students engage in a meaningful way such as learning of skills.

Purpose of Worksheets:

1. Engagement and Active Learning: Encourage participation and discussions, fostering deeper understanding.
2. Differentiated Learning: Tailor activities to address individual learning needs and styles.
3. Teaching Enjoyment: Add variety and interactivity, making lessons more enjoyable.
4. Assessment and Progress Monitoring: Provide evidence of learning, track student performance, and report progress.
5. Pedagogical Planning: Analyze data to adapt teaching methods and materials to student needs.
6. Promotion of Self-Assessment: Encourage reflection and self-evaluation, fostering a culture of continuous learning.

Based on these knowledge that we've learned in class, here are some future commitments I've decided to make:

Commitment to Global Standards:

- I will strive to understand and apply both IFRS and GAAP in my accounting practice. By mastering these global standards, I can ensure high-quality, understandable, and enforceable financial reporting.

- I will advocate for the adaptation and convergence of these standards in any organization I work with to facilitate cross-border business activities and attract foreign investments.

- I will support harmonization efforts to reduce differences between international and local standards, ensuring greater consistency and comparability.

Dedication to Accounting Standards:

- I will stay updated on the latest accounting standards and incorporate them into my work to maintain uniformity, transparency, and consistency in financial reporting.

- I will embrace the dynamic nature of these standards, ensuring that my approach adapts to technological advancements and changes in industry practices.

- I will participate in the procedure of issuing standards, providing feedback during public comment periods and contributing to the development of final standards.

Promotion of Effective Learning through Worksheets:

- I will design and utilize worksheets, such as power sheets, that engage students in meaningful ways, helping them develop essential skills and fostering active learning.

- I will tailor worksheets to address individual learning needs and styles, ensuring differentiated learning opportunities.

- I will use worksheets to assess and monitor progress, providing evidence of learning and adapting my teaching methods based on data analysis.

- I will encourage self-assessment through worksheets, promoting reflection and continuous learning among students.