ACIVITY–1
One of the A. F. Ferguson & Co. clients has started business as a manufacturers of high quality disposable bottles in U.A.E. The client is targeting as a premier vendor for beverage and edible oil packaging for internationally renowned companies such as Coca Cola and Pepsi Cola as well as leading national companies in U.A.E like Aquaplus, Oasis, Sohat Natural Mineral water etc. The management of A. F. Ferguson & Co. has asked you to perform the following tasks for Ecopack Limited:
1. Your initial role as a senior accountant is to understand and examine the purpose of accounting function of of the client which includes:
a) Financial accounting and its purpose (including recording, reporting, and analysing information to inform decision making)
b) Tax accounting and its purpose
c) Forensic accounting and its purpose
d) Management Accounting information
• Benefits, risks and limitations of Management Accounting Information
• Cost accounting system
• Inventory Management system
• Job costing system
e) Financial statement and its purpose
• Income statement and its purposes
• Balance sheet and its purposes
• Cash flow statement and its purposes
f) Budgeting and its purpose
g) Accounts Receivable and its purposes
h) Accounts Payable and its purposes
i) Skills and competencies of accounting role (e.g. managing the sale and purchase ledger, ensuring accounts are up to date, supplier reconciliations, inputting sales invoices on an accounts system and recording payments received)
j) Role of new information technologies to support accounting and decision-making
b) Tax accounting and its purpose
c) Forensic accounting and its purpose
d) Management Accounting information
• Benefits, risks and limitations of Management Accounting Information
• Cost accounting system
• Inventory Management system
• Job costing system
e) Financial statement and its purpose
• Income statement and its purposes
• Balance sheet and its purposes
• Cash flow statement and its purposes
f) Budgeting and its purpose
g) Accounts Receivable and its purposes
h) Accounts Payable and its purposes
i) Skills and competencies of accounting role (e.g. managing the sale and purchase ledger, ensuring accounts are up to date, supplier reconciliations, inputting sales invoices on an accounts system and recording payments received)
j) Role of new information technologies to support accounting and decision-making
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2. Your management also requires from you to assess the accounting function of client in the context of regulatory and ethical constraints. It includes:
a) Regulatory consideration
• Role of IFRS (International Financial Reporting Standard)
• International accounting standard Board (IASB)
• Risk Management
• Corporate Governance
b) Ethical consideration
• Fraudulent financial reporting
• Misappropriation of Assets
• Reliability and accurate
• Access confidential information
3. Your management is very happy with your initial work on your good understanding of the purpose of accounting function of client and the way you assessed the accounting function in the context of regulatory and ethical constraints. In the next step, your management wants you to evaluate the context and purpose of the accounting functions as identified above in meeting organizational, both internal and external stakeholders and societal needs and expectations.
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