Fundamental of Accounting Regulation as Accounting Theory

Question: Describe about the Fundamental of Accounting for Regulation as Accounting Theory. Answer: Actual requirements of the job My job takes the shape of both formal requirements and less formal requirement. Under formal requirement, I will discuss such requirements which are detailed in a position or job description. Under less formal section, I will give detailed description of particular personality characteristics that are significant in my managerial job. I must acknowledge that my job description has been customized to accomplish the needs of the department or function I lead. In my job as a manager, my laymans description is that I am an employee who is responsible for plaining, directing, overseeing operation as well as fiscal health of my business department within the organization I work for. I am responsible for overseeing as well as leading the work of a cohort of employees working in my department. I am also responsible planning and maintaining the work systems, policies alongside procedures which allow and encourage the optimum performance of my people and other resources within my department. Leading people within my department is a central component of my job description. I am also responsible for leadership over a segment of work, functional area and sub-section of the results of the organization within my organization. Primary Objective of my Managerial Job My job requires me to ensure health and safety of the workforce I am required to carry out and attain the mission and goals of the accounts department I am also required to develop a superior workforce within my department I am also required to develop the department I am also expected to develop an employee-oriented company culture which stress quality, continuous improvement, core employee retention and development as well as high performance I am also required to ensure personal ongoing development My Primary Responsibilities I am required to plan staffing levels within the department I am required to work with the HR staff to recruit, interview, select, hire as well as employ requited number of employees in my department I am required to provide to oversight as well as direction to the workers in the operating unit according to the procedures and policies of the organization I am also needed to coach, mentor as well as develop staff by overseeing new employee onboarding as well as provision of career development planning besides opportunities I am also responsible for empowering employees to take responsibility for their jobs as well as goals by delegating responsibility ad expecting accountability and frequent feedback I am responsible for fostering a spirit of teamwork as well as unity among the members of the department which allows for disagreement over ideas, conflict as well as expeditious resolution of conflicts alongside diversity, supportiveness and cohesiveness appreciation and effectively working together to permit individual employee and the department as whole to succeed I am also required to consciously establish a working culture which is consistent with the entire organization as well that which stress the acknowledged mission, vision, values as well as guiding principles I am also expected to maintain transparent communication by appropriately conveying the information of the organization via the department meetings, emails, IM, one-on-one meetings as well as regular interpersonal communication I am also required to provide effective performance feedback via worker recognition, disciplinary action as well as rewards with the help of Human Resource where applicable I am also required to lead employees to accomplish the expectations of the organization for productivity, goal and quality accomplishment I am also responsible for leading employees by utilizing the performance management as well as developing process which give an overal context as well as framework to promote employees contribution as well as include the goal setting, feedback as well as performance development planning My Managerial Job Requirement (formal and less formal) I am required to have knowledge and experience in business, management and supervision I am required to have knowledge of the functions, mission and operation of accounting department I am required to have above average written as well as spoken communication skills I am also required to showcase outstanding impersonal relationship building as well as employee development and coaching skills I am required to have management experience in a team-focused workplace I am expected to demonstrate ability to lead as well as develop a department alongside department staff members I am required to demonstrate knowledge of basic economic, accounting, budgeting practices and principles I am also required to demonstrate ability to serve as a knowledgeable resource to the management team of the organization which provide leadership direction I am required to show excellence in organization management skills I am required to show evidence of the ability to practice a high degree of confidentiality I am also required to have a general knowledge of different employment laws as well as practice besides employee relations Individuals or groups from inside and/or outside I am required to interact with various individuals and group from both outside and inside the organization who are important to my job. These people include staff (different categories), my supervisor, peers, customers, regulators and shareholders. Internally, I always interact with junior accountants (Mr. Tom, Mrs. Dawes and Mr. Duke) and my deputy, MR. Smith to plan our daily activities. We must hold a departmental meetings daily before we begin our work from where I get various feedbacks based on performance of the previous day. Also, I internally interact with Mr. Martin (the HRM) where we plan on how to recruit member in my staff. Mr. Martin has also been my mentor in the organization and I always interact with him for guidance when faced with issues. I am also in constant interaction with Mr. Clint, the Finance Manager since my Accounting Department works closely with his department. Sometime I even ask him for his members of staff when I have more work to do the department. I also internally deal with type-setters when I want to produce documents for meetings. The type-setters have also been essential as they assist my department to type Memos and even financial statements. I have also been dealing with receptionist, Mrs. Irene mostly when there is a message that I want her to pass to my members of department when I am leaving the organization for official duties. Externally, I have been in constant interaction with the shareholders of the company where I always update them on the financial performance and position of the company. One of the key shareholder, Mr. Farooq has been a frequent guest to my officers since he is so much concerned about the progress of the organization. I have always helped him understand the financial statement of the organization. I have also been interacting mostly with the Board of Directors where we always get their views about the organization performance and ask them for change of strategies and policies to boost performance. I also interact with auditors both at the point of hiring as well as during the audit where they always keep me posted and even ask me for supply of other documents for effective audit. Principle Characteristics The principle characteristics of the groups and individuals I interact with can be done on the basis of formal organizational position, demographics (age, gender, personality, pattern of interactions). These characteristic are very essential in enabling me fulfil my work. To begin with, I do interact with two auditors (Mr. Ken aged 35 and Mrs. Doris aged 40). These auditors have been so useful in my work since they have always helped acknowledge the errors and frauds committed during the preparation of financial reports. I have managed to correct such errors and omission through these two auditors. My deputy is a male aged 26 years and he always interact with me to give me the feedbacks on delegated duties. The shareholders especially Mr. Farooq is a lovely old man aged 66 and he is a committed person whole loves success. Our pattern of interaction is basically on strategies and policies to enhance the performance of the organization. The board of directors interact with me based on the need to explain the performances of the company. The HR Manager, Mr. Martin is aged 56 and a determined individual. He is a key figure in the organization since he acts as guidance and counselor to me. The finance manager, Mr. Clint is so instrumental to the organization and we basically interact due the organizational position we hold. Nature of the Interdependency My interaction with the auditors help me to acknowledge the errors and frauds committed by the junior accountants either intentionally or unintentionally and hence make me have clear financial position and performance of the organization. I expect that auditors undertake their work independently without any interferences whatsoever from the company so to report the actual position and performance of the company. The auditors expect me to furnish them without all the necessary information and data as well as support to enable them undertake effective work. They also expect me to ensure their independence so as to minimize interference that my make them vulnerable and liable to the junior accountants. I rely on my junior accountants to help in the preparation of budgets and financial statements. I expect these accountants to undertake their work with honesty without committing any errors and frauds that may see them benefit at the expense of the shareholders. My juniors expect me to give the leadership and direction they need so as to work as a teamwork and also ensure their welfare. I rely on the shareholders especially Mr. Farooq and the board of directors to come up with strategies and policies that support the accomplishment of the firms objectives. I expect the board of directors to give me a conducive environment by making better policies that clearly define my roles as account department manager so as to avoid overlap of duties. In return, the board and the shareholder expect me to ensure that their interest is given the priority by effectively implementing their strategies and the policies passed by them during the meetings. I rely on my deputy to ensure that I get all the feedbacks on a daily basis based on the performance of the department including the complaints and opportunities that help me enrich our department. I expect my duty to stand in for me and accept the responsibilities I delegate to him and perform them with utmost good faith. In return my deputy expect me to give a conducive environment for work by acknowledging his position and delegate him work with full authority. I rely on the finance manager mainly since our departments have overlapping functions. I expect the finance manager to chip in any time I seek for his indulges plus his department. In return he also expect me to always be there for him if he needs my services. I rely on the receptionist especially when I have visitors she always give the direction to my office and also when I have some information to pass to my juniors I always leave the memo with her. I expect her to pass my messages and direct my guest to me accordingly whereas she experts me to give her the respect she deserve as she performs her duties. The printing department especially the type-setters are helpful when I ask them to type memos and even financial reports. I expect them to this in good time and without errors while they expect me to give them clear instructions to guide them so as to eliminate errors. Diagrammatic representation Interdependencies Evaluate the Interdependent Effectiveness and Efficiency The interdependent shown above has been so effective and efficient in helping the organization become satisfied for among all stakeholders. My relationship with every stakeholder as presented in the diagram above shows a give and take framework. Each and every stakeholder as presented above expects something from as I expect too. This framework has created teamwork in my department which is also manifested in the entire organization (Aisbitt, 2002). The result for this is the increased performance of accounts department giving the shareholder and assurance to invest more and more in the organization. Recommendations The central recommendation to boost the satisfaction of every stakeholder above is redesign the structure and work routine of organization so as to imitate the one in my department which has proved satisfactory. By having the entire organization imitating the same interdependent structure above, there will be increased collaboration in the organization (Unegbu, 2014). This collaboration would mean a harmonious working relationships which enhances the entire firm productivity. References Aisbitt, S., (2002). Tax and accounting rules: some recent developments. European Business Review, 14(2), pp.92-97. Bloomfield, R., Rennekamp, K. And Kadous, K., (2010). Experimental Research in Financial Reporting: From the Laboratory to the Virtual World. The Accounting Review, 85(4), pp.1473-1474. Boulus, P. and Dowding, K., (2014). The press and issue framing in the Australian mining tax debate. Australian Journal of Political Science, 49(4), pp.694-710. 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