ACCTING 2500 Cost and Management Accounting - Free Samples
Questions:
Discuss any significant issues/challenges facing in the Property Profession. Discuss the significant issues/challenges faced in the Accounting Profession. Are there any similarities between the two?
Evaluate the overall strengths and weaknesses of the Australian Property Institute ( https://www.api.org.au/) to its members and to the public and the Property Profession
Answers:
Answer to Question 1
The following discussion shows the issues faced by the Property Profession:
- One major threat faced by the property profession is the underfunding of state and local retirement system when there is a massive need for investment in the property business. Thus, the lack of investment in the property sector is positing threat for this profession (Lehavi 2013).
- Liquidity in the capital market of property can be considered as another major issue in this industry. The presence of hundreds of billion dollars of commercial property loans can be seen in the market and these loans need to be refinanced in the coming years. However, there is the presence of few lenders who will be able in providing this capital and it creates a major issue.
- The global financial crisis along with the financial uncertainties are creating major challenge for the property profession as this aspect is creating hindrances in the flow of fund in property profession (Lehavi 2013).
The following discussion shows the issues faced by the Accounting Profession:
- One major problem faced in the Accounting Profession is to stay at top of the taxation related changes. The frequent changes in the taxation regime lead to the needs for the accountants to stay up to date; and they are needed to monitor all the changes in tax regime. This is a challenging task for the accountants (Guthrie and Parker 2014).
- The adoption of new technology by the accountants can be considered as another significant issue in the accounting profession. The continuously evolving technology is creating opportunity for the accountant to board new clients. However, the process to keep up to date with the new technology is a major challenge in the accounting profession.
- Taking into consideration all the future changes in accounting regime is another major issue faced in the accounting profession (Guthrie and Parker 2014).
The above discussion shows that there is not any similarity faced in the property profession and accounting profession. Due to the difference in nature of these two industries, the professions have to face different challenges.
Answer to Question 2
The followings are the strengths of Australian Property Institute (API):
- API plays a crucial role in setting and maintaining the required standards of professional practice, ethics, code of conduct and education for the members (api.org.au 2018).
- API helps its members by advocating for them with a range of stakeholders. It helps the members by representing a wide range of property professionals.
- API assists by providing professional recognition for each of their members that helps the members in dealing with high level of clients (api.org.au 2018).
The followings are the weaknesses of Australian Property Institute (API):
- Weakness of API can be seen in the selection of accounting policies that appear to be inappropriate in some aspects of property valuation.
- Sometime, API does not consider different accounting policies for accounting treatment of investment properties and the accounting treatment of trading property. This can be considered as a little manipulation that is adopted for improving the financial results. It leads to wrong interpretation of the financial standing of API (Parker 2014).
References
API - The Australian Property Institute. 2018. About API - API. [online] Available at: https://www.api.org.au/about-api [Accessed 29 Aug. 2018].
Guthrie, J. and D. Parker, L., 2014. The global accounting academic: what counts!. Accounting, Auditing & Accountability Journal, 27(1), pp.2-14.
Lehavi, A., 2013. The construction of property: Norms, institutions, challenges. Cambridge University Press.
Parker, D., 2014. Property investment decision making by Australian REITs. Journal of Property Investment & Finance, 32(5), pp.456-473.
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