Perspectives in accounting

In the focus area of perspectives in accounting, students develop an understanding of how accounting applies to their personal circumstances. They consider the evolving role of accounting in society and the challenges and opportunities present in the practice of accounting. Students have the opportunity to work collaboratively as they explore the role of accounting in society. They explore links between self and others in local and global accounting contexts and may work collaboratively to investigate how local, global, and digital perspectives influence accounting activities. Students may work collaboratively with stakeholders to develop an understanding of how their accounting needs have changed over time.

Financial literacy

Students examine their present financial situation as well as possible future scenarios. They explore personal financial management tools such as, but not limited to, online banking tools, smartphone applications, and other digital and emerging technologies.

Students develop an understanding of accounting in various cultural contexts. They compare and contrast approaches to asset ownership, debt, and wealth creation in different cultures, including Indigenous perspectives.

Stakeholder information and decision-making

Students consider society’s changing perception of accounting and how this has been shaped. Students develop an understanding that stakeholders and their accounting information needs have changed over time. They explore how accounting information has evolved to better meet stakeholder needs. They examine the change in the role of accounting for:

• recording
• reporting
• accountability
• decision-making.

Students apply their understanding of stakeholder information needs to their personal situation, current and future, to inform potential decisions. These decisions may relate to purchases, savings, and borrowings, such as, but not limited to:

• online savings accounts
• credit cards
• personal loans
• mortgages
• superannuation.

Innovation

Students explore how local, global, and digital perspectives influence accounting activities. They consider the impact of globalisation on accounting with relevance to their personal circumstances. This may include, but is not limited to:

• online shopping
• foreign currency and exchange rates
• cryptocurrencies.

Students explore contemporary and emerging career pathways that rely on accounting understanding, such as, but not limited to:

• accounting software developer
• social accountant
• forensic accountant
• owner of a start-up business
• actuary
• chief executive officer.