Conceptual Foundations of Financial Reporting †MyAssignmenthelp.com

Question: Discuss about the Conceptual Foundations of Financial Reporting. Answer: Introduction: The project was related to accounting and I contributed my key technical skills to complete the same accordingly. I gave my inputs as and when required and also made critical analysis of the requirements of the project and made sure to complete the same within the given time frame. The group members of the project worked in union, and the viewpoint of each of the members was taken into consideration(Alexander, 2016). I am good in people skills and have good communication skills. I made sure to use the same for the overall completion of the project by sending across my views and opinions and that also of the other group members to the people who are associated with the completion of the project. There was only one leader in the group, who was heading the project and he always considered my view points as and when required. This was my main contribution to the accounting project management. The project had different levels with getting the inputs, assessing the same, and applying the s ame to get the desired output. I performed well in all the parts and was one of the key players who contributed in the completion of the project in the time allotted. The other group members also gave their key inputs for the project. Each of them had certain qualities that helped in the completion of the project. The project was accounting based and hence required analytical research and application. The members were accustomed with the basic accounting knowledge and principles. The general reporting framework and preparation of the accounting statements with application of the said accounting principles and standards was done by the members. The members worked as a team, where each member helped another member and gave their inputs to complete the project within the given deadline of the project. As a team the group functioned very well. The members were comfortable working with each other. They were given specific works and they did it accordingly. The members made sure that there were no opinion clashes and inputs from all ends were taken to get the desired result for the project. As a team it is important that each member completes the allocated work within the given time frame as the work is related to a specific project and is interconnected(Dichev, 2017). This was taken care of and each member helped the other team mates so that they gave their best. In case any problems aroused, everyone was equally supportive to the group members(Bromwich Scapens, 2016). The three skills and attributes that I have gained while working as a group member in this project are Problem Solving Working as a group member has helped me In gaining definite problem solving skills management with the help of my group members. There were few obstacles that were faced during the duration of the project and we as a group were able to solve it accordingly. Decision making- Many times during the project, it was required to take important and tough decisions. I learned how to do the proper analysis and then take decision and also how to stand for the same and bear the consequences if any. It is important that strong decision making skills must be inculcated so that right decisions are taken at the right time(Kew Stredwick, 2017). Conflict Resolution- One of the important skill I developed while working on the project was how to solve any conflicts that emerged between the team members and solve it with patience. Three specific team work strategies that can be adopted while completion of the project as a team are- Allocation of work It is important that work to be completed must be divided between the team members and each one must be responsible enough to complete their work within the given time. It helps in erasing confusion and members become more responsible towards their work(Visinescu, et al., 2017). Leadership It is important that while working as a group there must be someone in the position of leader who can take tough decisions and make sure they are applied accordingly. Communication It is important that there must be effective communication among the members that will help in completion of the given work without any confusion. Bibliography Alexander, F., 2016. The Changing Face of Accountability. The Journal of Higher Education, 71(4), pp. 411-431. Bromwich, M. Scapens, R., 2016. Management Accounting Research: 25 years on. Management Accounting Research, Volume 31, pp. 1-9. Dichev, I., 2017. On the conceptual foundations of financial reporting. Accounting and Business Research, 47(6), pp. 617-632. Kew, J. Stredwick, J., 2017. Business Environment: Managing in a Strategic Context. second ed. London: Chartered Institute of Personnel and Development. Visinescu, L., Jones, M. Sidorova, A., 2017. Improving Decision Quality: The Role of Business Intelligence. Journal of Computer Information Systems, 57(1), pp. 58-66.