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Accounting Concepts and Principles

Question:

Discuss about the Accounting Concepts and Principles.

Answer:

Introduction

The assignment presents the major reasons why international students choose to study Accounting for permanent residence in Australia. Australia is one of the fastest growing and sixth largest countries in the world with strong financial position across the globe. Accounting is one of the core subjects that many aspirants pursue as undergraduate and postgraduate courses to achieve their targets in the professional career (Hawthorne 2015).     

Reasons why International Students Prefer to Study Accounting for Permanent Residence in Australia

Australian Accounting programs offer many opportunities to the students for developing their knowledge and skills with respect to International accounting principles and standards. Study of Accounting in Australia is essential for permanent residence as it helps students in getting permanent jobs, competitive career, economic benefits and global opportunities (Baas 2016). Australian accounting follows the regulations according to International Financial Reporting Standards (IFRS) apart from Australian Accounting Standards Board (AASB) that makes the accounting of financial transactions accepted worldwide. Recognition of financial information as per IFRS provides a transparent and effective review on the financial statements across the globe (Birrell and Healy 2016).

However, international students often pursue accounting course from Australia to comply one of the permanent residency criteria laid by the Australian Government. As per the requirements for having permanent resident in Australia, applicants need to have Australian qualification with a minimum two years of study. Hence, Accounting is the most common subject students pursue to meet one of the migrating criteria. It also provides opportunities of getting permanent job for a competitive career because most of the companies have rules that the job seeker should have permanent residency status to get permanent job. Additionally, in the present era economy and financial position of the country Australia is the strongest across the globe providing opportunities of jobs with high pay scale. Preference to study Accounting in Australia for permanent residency also provides opportunity to be eligible for getting jobs across the globe (Blackmore, Gribble and Rahimi 2015).  

Conclusion

The previous report focuses on the accounting objectives as a four years course rather than three years course to provide exposure in knowledge and skills. On the other hand, there should be distinctive durations to study accounting depending on the types of course students pursue. However, this literature review provides discussion about the relationship between accounting study in Australia and permanent residency. The previous study also provides comparison of higher accounting education in UK and Australia with respect to the increased efficiency in the field of accounting. It also provides the salary payment expectation and actual payment to the qualified accountants and accounting teachers in Australia while the present literature review provides the opportunity of getting jobs having permanent residency.

The present study reflected the advantages of studying the course of accounting in Australia by International students that help them in getting citizenship and consequently achieve their target goals. Since, the job opportunities are higher in Australia because of being fastest growing and strongest economy in the world. Education in Australia provides specialization and enhanced knowledge and skill in the course of study pursuing by students. 

Reference List

Baas, M., 2016. Becoming Trans/Nationally Mobile: The Conflation of Internal and International Migration in the Trajectories of Indian Student-Migrants in Australia and Beyond. South Asia: Journal of South Asian Studies, 39(1), pp.14-28.

Birrell, B. and Healy, E., 2016. Globalization, Immigration Policy, and Youth Employment in Australia. In Creating Social Cohesion in an Interdependent World (pp. 263-280). Palgrave Macmillan US.         

Blackmore, J., Gribble, C. and Rahimi, M., 2015. International education, the formation of capital and graduate employment: Chinese accounting graduates’ experiences of the Australian labour market. Critical Studies in Education, pp.1-20.

Hawthorne, L., 2015. The impact of skilled migration on foreign qualification recognition reform in Australia. Canadian Public Policy, 41(Supplement 1), pp.S173-S187.


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