W8

Discussion # 1

Make your initial posting reviewing the research process that you experienced in this and prior courses.

Comment #1

The purpose of research, including accounting research, is to investigate an issue or problem using professional judgment (Weirich et al., 2017). During this course, we were able to investigate a current accounting issue and analyze it from multiple accounting perspectives. It was interesting to see how an accounting issue can be related to all or a majority of accounting perspectives. Even if the accounting issue can be classified in one of the major accounting areas such as tax, auditing, or financial accounting, it also has implications in other areas. This experience gave me the opportunity to understand more how changes in tax laws and tax reforms can have an impact on all the areas of accounting and affect decisions in multiple areas for both businesses and individuals.

Accounting research is particularly important nowadays since the accounting profession is experiencing and will continue to experience significant changes in many areas (Azizul, 2017). Some of these changes include evolving technology, continued globalization of reporting standards, and new forms of regulation (Azizul, 2017). In prior courses, I have also had the opportunity to conduct research on topics related to these issues. However, many accounting issues such as the adoption of international accounting standards and changes in tax reforms have not been resolved yet and are not expected to be resolved so easily creating new opportunities for more research to be conducted.

The different courses also allowed me to familiarize myself with different sources of accounting information including the FASB and GASB codification, ACFE resources and the Fraud Examiners Manual, tax databases like RIA Checkpoint, the Internal Revenue Code, among others. Essential steps in the conducting of research include finding the appropriate databases and organizing and prioritizing resources (Zarah, 2020). One of the challenges I encountered while conducting research in this and past courses was finding appropriate scholarly resources to support my opinions. Nowadays with the internet, there is access to a large amount of information which is something positive but at the same time can be overwhelming. There are so many articles that can be related to your research topic to a certain extent, however, it might be difficult to find the perfect article that supports your opinion or states the specific idea that you need or want for your research.

Comment #2

The research process is always gripping, and you might even feel like a scientist. For me, the process of assignment preparation requires to devote quality time for the same quality research of appropriate sources that will support my opinion. At the very beginning of my study, I learned how to use keywords to narrow resources and information that fit my topic. I also learned how to use professional web resources such as IMA, FABS, GASB, AICPA, PCAOB, ACFE, etc. Perhaps, one day, I will become a member of one or maybe more than one of these professional associations with the opportunity to access valuable and helpful information.

       Research skills are more likely related to investigating and analyzing. The researches have to accumulate many different skills to come to a desirable result of the project. For professional accountants, research is a vital part of everyday operations. It helps to gather information about the client’s industry and the latest commercial trends within it, current or updated laws, regulations, court cases, and any other information that can be useful for every particular situation. The research skills that every accountant need the following:

– tracking down information (the simple trick is to modify the key phrase that will be searched),

– social media (platforms such as Facebook, Twitter, and LinkedIn are used by many professionals to discuss the latest news, share research and connect with like-minded professionals),

– validating sources (government sites, trade organizations, and academic research are the obvious choices, but reputable media outlets, renowned industry commentators and respected companies and charities are all options for sourcing information that is original and accurate),

– referencing the references (most reliable sources of information, such as government sites, media articles, and academic research, will reference where they obtained specific ideas, quotes, and data),

– obtaining case studies (try discussing the research with clients to see how they may be affected),

– helpful tools (there are online research tools available that are specifically tailored to the needs of accounting professionals like Thomson Reuters Checkpoint) (Thomson Reuters, 2017).  

       In my research processes, I found the university library very helpful. The library gives the options to download the articles in pdf format and make a citation in the style you chose. I give to Writing Studio big respect for their hard work with each assignment I have sent. They help you with grammar, APA format, how to properly write abstract and introduction, and can advise on how to build sentences in an academic comprehensive manner. And I believe they make a tremendous impact on students they work with. Overall, I had a positive experience with all research processes and assignments at Keiser and will improve my research skills in my career.

Discussion # 2

Post a copy of the abstract to your final report

Comment #1

Please see below the abstract of my research paper.

                                                                                                                           

Abstract

The purpose of the research paper is to explore whether there is a need for improvements to existing PCAOB standards AS 2405. Illegal Acts by Clients,

to provide better direction to auditors about their responsibilities concerning possible illegal acts by clients. The paper presented the history of the auditing

standards and possible evolution from the establishment. The research covered the following aspects such as managerial, international, tax, forensic, 

and governmental accounting, auditing, and hypotheses. The paper included research on concept statements and a survey, and their potential impact on decision making. 

The final part of the research paper included a conclusion on the review and analysis of the discussed accounting aspects and recommendations. 

A conclusion included an explanation of the impact of concept statements and surveys on the research project. Recommendations provided potential solutions in the way

of the updates of existing standards and requirements associated with illegal acts.  

Comment #2

Abstract

The Tax Cuts and Jobs Act of 2017 is the most recent overhaul of the tax law since the Tax Reform Act of 1986. This tax reform contains a large number of temporary and permanent tax provisions affecting both individual and corporate taxes. This paper first provides an overview of the history behind the enactment of the Tax Cuts and Jobs Act. An analysis of the effects of the provisions of this tax reform from all the major accounting perspectives was also performed. A survey was elaborated and administered to several individuals of different backgrounds to obtain their opinion on the effect of the act on individuals, businesses, and the economy as well as the effect of the expiration of many provisions and the impact of the COVID-19 pandemic on tax legislation. The potential impact of the survey answers and various concept statements provided by the Financial Accounting Standards Board and the American Institute of Certified Public Accountants on decision making was also addressed.

            Key words: Accounting, corporate tax rate, economy, income taxes, individual tax rates, Tax Cuts and Jobs Act, tax provisions, tax reform.