Question 1 (word limit: maximum 800 words)
Digital transformation such as the introduction and use of Artificial Intelligence (AI) and
Machine Learning has taken over many of the automated accounting functions. It is
believed that the technological disruption such as AI is taking over the accounting
industry, making the accounting professionals less important to the modern businesses.
In your opinion, how important are accounting professionals to the modern businesses?
Will the digital transformation change the roles of the accounting professionals?
(100 marks)
Breakdown of marks:
Criteria Maximum marks
- Knowledge and Understanding 40
- Thoughts and arguments 40
- Independent research 10
- Planning, organisation, and presentation 10
Total marks 100
Question 2 (word limit: maximum 800 words)
China's rapid economic growth in the past decades has amazed the rest of the world.
China's influence on the world's economy continues to increase.
China fully understands that a sound financial reporting system plays a key role in the
process of economic development. The Chinese Ministry of Finance (MOF) has set itself
the objectives of fostering investors' confidence in financial information, increasing
transparency of financial reporting, and harmonising Chinese national accounting
standards with International Financial Reporting Standards (IFRSs).
Since then, China has already made significant progress in harmonising Chinese
accounting standards with IFRSs.
Adapted from: https://www2.deloitte.com/cn/en/pages/audit/solutions/financial-reporting-mainland-china.html
Evaluate the benefits for Chinese Accounting Standards (CAS) to converge with IFRS.