THE USE OF VIRTUAL REALITY (VR) TECHNOLOGY IN ACCOUNTING EDUCATION
Singapore Institute of Technology (SINGAPORE)
About this paper:
Conference name: 12th annual International Conference of Education, Research and Innovation
Dates: 11-13 November, 2019
Location: Seville, Spain
Abstract:One of the recent technological innovation in the field of accounting is the use of Virtual reality (VR). VR aims to assist the accountants in making better sense of the vast financial data generated by every company. It also can be used to devise different kinds of approaches to business development. VR is not only on its path to becoming a vital part of all businesses. It also provides a far-reaching and innovative experience to accounting education. This paper discusses the use of VR technology in accounting education.
One of the VR applications is Top Education Institute (TOP), an innovative VR Program, with the assistance of PwC Australia, developed to help students understand accounting concepts. TOP helps to further embed learning of accounting concepts, in a more interactive and fun way. Specifically, this innovative teaching method helps students at TOP to learn part of the content of Principles of Accounting in four modules, from basic right through to advanced concepts. Students are able to, from the comfort of their chair in the classroom, move in to a virtual store and apply these accounting principles in a “real life” situation.
The VR program includes four sections:
1. The introduction module illustrates the nature of accounting and its main functions. It also explains the roles of accountants in public accounting and commercial accounting.
2. In the Balance Sheet module, students are placed in a real-world café business scenario. Through the operation of the VR headset, they learn basic book keeping and how to classify the components in a Balance Sheet.
3. In the accrual module, the experience educates students about the dierences between Cash Basis and Accrual Basis Accounting.
4. In the Debit and Credit module, students play a learning game involving a sushi train, to help understand debit and credit accounting rules.
Students that have already experienced this VR Program have agreed that it enhances their learning and understanding, and helps them grasp new concepts easily. It also encourages them to come to class more often because TOP is at the forefront of learning technology, which giving the students opportunity to learn in new and exciting ways.
Another example is the use of VR when teaching taxation. By introducing VR in the classroom for taxation, students can experience a client and advisor role where VR simulates the real world visit to client’s premises which is not practical for a large group of students to experience in real life. In particular, a capital allowance scenario was set up by the educator and various locations within the business premises were captured by photographs well in advance of the student session taking place. Each location in the photo provided the students with different capital allowances challenges whether the asset was allowed for capital allowances or not and if allowed what type of allowances were eligible. A virtual training school was created, a pilot training centre equipped with flight simulators, classroom for students to explore and evaluate for their capital allowance claim. The VR allowed the students to experience a walk through the premises by using google cardboard headsets with an app on their mobile phones, which allowed the students to immerse themselves in the technology. Feedback from students are very positive that they thought it enhanced their learning of the real application of taxation and found it fun to use.
Keywords: VR, Accounting Education.