School of Business and Management Department of Accounting 170 Department of Accounting Machine Learning in Accounting Supervisor: CHO Tony / ACCT Student: HAN Liuruo / DSCT Course: UROP 1100, Summer This study delves into the comparative analysis of accounting standards between Europe and Australia, exploring the evolving landscape of financial reporting frameworks in these regions. Accounting standards serve as a cornerstone for ensuring consistency, transparency, and comparability in financial statements, enabling effective communication of financial information among businesses, investors, and regulators. The research methodology involves meticulous data collection of European and Australia accounting standards, leveraging the BERT model for word embedding to extract and process textual information. By calculating semantic distance metrics, the study unveils the convergence of accounting standards between Europe and Australia, showcasing their similarities and shared emphasis on regulatory compliance, transparency, and accountability. Results reveal a high degree of alignment between the two regions, indicating a common ground in principles such as fair value measurements and revenue recognition. Machine Learning in Accounting Supervisor: CHO Tony / ACCT Student: LIU Xingyuan / QFIN Course: UROP 1100, Summer This paper explores the application of the BERT embedding model to analyze the text of accounting standards from Europe and Australia. By transforming these texts into embeddings and calculating their cosine distances, we aim to determine the similarity between the two sets of standards. Our findings provide insights into the alignment and divergence of accounting practices in these regions. US Local Governments Mandatory and Voluntary Financial Reporting Supervisor: DONG Qingkai / ACCT Student: SUNG Fuk Hei / ECOF Course: UROP 1100, Spring Local governments in the US are subject to a dual financial reporting system. On the one hand, they voluntarily participate in financial surveys conducted by the Census Bureau (U.S. Census Bureau, 2023). On the other hand, they are required to prepare and submit audited financial statements to the federal government if they spend federal grants above a certain threshold (SINGLE AUDIT ACT AMENDMENTS OF 1996, 1996). This dual reporting system, which contrasts the corporate reporting, provides a unique opportunity to study whether local governments’ financial reporting differs based on different reporting environments. This project collects data for this research question.
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