Answer 3.

 Topics covered in an accounting framework:

 Presentation of financial statements

 Revenue recognition

 Employee benefits

 Borrowing costs

 Income tax accounting

 Investment in associates

 Fixed assets

 Retirement benefit plans

 Foreign exchange rates

 Operating segments

 Industry-specific accounting, such as mineral resources and agriculture

 Unified Process for building an accounting framework for a small-scale

organization:

 Why to use Unified process?

 It is a complete methodology with an emphasis on accurate
documentation so it will be very useful as accounting framework is a
well-defined pre-documented model.
 The development time required is less due to reuse of components.
 Less time is required for integration as the process of integration goes
on throughout the software development life cycle.
 It is proactively able to resolve the project risks which is necessary
requirement of an accounting framework.
 Use of Unified modelling language (UML) facilitates the analysis and
design of various components
 Problems in using Unified Process:
 The team members need to be expert in their field to develop a
software under this methodology so hiring expert team member may
be not feasible for a small-scale organization financially.
 The development process is too complex and disorganized so it may
be difficult to understand by other team members who didn’t write
that code.
 Integration throughout the process of software development, in
theory sounds a good thing. But for this project where it must include
so many different topics, it will only add to the confusion and cause
more issues during the stages of testing.

 Conclusion:
Unified Process is quite good for this project as compared to other
methodologies as it emphasises on proper documentation, takes relatively
less time for development, risk is also low in it and it facilitates analysis and
design using UML. But it has some problems like financial, complexity etc.