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Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities listed on a public stock exchange.
The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 428,000 members in 130 countries in business and industry, public practice, government, education, student affiliates and international associates. Founded in 1887 as the American Association of Public Accountants (AAPA), the organization sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It also develops and grades the Uniform CPA Examination. The AICPA maintains offices in New York City; Washington, DC; Durham, NC; and Ewing, NJ.
The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the US. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The FASB is run by the nonprofit Financial Accounting Foundation.
The International Accounting Standards Committee (IASC) was founded in June 1973 in London at the initiative of Sir Henry Benson, former president of the Institute of Chartered Accountants in England and Wales. The IASC was created by national accountancy bodies from a number of countries with a view to harmonizing the international diversity of company reporting practices. Between its founding in 1973 and its dissolution in 2001, it developed a set of International Accounting Standards (IAS) that gradually acquired a degree of acceptance in countries around the world. Although the IASC came to include some organizations representing preparers and users of financial statements, it largely remained an initiative of the accountancy profession. On 1 April 2001, it was replaced by the International Accounting Standards Board (IASB), an independent standard-setting body. The IASB adopted the extant corpus of IAS which it continued to develop as International Financial Reporting Standards.
The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of Chartered Accountants (CAs). It is a regulator, educator, influencer and thought leader.
The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. At the end of 2020, it has over 189,000 members and students in 147 countries. The ICAEW was established by royal charter in 1880.
Founded in 1904, the Association of Chartered Certified Accountants(ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It has 233,000 members and 536,000 future members worldwide. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centres in 51 countries - with 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers worldwide, who provide employee development. The ACCA also works in India, China and Pakistan.
Johannes Franciscus "Hans" Hoogervorst is a retired Dutch politician of the People's Party for Freedom and Democracy (VVD) and economist. He is the former chairman of the International Accounting Standards Board (IASB) from 1 July 2011 through 30 June 2021.
The Institute of Chartered Accountants of India (ICAI) is the World's second largest professional accounting body and largest professional accounting body of India under the ownership of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for regulating the profession of Chartered Accountancy in India.
The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also, the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. The AASB's functions and powers are set out in the Australian Securities and Investments Commission Act 2001.
Charles H. Noski was the Chairman of the Board of Directors of Wells Fargo & Company from March 2020 to August 2021. He previously held a variety of positions, including the position of CFO at AT&T, Bank of America, and Northrop Grumman, as well as the positions of director and chairman of the audit committee of Microsoft.
The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation.
ASCA is a non-profit professional association which aims to advance the profession of accounting, management, and related disciplines in the countries of the Arab League. ASCA also aims to maintain the professional independence of accountants and their protection through the application of professional supervisory measures as a way to elevate the professions of accounting and auditing.
Stephen Addam Zeff is an American accounting historian, and Herbert S. Autrey Professor of Accounting at the Jesse H. Jones Graduate School of Business, Rice University, Houston, Texas, United States. He was inducted into the Accounting Hall of Fame in 2002.
Sir David Evan Naunton Davies is a British electrical engineer and educator, knighted for services to science and technology in the 1994 New Year Honours.
The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants employed in public practice, industry and commerce, government, and academe. The organization supports the development, adoption, and implementation of international standards for accounting education, ethics, and the public sector as well as audit and assurance. It supports four independent standard-setting boards, which establish international standards on ethics, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in small and medium business accounting practices.
The National Board of Accountants and Auditors (NBAA) is an accounting professional and regulatory body operating under the Ministry of Finance and Economic Affairs, the sole body to certify accountants in Tanzania. It began operating on 15 January 1973.
Sir John Calman Shaw was a Scottish businessman, chairman of the board of directors and Governor of the Bank of Scotland from 1999–2001, deputy governor from 1991–1999 and a non-executive director from 1990–2001.
Herbert Jeffrey Wooller is an English accountant and educationalist. He is noted for his accountancy tuition initiatives, and for campaigning for reform of his professional institute, the Institute of Chartered Accountants in England and Wales. The institute eventually excluded him from its membership because of his association with the Irish International University, Irish University Business School and International University Business School. Wooller has founded several educational institutions such as the Jeff Wooller College, Institute of Professional Financial Managers and Irish University Business School.
References
- ↑ Mosley, Charles, ed. (2003). Burke's Peerage, Baronetage & Knighthood (107 ed.). Burke's Peerage & Gentry. p. 3965. ISBN 0-9711966-2-1.
- 1 2 Tweedie lined up for top role at Icas in 2012, The Scotsman , 7 January 2010
- ↑ The Accounting Hall of Fame inducts a new member for 2013: Sir David Tweedie Archived 8 July 2013 at the Wayback Machine , The Accounting Hall of Fame, Fisher college of business, The Ohio state university
- ↑ Sir David Philip Tweedie, The Accounting Hall of Fame, Fisher college of business, The Ohio state university
- ↑ Tweedie, David P. (1969). "Management and incomes policy". hdl:1842/27561.
{{cite journal}}: Cite journal requires|journal=(help) - 1 2 Sir David Tweedie, Accountancy Age, 11 Nov 2004
- ↑ Sir David Tweedie, IASB chairman, Financial Director magazine, 26 March 2008
- ↑ New IASB chairman must be part-politician, says trustee chief Archived 13 October 2010 at the Wayback Machine , Accountancy Age, 12 Oct 2010
- ↑ "No. 63135". The London Gazette (Supplement). 10 October 2020. p. B4.
- ↑ "Heriot-Watt University Edinburgh: Honorary Graduates". www1.hw.ac.uk. Retrieved 4 April 2016.
- ↑ Jill Treanor, Calvinist on a clean-up quest, The Guardian, 29 June 2002