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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.
An accountant is a practitioner of accounting or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant, or Registered Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
Chartered accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an internationally recognised professional designation; the certified public accountant designation is generally equivalent to it. Women were able to become chartered accountants only following the Sex Disqualification (Removal) Act 1919 after which, in 1920, Mary Harris Smith was recognised by the Institute of Chartered Accountants in England and Wales and became the first woman chartered accountant in the world.
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 240,952 members and 541,930 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 Chinese Institute of Certified Public Accountants or CICPA is a professional accounting organization based in Beijing with oversight responsibility for accountants in China.
The Institute of Chartered Accountants of India (ICAI) is India's largest professional accounting body under the administrative control 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 promotion, development and regulation of the profession of Chartered Accountancy in India.
The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 40,000 members and students working in industry, commerce, government, academia and professional practice.
The Institute of Cost Accountants of India (ICMAI), which was also known as The Institute of Cost & Works Accountants of India (ICWAI) is a professional accountancy body in India. It is under the ownership of Ministry of Corporate Affairs of the Government of India. It has as its prime responsibility to contribute to the cost and management accounting profession at the global level.
The Institute of Chartered Accountants of Bangladesh (ICAB) is the national professional accountancy body and research institute in Bangladesh. It is the sole organisation in Bangladesh with the right to award the Associate Chartered Accountant designation. It has 2,005 members.
The Institute of Chartered Accountants of Pakistan is a professional accountancy body in Pakistan. It has over 10,000 members working locally and globally. The institute was established on July 1, 1961 to regulate the profession of accountancy in Pakistan. It is a statutory autonomous body established under the Chartered Accountants Ordinance, 1961. With the significant growth in the profession, the CA Ordinance and By-Laws were revised in 1983.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is an institution dedicated to Cost and Management Accounting education and research in Bangladesh. It is managed as an autonomous professional body under the Ministry of Commerce. As well as education, it is also engaged in regulating and promoting the profession of cost and management accountant in Bangladesh.
Pakistan Institute of Public Finance Accountants (PIPFA) is an autonomous body recognized mainly in the government sector and established under license from the Securities and Exchange Commission of Pakistan by the authority given under section 42 of the Companies Ordinance, 1984.
The accountancy profession in Malaysia is regulated by the Malaysian Institute of Accountants (MIA) through the powers conferred by the Accountants Act, 1967. The MIA is an agency under the Ministry of Finance and reports directly to the Accountant General Office. As at 4 February 2016, MIA has 32,618 members of which 68% are involved in commerce and industry, 22% in public practice and 10% in government and academia. Selangor and the Wilayah Persekutuan Kuala Lumpur Federal Territory have the largest concentration of MIA membership with 13,125 and 7,351 members respectively. https://web.archive.org/web/20150725035639/http://www.mia.org.my/new/members_statistics_state.asp
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. It was established in 1963 and has over 33,000 members.
Kamlesh Shivji Vikamsey is an Indian Chartered Accountant and a Past President of Institute of Chartered Accountants of India (ICAI) and a Past President of The Confederation of Asian and Pacific Accountants (CAPA). He is an expert on governance and oversight; and has served in his personal capacity on several international organizations like UNDP, IMF, UNICEF, ITU and WMO in Audit and Oversight Committees.
The Confederation of Asian and Pacific Accountants (CAPA) is a regional organization representing 33 national professional accountancy organizations (PAOs) operating in Asia and the Pacific. These PAOs, referred to as CAPA’s members, represent close to 2 million accountants across the region.
The Association of Accounting Technicians of Sri Lanka, or AATSL, is a Sri Lankan qualification and professional body for vocational accountants which was launched as an initiative that came through the Institute of Chartered Accountants of Sri Lanka. AAT is a technician level qualification offering higher apprenticeships which entitles those who have completed the exams and obtained relevant supervised work experience to become an accountant.
The Institute of Certified Management Accountants of Sri Lanka, is a professional body offering qualification in management accountancy in Sri Lanka.
Chartered Professional Accountants of Canada is the national organization representing the Canadian accounting profession through the unification of the three largest accounting organizations: the Canadian Institute of Chartered Accountants (CICA), the Society of Management Accountants of Canada and Certified General Accountants of Canada (CGA-Canada), as well as the 40 national and provincial accounting bodies. It is one of the largest organizations of its type in the world, with over 217,000 Chartered Professional Accountants in Canada and around the world.
References
- ↑ "ICMA PAKISTAN". www.icmap.com.pk. Retrieved 2016-12-19.
- ↑ "act_n_regulations.pdf" (PDF). docs.google.com. Retrieved 2016-12-19.
- ↑ "Pakistan | IFAC". www.ifac.org. Retrieved 2016-12-19.
- ↑ "Confederation of Asian and Pacific Accountants (CAPA)". www.capa.com.my. Retrieved 2016-12-19.
- ↑ "Member Bodies | South Asian Federation of Accountants". www.esafa.org. Retrieved 2016-12-19.