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Accounting, also known as accountancy, is the processing of information about economic entities, such as businesses and corporations. Accounting 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 interchangeably.
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 South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The institute provides a wide range of support services to more than 48,000 members and associates who are chartered accountants (CAs(SA)), as well as associate general accountants (AGAs(SA)) and accounting technicians (ATs(SA)).
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.
Founded in 1908, the Certified General Accountants Association of Canada (CGA-Canada) serves Certified General Accountants and students in Canada and nearly 100 countries. CGA-Canada established the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally. CGA-Canada joined the Chartered Professional Accountants of Canada to integrate operations under the CPA banner in 2015. CPA Canada is the new national accounting body formed by the merger of the Canadian Institute of Chartered Accountants (CICA) and the Society of Certified Management Accountants (CMA) in 2013, and now Certified General Accountants.
The Institute of Chartered Accountants of Jamaica (ICAJ) is a professional accountancy body in Jamaica. It is the sole organisation in Jamaica with the right to award the Chartered Accountant designation.
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 Financial Accountants (IFA) is a professional accountancy body representing and providing certification for financial accountants in the United Kingdom. The IFA is a full member of the International Federation of Accountants.
Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting was introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent companies. Ethics are taught in accounting courses at higher education institutions as well as by companies training accountants and auditors.
The Association of International Accountants (AIA) is a professional accountancy body. It was founded in the UK in 1928 and since that date has promoted the concept of ‘international accounting’ to create a global network of accountants in over 85 countries worldwide.
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
In Bangladesh, the profession of accountancy was developed during the British colonial period. The basic requirements for financial reporting by all companies in Bangladesh were provided by the Companies Act of 1994. Today, it is represented by two professional bodies, the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB).
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.
The Liberian Institute of Certified Public Accountants (LICPA) is a professional association of accountants in Liberia.
The Ordre des Experts Comptables de Tunisie or OECT is a professional association of accountants in Tunisia. It was created in 1983 and placed under the Ministry of Finance.
CPA Ireland, formerly the Institute of Certified Public Accountants in Ireland, is one of the main Irish accountancy bodies, with 5,000 members and students.
The Institute of Certified Management Accountants of Sri Lanka, is a professional body offering qualification in management accountancy in Sri Lanka.
CamEd Business School, also known as CamEd Institute, is an institute of higher education in Phnom Penh, Cambodia. It specializes in teaching accounting and finance and is a primary source of new hires for major audit firms in Cambodia.
References
- ↑ Member Bodies and Associates Archived 2011-06-30 at the Wayback Machine , IFAC
- ↑ "PROGRESS HIGHLIGHTS". Izdihar. Retrieved 2011-07-05.
- ↑ "Iraqi Union of Accountants and Auditors Inaugurates IT Laboratory" (PDF). USAID. October 2006. Archived from the original (PDF) on 2009-08-08. Retrieved 2011-07-05.
- ↑ "Over 700 Iraqis Benefit from Cost and Management Accounting Course". Izdihar. Retrieved 2011-07-05.
- ↑ "Iraqi Union of Accountants and Auditors provides training to Central Bank of Iraq". GAAP-IFRS. 3 September 2007. Retrieved 2011-07-05.
- ↑ Mysterious letter rattles E&Y’s Iraq ambitions Archived 2010-05-24 at the Wayback Machine , Accountancy Age, 20 May 2010
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