In open economic era, business enterprises are growing in size and complexity faces high competition. The demand of accountants is increasing day by day to provide accounting information for making accurate and effective decision within short period. Now-a-day accounting is used in business enterprise as well as in socioeconomic development.
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International Accounting Standards has developed a set of standards for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial item. From 1973 to 2000, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC). IAS has developed 39 principles for stating how particular types of transactions and other events should be reflected in financial statements. In 2001, IASC was replaced by International Accounting Standards Board (IASB) and is now responsible to issue the international financial reporting standards (IFRS).
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Cash Flow Statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events After the Balance Sheet Date
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 18 Revenue
IAS 19 Employee Benefits
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosures
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Consolidated and Separate Financial Statements
IAS 28 Investments in Associates
IAS 29 Financial Reporting in Hyperinflationary Economies
IAS 31 Interests in Joint Ventures
IAS 32 Financial Instruments: Presentation
IAS 33 Earnings per Share
IAS 34 Interim Financial Reporting
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
IAS 40 Investment Property
IAS 41 Agriculture
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IFAC stand for International Federation of Accountants which is a global organization for the accountancy professional. The International Federation of Accountants was founded on October 7, 1977 in Munich, Germany at the 11th World Congress of Accountants. The organziation’s headquarters have been based in New York City since its founding. Sixty-three professional accountancy bodies from 51 countries were signatories of IFAC’s first Constitution Beginning with 63 members in 1977; IFAC’s membership has grown over the past 30 years to now include 157 members and associates in 123 countries and jurisdictions, worldwide. IFAC members and associates, which are primarily national professional accountancy bodies, represent 2.5 million accountants employed in public practice, industry and commerce, government, and academia. Through its independent standard-setting boards, IFAC develops international standards on ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to support professional accountants in business, small and medium practices, and developing nations. In addition, IFAC issues policy positions on topics of public interest and comment letters on matters relevant to the profession.
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South Asian Federation of Accountants (SAFA) was formed in the year 1984 to serve the accountancy profession in the South Asian Region and uphold its eminence in the world of accountancy. SAFA is an Apex Body of the South Asian Association of Regional Co-operation (SAARC) and a Regional Grouping of International Federation of Accountants (IFAC). SAFA represents over 170000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, Nepal, Pakistan and Sri Lanka. SAFA came into existence at the initiative of the accounting professional bodies in the South Asian Region, which has a bong of culture and homogeneity of professional environment.
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The Chartered Institute of Management Accountants (CIMA) is a United Kingdom based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.
CIMA is one of a number of professional associations for accountants in the UK and Republic of Ireland. Its particular emphasis is on developing the management accounting profession within the UK and worldwide. CIMA is the largest management accounting body in the world. CIMA was founded in 1919 as “The Institute of Cost and Works Accountants” (ICWA). It specialized in the development of accounting techniques for use in the internal control of manufacturing, service and public sector operations. It developed a position as the leading professional body in the areas of product costing, budgeting, management accounting, investment appraisal and business decision making.
In October 1944 the Institute of Cost and Works Accountants organisation in Ireland was formed. The institute changed its name from ICWA to the Institute of Cost and Management Accountants (ICMA) in 1972 and subsequently to the Chartered Institute of Management Accountants (CIMA) in 1986, after the granting of a Royal Charter. A global Accounting qualification based in the UK, which is particularly active in Commonwealth countries. Its membership has grown from 15,000 in 1970 to 79,757 members and 92,909 students in 2009. It has played a role in founding fraternal professional bodies such as the Institute of Cost and Management Accountants of Pakistan, The Institute of Cost and Management Accountants of Bangladesh Institute of Cost and Works Accountants of India and the Institute of Management Accountants (USA).
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The Institute of Cost and Works Accountants of India (ICWAI) is a statutory Professional body established on May 28,1959 under the Cost and Works Accountants Act, 1959 (Act No.23rd of 1959) enacted by the Parliament of India to regulate the profession of Cost and Management Accountancy in India over the years, the ICWAI has emerged as a leading professional institute in India and the second largest management accounting body in the world with focus on knowledge, training and research in the field of Management Accounting and Financial and Cost Management. The ICWAI syllabus, research, publications, training, MDP are renowned for exhaustive breadth and depth of knowledge. The ICWAI is recognized by the Government of India as a-Scientific and Industrial Research Organization (SIRO).
The ICWAI is committed
• To develop the Cost and Management Accountancy profession.
• To develop the body of members and properly equip them for functions.
• To ensure sound professional ethics.
• To keep abreast the latest developments in Management Accountancy, Cost and Financial Management.
The ICWAI is a Founder Member of International Federation Of Accountants(IFAC), Confederation of Asian and Pacific Accountants(CAPA), South Asian Federation of accountants (SAFA).
The Graduate/Associate/Fellow members of the ICWAI are the professional Cost and Management Accountants of India. The headquarters of ICWAI is situated in Kolkata, and operates through four regional, councils (Kolkata, Chennai, Delhi and Mumbai), 94 chapters in India and 6 chapters abroad.
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The Confederation of Asian and Pacific Accountants (CAPA) represent national accountancy organization in the Asia-Pacific region. Today, CAPA has a membership of 34 accountancy organizations in 24 jurisdictions. CAPA is by far the largest regional accountancy organization and its geographical area spans half the globe!
The idea of CAPA was conceived at the First East Conference of Accountants that was held from November 28 to December 1, 1957 in Manila, Philippines. However, it was only in 1976 that the Confederation of Asian and Pacific Accountants was formerly established.
CAPA’s mission is to provide leadership in the development, enhancement and coordination of the accounting profession in the Asia-Pacific region. To enable the profession to provide services of consistently high quality in the public interest. To achieve this mission, CAPA has a commitment to assist the accounting profession in emerging countries in the Asia-Pacific region.
CAPA region which spans from Canada in the east to Pakistan in the west have diverse economies of varying levels of maturity. The diverse resources and skills of these members are a unique strength of CAPA, which is used to benefit all its members. CAPA also has an important role to establish better communication and understanding amongst members in order to encourage greater cross border activities in the accounting and business arena.
CAPA also aims to enhance the accountancy standards and development of the profession by promoting harmonisation through the adoption of IF AC and IASC standards.
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Certified Public Accountant (CPA) is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have not met additional state education and experience requirement for certification-as a CPA . Individuals who have passed the Exam but have not either accomplished the required on-the-fob experience, or have previously met it but-in the meantime have lapsed their continuing professional education are, in many states permitted the designation “CPA Inactive” or an equivalent phrase. In most US states only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements. The exceptions to this rule are Arizona, Kansas, North Carolina and Ohio where, although the "CPA" designation is restricted, the practice of auditing is not.
Many states have a lower tier of accountant qualification (below that of CPA), usually entitled "Public Accountant" (with designatory letters "PA"). However the majority of states have closed the designation "Public Accountant" to new entrants, with only about 10 states continuing to offer the designation. Many PAs belong to the National Society of (Public) Accountants.
Many states prohibit the use of the designations "Certified Public Accountant" or "Public Accountant" (or the abbreviations "CPA-`-or "PA") by a person who is not certified as a CPA or, PA in that state. As a result, in many circumstances, an out-of-state CPA is restricted from using the CPA designation or designatory letters until a license or certificate from that state is obtained.
Texas additionally prohibits the use of the designations "accountant" and "auditor" by a person not certified as a Texas CPA, unless that person is a CPA .in another state, a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners. Many other countries also use the title CPA to designate local public accountants. The equivalent in formerly British countries is the chartered accountant.
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Certified General Accountant (CGA) is the designation of professionals who are jointly members of the Certified_ General Accountants Association of Canada (CCA-Canada) and a provincial or territorial CGA association or a CGA association overseas. Provincial, territorial and offshore CGA affiliate associations work collaboratively with CGA-Canada as part of a federation. The national association, first known as the Canadian Accountants' Association, was founded in 1908 by a trio of Canadian Pacific Railway accountants in Montreal, Quebec. Five years later, in 1913, the General Accountants' Association, as it was then known, was granted a charter from the government of Canada. By the mid-1940s, association chapters were established from coast-to-coast. Provincial, territorial and regional (offshore) chapters were later established under their own Charters.
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The Association of Chartered Certified Accountants (ACCA) is a British –accountancy body which offers the Chartered Certified Accountant (Designator letters ACCA or FCCA) qualification worldwide. It is one of the world's largest and fast growing accountancy bodies with 140000 members and 404000 affiliates and students in 170 countries (as at April 2010). The Institutes headquarters are in London with the principal administrative office being based in Glasgow. In addition the ACCA has a network of nearly 80 staffed offices and other centres around the world. The ACCA is a founding member body of the Consultative Committee of Accountancy Bodies (CCAB) and the International Federation of Accountants (IFAC)
The term 'Chartered' in ACCA qualification refers to the Royal Charter granted in 1974 by Her Majesty the Queen in the United Kingdom. ACCA can trace its history back to 1904 when eight people formed the London Association of Accountants. This was done in order to allow more open access to the profession than was available through the existing accounting bodies. at the time, notably the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland: As of 2006, the goal of ACCA is to become the world's leading global professional body by size.
Since Chartered Certified Accountant is a legally protected term, individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and, if they carry out public practice engagements, must comply with additional regulations such as holding a practicing certificate, being insured against any possible liability claims and submitting to inspections.
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The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is a leading professional body in Bangladesh that offers professional qualification in Cost and Management Accountancy, with a focus on accounting for business. ICMAB programme has been designed to meet the evolving needs of business today and tomorrow. The Institute is a statutory constituted by the government -under the cost and management Accountants Ordinance 1977 (Ordinance No. LIII of 1977) and regulated under the cost and Management Accountants Regulations, 1980 (as amended upto date. It is managed as an autonomous professional body under the Ministry of Commerce. Apart from education, it is also engaged in regulating and promoting the profession of cost and management accounting in Bangladesh. The Institute of Cost and Management Accountants of Bangladesh is the only national institute of the country imparting training and education in the field of cost and management accounting. It has branches. in Chittagong, Rajshahi, Comilla and Khulna along with its main branch in Dhaka. The Institute. is managed by a National Council of 16 members. It is a member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), and South Asian Federation of Accountants (SAFA). ICMAB members are known as CMAs with their designatory title ACMA and FCMA. They play leading roles in the accountancy and finance profession in Bangladesh. 30% of members live and work in UK, USA, Canada, Australia and Gulf Countries.
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The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB. The mission of ICAB is to provide leadership in the development, enhancement and coordination of the Accountancy Profession in Bangladesh in order to enable the profession to provide services of consistently high quality in the public interest. It is a member of The International Federation of Accountants (IFAC), The International Accounting Standards Board (IASB), The Confederation of Asian and Pacific Accountants (CAPA) and The South Asian Federation of Accountants (SAFA). ICMAB members are known as CAs with their designatory title ACA and FCA. They perform management consultant and professional services involving auditing or verification of financial transactions, books, accounts or records, or preparation, verification or certification of financial, accounting and related statements.
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