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.
International Accounting Standards (IAS)
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
International Federation of Accountants (IFAC)
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.
South Asian Federation of Accountants (SAFA)
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.
The Chartered Institute of Management Accountants (CIMA)
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).
The Institute of Cost and Works Accountants of India (ICWAI)
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.
The Confederation of Asian and Pacific Accountants (CAPA)
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.
Certified Public Accountant (CPA)
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.
Certified General Accountant (CGA)
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.
The Association of Chartered Certified Accountants (ACCA)
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.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB)
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.
The Institute of Chartered Accountants of Bangladesh (ICAB)
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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