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.

Difference between Put Option and Call Option

Options

•          An options give the holder (firm) the right (not the obligation) to buy or sell an asset in the future at an agreed upon price today.

Difference between Forward Contract and Futures Contract

Forward Contract

•      These are agreements where 1 party agrees to buy a commodity at a specific price on a specific future date  and the other party agrees to sell the product.

•          Goods are actually delivered under forward contracts.

•          Forward contract is a tailor made futures contract that is not traded on a organized exchange.

•         Unless both parties are morally and financially strong, there is a danger that 1 party will default on the contract, especially if the price of the commodity changes markedly  after the agreement is reached.

Financial Ratio Analysis Formula

Financial statement analysis can provide clues to underlying conditions that may not apparent from individual financial statement components.

Significant business decisions are frequently made using one or more of the analytical tool. Here illustrate a number of analytical tools that help business decision maker obtaining business objective.

Cost Accounting Planning & Control by Adolph, Usry

Book Name: Cost Accounting Planning & Control

 

Authors:

- Adolph Matz phd

Professor Emeritus of Accounting

The Wharton School

University of Pennsylvania

-Milton F. Usry phd, CPA

Regents Professor of Accounting

College of Business Administration

Oklahoma State University