...PUBLIC SECTOR ACCOUNTING A. Institutional Framework for Public Sector Accounting 5. The institutional framework should include adherence to IFAC-issued International Accounting Standards. And it should support the groundwork for qualified accounting staff to provide the timely, relevant, and reliable financial information needed to support all fiscal and budget management, decisionmaking, and reporting processes. The diagnostic questionnaires that were used in this assessment collected information on the current arrangements and the apparent gaps in Maldives for accounting laws and regulations; education and training of public sector accountants; application of a code of conduct; and numbers and characteristics of public sector accountants. (1) Accounting Laws and Regulations 6. The Public Finance Act and the Financial Regulations are prescriptive about the maintenance and compilation of accounts but make no mention of International Accounting Standards. The Public Finance Act (see Annex C) should require conformance with International Public Sector Accounting Standards (IPSAS). However, under the Public Finance Act, there are proposed rules that would promulgate the allowance of IPSAS to be followed. The future accounts should be based on Cash Basis IPSAS with notes providing other information on assets, liabilities, and contingent liabilities as required by the Public Finance Act. Progression to accrual-based statements would occur as adequate computerized accounting systems...
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...Accountancy is the production of financial records for organizations and shows readers in money terms the economic resources the company has under its control and represents it in terms of relevance and does this faithfully. Accounting is called “the language of business” because it acts as a vehicle for a business entity to report their financial information to groups of people outside of the company’s day to day activities. Some researchers believe the earliest instance of accounting was from a cave engraving in South Africa that was dated 76,000 years old. However the earliest proven accounting records have been dated back 7,000 years ago and were found in Mesopotamia. The people of the time relied on its primitive practices to record the growth of crops and herds. In Iran during the 4th and 3rd century, socioeconomic situations led to unequal distributions of wealth and so the leaders and priests appointed people to look after the financial matters. Godin Tepe, an archaeological site in western Iran, scripts only containing tables with figures were found. In Tepe Yahya, an archaeological site found in the Kerman Province in Iran, the scripts contained geographical representations as well. In both sites buildings containing large rooms for storage crops had tokens that were used for bookkeeping purposes on clay scripts which represented a cognitive leap for mankind. (Accountancy, n.d.) These early practices of record keeping were used mainly for the record keeper and...
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...will be able to: state the meaning and scope of cost accounting; explain the objectives of cost accounting; differentiate between cost accounting and financial accounting; state importance of cost accounting; explain limitations of cost accounting. 27.1 MEANING AND SCOPE OF COST ACCOUNTING Cost accounting is the process of determining and accumulating the cost of product or activity. It is a process of accounting for the incurrence and the control of cost. It also covers classification, analysis, and interpretation of cost. In other words, it is a system of accounting, which provides the information about the ascertainment, and control of costs of products, or services. It measures the operating efficiency of the enterprise. It is an ACCOUNTANCY 95 MODULE - 6B Elementary Cost Accounting Cost Accounting : An Introduction internal aspect of the organisation. Cost Accounting is accounting for cost aimed at providing cost data, statement and reports for the...
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...collected enough food to satisfy their daily requirements. Before long, the more enterprising among them would set aside some for future use. In effect that was surplus capital, and it represented the first step towards the accumulation of wealth. Soon, they 50 were exchanging their surplus for commodities owned by different cave dwellers. This exchange, which constituted a form of barter, was the first step in the development of a system of commerce.' Record keeping is thought to have begun around 4,000 BC in Babylonia and Assyria. Chatfield- describes the Babylonians as obsessive bookkeepers, with records being kept by scribes, who are regarded as the predecessor of today's accountants. Hundreds of scribes were recruited by the governments of Babylonia to record the collection of taxes, which were paid in the form of cereals, cattle and other farm commodities. Although barter remained popular as a method of exchange, its limitations soon became apparent. For a trade to take place the parties needed to want what each other had, and the items needed to be of similar value. Chatfield describes the...
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...Contents Introduction: 3 Purpose of ICAB: 5 ICAB's Vision: 5 ICAB's Mission Statement 6 ICAB's Aims and Objectives 6 Methodology 7 Affiliation 8 Methodology of ICAB 8 various methods of ICAB in trade, commerce, industry, Finance, etc.: 9 Literature review: 10 ICAB's publications: 10 functions of Charterd accountants engaged in public practises: 11 The role of ICAB 12 Conclusion: 16 References 17 ABSTRACT To meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose have ability. The main research objective is to determine "the development of financial accounting and the role of ICAB". Their literature review describes the main viewpoints in the literature, strategies of various viewpoints and so on. The development of accounting not very easy project or analysis subject in accounting policy. So many companies are trying to do their best to develop their accounting in finance. Which prompt us to formulate some hypotheses; this methodology helps us to see the development of financial accounting as a spot shoot. This methodology also enables us to explain the academic value of our research on this topic; and enable us to define the method and technique of financial accounting. The Institute of Chartered Accountants of Bangladesh (ICAB) has been constantly pursuing that noble duty in the CA professionals. ICAB is the sole apex body responsible for regulating the profession of accountants and the...
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...Services by CA An important phenomenon of recent times is the rapid growth of the accountancy profession. The vast changes occurring in the economy of the country have been placing great responsibilities on the Chartered Accountants. It also constitutes a challenge to the profession to bring to bear their knowledge and skill in their specialised fields of activity. The types of functions generally performed by the Chartered Accountant are varied. The more important ones amongst them are discussed below. Accountancy This includes the writing up of accounts and the preparation of financial statements. It encompasses a wide area ranging from simple Book keeping to complex financial analysis. Auditing Possibly one of the most important functions of a Chartered Accountant, it is here that his specialised training, skill and judgment are most often called into play. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles and that they represent a true and fair view of the state of affairs of the organisation. Taxation With a number of taxes on the statute book, current and continuing tax information has become vital to the effective economics of business management. The assessment of taxes is very closely linked with financial accounts. The Chartered Accountant with his experience in accounts is in an advantageous position for preparing the returns for tax purposes, representing...
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...Bachelor of Science in Accountancy as Major Charlotte Jhiza A. Beleno Adamson University Abstract The need for accounting graduates continually grows in this decade. The US Bureau of Statistics projected that there will be a 15.7% increase in the number of accounting jobs between 2010 and 2020. This increase in demand gives the importance to study and understand the factors that motivate and encourage students to take up Bachelor of Science in Accountancy as their college course, so that quality graduates will meet the demand in the field of accounting profession. This paper also helps high school teachers, parents and guidance counselors on how they can influence students to take up BS Accountancy in their tertiary level. On the other hand, it also informs the students on the advantages of being accountancy major and an accountant in the future. Factors Affecting Students’ Choice of Bachelor of Science in Accountancy as Major A Review of Related Literature and Studies Accounting as defined by Webster is the system of recording and summarizing business and financial transactions and analyzing, verifying and reporting the results. On the other hand, Accountancy is the profession or practice of accounting. Bachelor of Science in Accountancy prepares students for careers in accounting firms, financial institutions, public sectors, and financial departments of companies. It is an in demand course since there is an upward trend and opportunities to accountancy graduates and these...
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...TABLE OF CONTENT 1.0 Introduction | | 2.0 Issues Surrounding the Professionalism of Accounting | | 3.0 Literature Review | | 4.0 Presentation of the main Idea about the Professionalism of Accounting | | 5.0 Analysis and discussion | | 6.0 Conclusion | | 7.0 Reference | | 1.0 INTRODUCTION 2.0 ISSUES SURROUNDING THE PROFESSIONALISM OF ACCOUNTING Twenty years ago, Briloff (1986) alerted the profession to the crisis of credibility being faced because society perceived accountants to have lost their commitment to public service. The credibility of the profession is threatened when the ideals of integrity, independence, public service and ethical standards come under suspicion. Well-known scandals of one of the major leading accounting firms in the United States Arthur Andersen coupled with alleged unethical acts committed by Enron have arouse the conscious of the public and stakeholders as to the moral decline and unethical posture of public accountants unveiled a decline in moral reasoning and ethical standards of public accountants (Dellaportas, 2006; Esmond-Kiger, 2004). Over the last few years, the accounting profession has been beaten up badly in the media, somewhat justifiably. The forces at work were numerous and complex and a variety of phenomena created the entire profession had its reputation tarnished. Some forces were not new: delivering services that acted to impair independence; becoming too cozy with clients, active participation...
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...THE RELEVANCE OF MY ACADEMIC QUALIFICATION TO THE ECONOMY Introduction Accountancy is the foundation of accountability in public and corporate governance. Accounting entails capturing financial activities, summarize and interpret them for its various users, because financial information is necessary for informed decision to the management, employees, regulatory bodies, potential investors and other stakeholders. Accordingly, accounting is often referred to as the language and soul of business for the fact that it produces and keeps pertinent financial information of business entities. The profession strives to protect its core values of integrity, competence and objectivity which remains the time tested building blocks for what has been a truly successful and honoured profession. For the study of accountancy in Africa, Nigeria is important for several reasons. Nigeria, the most populous country in Africa, has crude oil as her main export and she has remained a rentier state in terms of revenue generation. The need for legal regulations for exercising accounting profession came to reality on September 1, 1965 by the enactment of the Institute of Chartered Accountants of Nigeria Act (ICAN). Some decades later the Association of National Accountants of Nigeria was established by law. For the accountants to truly play a leadership role in their field, they must be proactive participants in the development process. Nigeria became independent in 1960 at the crest of a global wave...
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...accounting issue of the 1970s. by Stephen A. Zeff Since the 1960s, the American accounting profession has been aware of the increasing influence of "outside forces" in the standardsetting process. Two parallel developments have marked this trend. First, individuals and groups that had rarely shown any interest in the setting of accounting standards began to intervene actively and powerfully in the process. Second, these parties began to invoke arguments other than those which have traditionally been employed in accounting discussions. The term "economic consequences" has been used to describe these novel kinds of arguments. By "economic consequences" is meant the impact of accounting reports on the decisionmaking behavior of business, government, unions, investors and creditors. It is argued that the resulting behavior of these individuals and groups could be detrimental to the interests of other affected parties. And, the argument goes, accounting standard setters must take into consideration these allegedly detrimental consequences when deciding on accounting questions.* The recent debates involving foreign currency translation and the accounting for unsuccessful exploration activity in the petroleum industry have relied heavily on economic consequences arguCopyright © 1978 by Stephen A. Zeff. *Ed. note: For the opinion of an accounting standard setter, see Oscar S. Gellein's article in Statements in Quotes, p. 75. ments, and the Financial Accounting Standards Board and the...
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...Running head: DIVERSITY IN THE ACCOUNTING PROFESSION 1 Diversity, Gender, and Ethnicity in the Accounting Profession Our Lady of the Lake University DIVERSITY IN THE ACCOUNTING PROFESSION 2 Discussion of gender, race and ethnicity According to the Occupational Outlook Handbook, the accounting profession is expected to grow faster than average through the year 2014. With women and people of color joining the accounting industry at an increase rate, firms are forced to create more inclusive environment (Women, 2008).This type of investigations let us understand better the characteristics, attributes and professional identities and expectations about the privilege and disadvantage people of color face every day in the accounting field (Catalyst 2008). Also minority groups face a barrier too such as the grade point average but this barrier still in debate by accounting firms because a good grade point average don’t always guarantee a good work performance (Julius C. Green & Meenu Khanna 2011). Gender Structure in Accounting Profession. According to research done by Song and Liu (2007), in today’s major accounting firms half of new employees are women and because of that China has been forced to change the working environment and management of the male-dominant firms. The accounting profession has increased its social visibility, but also become a major player in a market based economy. Because of the growth in the accounting sector women’s are the new hard...
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... The other reason is that the development or the growth of the profession some times faces challenges that require additional code or change of the previous one. Answer for Q2 Yes. Because the Mississippi state board of public accountancy dropped its ban on commissions at almost the same time with the court rulings of Stephen Gray case. The court ruling maintained the state board’s revocation of Stephen Gray's CPA license. However, the Mississippi state board of public accountancy chose not to revoke Gray’s CPA certificate, which was a wise and an appropriate decision to make. If the board revokes his license based on the ruling it would have been a public embarrassment for the board for acting upon a disregarded code of conduct. Answer for Q4 The AICPA is a national organization formed by CPAs in the public accounting profession. It plays a significant role in the standard-setting processes of the profession, oversees the preparation and grading of the uniform CPA examination, and operates a continuing professional education program for CPAs. It also has the authority to discipline its members, including exclusion from the organization. But, the AICPA cannot ban CPAs from practicing public accounting, which is the authority of the government. State societies of CPAs provide almost the same services as...
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...AAAJ 12,3 ``Interests'' and accounting standard setting in Malaysia Faculty of Business and Accountancy, University of Malaya, Kuala Lumpur, Malaysia Keywords Accounting profession, Malaysia, Standards Abstract This paper offers insights into the conflicts and tensions within the Malaysian accounting profession and the power struggle therein to dominate the accounting standard setting process, within the context of a rapidly developing country. It shows how interest groups and parochial interests, along with issues of self-protection, affected the process of standard setting, which was controlled by different interests over the period under study. At one time the profession dominated. But far from being a monolithic body, it was in turn split according to various interests: the Big Six behind the Malaysian Association of Certified Public Accountants (MACPA) and the smaller firms behind the Malaysian Institute of Accountants (MIA). At other times big business prevailed. These conflicts and power struggles are revealed through an analysis of the case of the Goodwill Accounting Standard. Selvaraj D. Susela 358 Introduction This paper offers an understanding of the struggle within the accounting profession for control of the standard setting process, in the context of a developing nation. The focus on standard setting is specially geared to reveal the impact of that process on the profession, market, state and community, and vice versa. Susela (1996) illustrates that...
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...and rudimentary instrument of business. The accounting field is continuously changing intensely in reaction to impatient developments as the PC uprising, amplified management protocols, recurrent tax law modifications, the globalization of commerce, and the economizing and reformation of businesses. The need for accountants seems to be increasing and surpassing resources. The job opportunity in today’s business environment is healthier than ever for accountants. Once an individual is definite that accounting is their major, the next stride is to decide on which occupation route you will follow. The wide-range of job opportunities available to accountants can be divided into three main parts: public accounting, private accounting, and government and not-for profit accounting. There are many skills that you would need to possess in order to succeed in the accounting field. You have to have general business knowledge, because numerous accountants have miscellaneous tasks within their administrations. The responsibilities of accounting and finance professionals are growing. Everyday communication with other divisions, want complete policymaking, compromise and tactical thinking skills. It's also very vital to be able to grasp the representation and comprehend how your accounting role affects the complete group. Communication skills as well as leadership abilities are a must to ensure you continue to be a treasured affiliate of the accounting team. Accounting professionals need...
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...PBL 5: ROLE OF THE ORGANIZATION Bursa Malaysia (http://www.bursamalaysia.com) Bursa Malaysia is the frontline regulator of the Malaysian capital market and has the duty to maintain a fair and orderly market in the securities and derivatives that are traded through its facilities. As an integrated exchange, Bursa Malaysia also has the duty to ensure orderly dealings in the securities deposited with Bursa Malaysia, and orderly, clear and efficient clearing and settlement arrangements for transactions cleared and settled through its facilities. In furtherance of these duties, Bursa Malaysia has put in place a comprehensive and effective regulatory and supervisory framework to regulate the market and its participants, including the listed issuers and their directors and advisers, Participating Organisations, Trading Participants, Clearing Participants, Authorised Depository Agents and Authorised Direct Members. In this respect, Bursa Malaysia has issued various sets of rules to stipulate the requirements that need to be met by the regulated entities either upon admission and/or on a continuing basis. It administers and monitors compliance with these rules and takes strict, prompt and objective enforcement action for breaches of these rules. Bursa Malaysia actively supervises the listed issuers and the brokers. It also undertakes surveillance over the trading activities in the marketplace. Bursa Malaysia’s overriding objectives, in addition to discharging its statutory...
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