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Challenges of accounting standards harmonization
Nature and harmonization of accounting standards
Nature and harmonization of accounting standards
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On January1, 2013 the Canadian Institute of Chartered Accountant and the Certified Management Accountants of Canada penned down an agreement of unification under one national accountants body (Frank, 2013). It laid the foundation for the unification making it necessary for all stakeholders to be brought on board. The primary reasons for Canadian accounting industry moving towards a unified designation will form the basis of this analysis, followed by the significant changes in qualification and field of study. The impact of these changes to students, Canada, and international accounting world conclude the analysis. Reasons for Unification Canadian accounting industry players have large membership numbering up to 170,000 individuals who have …show more content…
Learning the importance of interdependency at school improves one perspective of the professional, world appreciating the need diversification. The fact that one can be taking a different degree from accounting and be offered a chance through the bridging program to join accountancy promotes personal development (Frank, 2013). Centralized professional assessment contribution to final qualification encourages the students to partake in professional experience through volunteerism and other services build an all rounded citizen of Canada not only a CPA Canada. It eliminates the mismatch between what schools offer and what the industry expects (BC’s, 2013). The need for international knowledge on accounting and general aspects becomes eminent for effectively compete. Although opening up opportunities and allowing for mobility only the best will survive as competition intensifies calling for more of individuals’ students’ effort to remain relevant. Any slackness associated with being comfortable at home province has to be lost. Levelling the playing ground by unified regulation, examination and assessment only calls for hard work as the fittest will survive (Frank, 2013). Impact on the Canadian accounting …show more content…
It will increase as a result of having a unified voice and the fact that the body will be representing 170,000 individuals and by any standards it is not small. The world will be compelled to create space for Canada during formulation of accounting standards and heed to their voices (Uniting Canadian accounting profession, 2014). Strong bargaining power by unified Canadian accounting front will intensify supremacy battles at the international front. Bodies such as the famous American Institute of Certified Public Accountant (AICPA) who have been enjoying large membership seeking to stamp their authority worldwide will consider Canada as a worthy opponent. It could lead to a more aggressive accounting, industry on an unprecedented scale with each front seeking to gain mileage (Frank, 2013). Certainly intensified completion will lead to increased creativity and innovation in the industry if on is to stay relevant. It will improve the quality of CPAs internationally from the need of being the best out of the best. Improved accounting services will be witnessed throughout the
Majored in accounting during my undergraduate at Michigan State University, I am determined to be an audit professional at a public accounting firm in Toronto upon graduation from MMPA program. To better qualify myself and equip myself with advanced accounting knowledge, I am dedicated to obtaining the CPA designation as well. In the next three to five years, I see myself being promoted from an associate to a manager who will lead a team and direct a project. Working as a manager in a public accounting firm will definitely sharpen my leadership ability and problem-solving skills, which are prerequisites for my long-term career objective. Ten years down the road, I want to work in the finance department of a public company as CFO or controller,
The goal of the Codification is to simplify the organization of thousands of authoritative U.S. accounting pronouncements issued by multiple standard-setters. To achieve this goal, the FASB initiated a project to integrate and topically organize all relevant accounting pronouncements issued by the U.S. standard-setters including those of the FASB, the American Institute of Certified Public Accountants (AICPA), and the Emerging Issues Task Force (EITF)
The stereotypical image correlated to the account mirrors that of a public accountant. An individual working as a public accountant can expect to work as an independent third party to a multitude of companies. As this third party it is their duty to oversee financial transactions to ensure that the statements of not only the company, but also its’ supporting companies, correctly correspond and match up to the position, results and cash-flow of the clientele. This general quota outlining a public accountants job description is not the same for a private accountant. The main difference between a public and private accountant is that unlike the public and its handle on a multitude of accounts, a private accountant specializes with a certain company or field. With this specialization, a private accountant tackles setting up a system that records the transactions within the business. The recordation of the transactions is then generated into statem...
Olusegun Wallace, R. 1996. The Development of Accounting Research in the UK. In: Cooke, T. and Nobes, C. eds. 1997. The Development of Accounting in an International Context. London: Routledge, pp. 218-254.
The general percentage of women who are pursuing accounting in the world is estimated to be 50 percent. In the United States, women take a lion share in the field of accounting, whereby of all auditors and accountants, they hold a 63 percent (Bruce-Twun, 2013). In the United States, Canada and United Kingdom, the CICA, AICPA and ICAEW, they possess programs targeted at educating as well as supporting individuals and firms pertaining to the development of women in the profession. The efforts deal with sustainability of profession as being a foundational reason to promote the initiatives. Across the world, the accounting firms are hiring more women, with some firms reporting to have 70 percent of their staff being women (Adamy & Overberg, 2016; Goudreau,
Accounting Theory: Conceptual Issues in a Political and Economic Environment (6th edition ed.). South Western College Pub.
In “Professional Knowledge and Skills Required for Accounting Majors Who Intend to Become Auditors: Perceptions of External Auditors” by Ali Uyar and Ali Haydar Gungormus, the authors reason that in order for universities and colleges offering accounting education to “survive” in this ever-changing, cutting-edge global market, they have to acknowledge the requirements of the “business world” and to meet such requirements by preparing graduates who have the knowledge as well as the skills necessary to perform their jobs well and to be successful (33). In a survey conducted by the authors regarding the importance of certain ...
Marshall, D. H., McManus, W. W, & Viele, D. (2002). Accounting: What the Numbers Mean. 5th ed. San Francisco: Irwin/McGraw-Hill.
The international professional activities of the accountancy bodies were organized under the International Federation of Accountants (IFAC) in 1977. In 1981, IASC and IFAC agreed that IASC would have full and complete autonomy in setting international accounting standards and in publishing discussion documents on international accounting issues. At the same time, all members of IFAC became members of IASC. This membership link was discontinued in May 2000 when IASC's Constitution was changed as part of the reorganization of IASC.
Increased competitions and high expectations of the companies have put high pressure on the accountants. Making the most accurate decisions and helping the companies maximize their financial performances have become almost basics of the accountants’ duties. Many business owners question why they need to seek the services of an accountant when they can do many things themselves with the help of the technological tools. Today, an accountant must provide more than what technology can do for the company. They have to set business plans, goals and provide guide to achieve them with less cost and most profit. They have to advise business on their investments and project the most profitable decisions for the company. Beside the investments, accountants expected to consult the firms on their consolidations with other firms. Making decisions and researches on reducing costs, and sharing resource while providing variety of offerings puts lots of stress on the
My second goal is to become a Certified Public Accountant (CPA). I plan to take the CPA exam immediately after my completion of Master’s program. The CPA certificate will not only to show my competence in independent work but also promote my opportunities to enter a managerial position. To realize my long-term goal of becoming a partner of Ernst & Young, I must be a role model who is familiar with advanced-level knowledge and certification exam.
In 1887, the American Association of Public Accountants was formed with the first standardized tests coming out about a decade later (Zeff, 2003, pg. 2). In 1896, New York State passed the first law for Certified Public Accountants (CPA), which Zeff (2003) “marked the beginning of an accredited profession of accounting in the United States” (pg 2). In Canada, the first association began in 1902 with the Dominion Association of Chartered Accountants (Buckstein, part 1 pg 2). Buckstein quoted John L. Carey, the author of a paper outlining the history of the accounting profession worldwide stated “the reason for creating a full-fledged professional organization was to distinguish skilled accountants of integrity from self-styled accountants whose competence had not been demonstrated” (pg. 2) As Zeff (2003) stated with the passage of the Securities Act of 1933 and the Securities Exchange Act of 1934 all publicly traded companies were now required to have their financials audited by independent CPA’s (pg. 4). This showcased the importance of having skilled and knowledgeable individuals produce verifiable and accurate information that the public (in all its forms) could rely upon. The combination of having professional accounting bodies and government legislations have attempted to establish
Change is inevitable. Yogi Berra once said “The future ain’t what it used to be.” It is clear that the future of the accounting profession ain’t what it used to be (Gormon and Hargadon 1). The changes occurring are happening fast, they are dynamic and they are completely and undeniably real. Since the world around the accountant is changing, the accountant has no option but to change as well. The field of accounting has always been one to know change and to know adjustment, but within the recent past and certainly within the next few decades, the changes that are occurring and will occur absolutely are the most dramatic and exponential yet. Obvious changes lie in the expanding scope of services performed by accountants, the increased use of
Accounting, which has been called the "language of business", includes different types of economic activities like preparing and checking the records that are related to finance. An accountant’s task is to make sure that the records are written accurately and the taxes are paid timely. Furthermore, the job is to examine the accounting books and accounting systems officially to keep them up to date. Nowadays, accounting is known as a popular business-related major. More and more people decide to become different types of accountants because of the successfulness that the jobs can bring. Nonetheless, a large amount of accounting college students is failed to find a position to work after their graduation. They likely do not know how to have enough qualifications to be accepted in a good accounting company. Accounting has a variety of requirements that they need to know and be eligible for. This field is not as easy as most people think. As a college student with a desire to be a successful accounting in the future, this research will list all of the essential things I need to do for my future career such as which type of degree I need to achieve, how to pass the Uniform Certified Public Accountant Examination, and the personalities I need to have.
My interest in Accounting and Finance stems from wanting to understand how governments and businesses make their vital decisions to be profitable. Studying this degree, will allow me to gain an understanding of financial accounting, management accounting and taxation providing me with skills to analyse data and develop my decision making. Additionally being able to incorporate different aspects of business alongside the core modules; will give me more knowledge of the world of accounting and finance.