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Accountancy and Production

This document discusses authoritative sources in the discipline of accounting. It describes several major professional organizations that establish accounting standards and qualifications, including the Association of Chartered Certified Accountants (ACCA), American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB), and International Federation of Accountants (IFAC). The document also mentions several publications that will provide relevant arguments and information on authoritative sources in accounting, such as an article by Dohr and the Accounting and Business Magazine.

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Sanjay Potter
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13 views

Accountancy and Production

This document discusses authoritative sources in the discipline of accounting. It describes several major professional organizations that establish accounting standards and qualifications, including the Association of Chartered Certified Accountants (ACCA), American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB), and International Federation of Accountants (IFAC). The document also mentions several publications that will provide relevant arguments and information on authoritative sources in accounting, such as an article by Dohr and the Accounting and Business Magazine.

Uploaded by

Sanjay Potter
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Accounting describes the production of an organization’s financial data and its

transmission to targeted personnel. For instance, accountants prepare financial statements that

represent the economic resources of an organization in monetary terms. Accountancy is

concerned with storing financial records, recording transactions, analyzing financial data for the

management, and giving advice regarding taxation matters. These actions reveal losses or profits

made, as well as the value and nature of an organization’s liabilities, assets, or equity. This paper

describes an overview of sources of gathering accounting information in my research.

Firstly, I intend to use Accounting's past, present and future: the unifying power of

history, with the key intent of seeing through the introduction of accounting the world as well as

its impact in the development of accounting. This is one of the authoritative sources in the

discipline of accounting. It focuses on the issue of advocating past but critical histories that have

significant influence in accounting research (Carnegie & Napier, 2012). Furthermore, its

credibility is enhanced by the encompassed ideas and stimulating insights that are effective in

contributing to the unifying power in the accounting discipline. Actually, this also enhances

originality.

Founded in 1904, the Association of Chattered Certified Accountants (ACCA) is a major

professional and credentialing association in the field of accounting. Being global, it offers

worldwide qualifications in the accounting field through its wide network (Association of

Chartered Certified Accountants, 2010). Its diversity thus makes it a credible source of

information in the discipline of accounting. Additionally, the association works in the public

interest ensuring that all of its members, guided by certain rules and regulations, further enhance

the value of accounting in the society. Through international research, it also tackles global

issues to ensure continuous growth of international accountancy.


The AICPA, American Institute of Certified Public Accountants, is an earlier body,

founded in 1887. Its distribution involves 128 countries all over the globe and associates in a

variety of disciplines such as student affiliates, education, government, public practice, and

international associates among others. Hence, this diversity functions as a credible source for

accounting information. In the US, the AICPA sets the auditing and ethical standards for private,

public, and non-profit organizations. Its mission is to provide sufficient resources, data, and

leadership that enables accountants to give quality services in the highest professional manner

for the benefit of the public, clients, and employers. The AICPA and ACCA are all members of

the IFAC, International Federation of Accountants.

The latter is a global body that develops high-quality guidance and standards concerning

accounting professionals. It is made up of 173 associates and members in 129 countries,

representing about two and a half million accountants in government service, public practice,

commerce, education, and industry. However, the AICPA is the most well-known body in the

United States (Dohr, 1947).

The Financial Accounting Standards Board (FASB) is also a major standard-setting

organization that among other things governs the work done by accountants. Other than this, the

FASB is an authoritative source and mentor in the accounting discipline. However, unlike the

ACCA and the AICPA, it establishes the accounting standards for private entities. These

standards are approved by the AICPA. Their boundaries clearly illustrate guidelines that are

significantly applicable in accounting (Financial Accounting Standards Board, 1900).

Moreover, utilization of other sources such as “An Introduction to the Art of

Accounting”. The Accounting Review 22.2 (1947) by Dohr, James, and the monthly Accountign
and Business Magazine will set a platform for relevant arguments on this report on Authoritative

Sources in the Discipline of Accounting (Dohr, 1947).


References

Association of Chartered Certified Accountants (Great Britain). (2010). Advanced audit and

assurance. Wokingham, Berkshire: Kaplan Financial Ltd.

Carnegie G. D., and Napier C. J. (2012). “Accounting’s past, present and future: the unifying

power of history”. Accounting, Auditing & Accountability Journal, 25.2 (2012): 328-369.

Dohr, J. L. (1947). “An Introduction to the Art of Accounting”. The Accounting Review 22.2

(1947).

Financial Accounting Standards Board. (1900). Facts about FASB. Stamford, Conn: Financial

Accounting Standards Board.

The Accountign and Business Magazine. (2013). The monthly magazine for ACCA members.

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