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16-September-2008 16:15:14 - Accountancy Redirected from Accounting Accountancy profession1 or accounting methodology is the measurement, statement, or provision of assurance about financial information primarily used by lenders, managers, investors, tax authorities and other decision makers to make resource allocation decisions between and within companies, organizations, and public agencies. The terms derive from the use of financial accounts. Accounting has been defined as- The art of recording, classifying, and summarizing in a significant manner and in term of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof. AICPA committee on Terminology. Accounting Termonology Bulletin No. 1 Review and Resume-Ramnik Singh Wahla Accounting Definition is a service activity. Its function is to provide quantitative information primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions, and in making reasoned choices among alternative courses of action. 2 It is also the discipline of measuring, recording, communicating and interpreting financial activity. Accounting is also widely referred to as the language of business.3 Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarised, interpreted, and communicated; for public companies, this information is generally publicly-accessible. By contrast management accounting information is used within an organisation and is usually confidential and accessible only to a small group, mostly decision-makers. Tax Accounting is the accounting needed to comply with jurisdictional tax regulations. Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the world. Many allow their members to use titles indicating their membership or qualification level. Examples are Chartered Certified Accountant ACCA or FCCA, Chartered Accountant FCA, CA or ACA, International Accountant FAIA or AAIA, Management Accountant ACMA, FCMA or AICWA, Certified Public Accountant CPA and Certified General Accountant CGA or FCGA. Auditing is a related but separate discipline, with two sub-disciplines: internal auditing and external auditing. External auditing is the process whereby an independent auditor examines an organisation's financial statements and accounting records in order to express an opinion as to the truth and fairness of the statements and the accountant's adherence to Generally Accepted Accounting Principles GAAP, or International Financial Reporting Standards IFRS, in all material respects. Internal auditing aims at providing information for management usage, and is typically carried out by auditors employed by the company, and sometimes by external service providers. Accounting scholarship is the academic discipline which studies accounting/accountancy. Contents 1 Modern accounting 2 History of accounting 2.1 Early history 2.2 Luca Pacioli and the birth of modern accountancy 2.3 Post-Pacioli 3 Accountancy qualifications and regulation 4 The Big Four accountancy firms 5 Topics in accounting 5.1 Auditing 5.2 Accountancy methods and fields 5.3 Accounting Principles 5.3.1 Accounting concepts 5.3.2 Accounting conventions 5.3.3 Tools for accounting 6 Types of accountancy 7 See also 8 Lists of related topics 9 Notes and references 10 External links Modern accounting Accounting is the process of identifying, measuring and communicating economic information so a user of the information may make informed economic judgments and decisions based on it. Accounting is the degree of measurement of financial transactions which are transfers of legal property rights made under contractual relationships. Non-financial transactions are specifically excluded due to conservatism and materiality principles. At the heart of modern financial accounting is the double-entry bookkeeping system. This system involves making at least two entries for every transaction: a debit in one account, and a corresponding cr in another account. The sum of all debits should always equal the sum of all crs, providing a simple way to check for errors. This system was first used in medieval Europe, although claims have been made that the system dates back to Ancient Rome or Greece. According to critics of standard accounting practices, it has changed little since. Accounting reform measures of some kind have been taken in each generation to attempt to keep bookkeeping relevant to capital assets or production capacity. However, these have not changed the basic principles, which are supposed to be independent of economics as such. In recent times, the divergence of accounting from economic principles has resulted in controversial reforms to make financial reports more indicative of economic reality. Critical approaches such as Social accounting challenge conventional accounting, in particular financial accounting, for giving a narrow image of the interaction between society and organisations, and thus artificially constraining the subject of accounting. Social accounting in particular argues that organisations ought to account for the social and environmental effects of their economic actions. Accounting should thus not only embrace descriptions of purely economic events, not be exclusively expressed in financial terms, aim at a broader group of stakeholders and broaden its purpose beyond reporting financial success.4 History of accounting Early history Accountancy's infancy dates back to the earliest days of human agriculture and civilization the Sumerians in Mesopotamia, and the Egyptian Old Kingdom. Ancient economic thought of the Near East facilitated the creation of accurate records of the quantities and relative values of agricultural products, methods that were formalized in trading and monetary systems by 2000 BC. Simple accounting is mentioned in the Christian Bible New Testament in the Book of Matthew, in the Parable of the Talents 5. The Islamic Quran also mentions simple accounting for trade and cr arrangements 6. Twelfth-century A.D. Arab writer Ibn Taymiyyah mentioned in his book Hisba literally, verification or calculation detailed accounting systems used by Muslims as early as in the mid-seventh century A.D. These accounting practices were influenced by the Roman and the Persian civilisations that Muslims interacted with. The most detailed example Ibn Taymiyyah provides of a complex governmental accounting system is the Divan of Umar, the second Caliph of Islam, in which all revenues and disbursements were recorded. The Divan of Umar has been described in detail by various Islamic historians and was used by Muslim rulers in the Middle East with modifications and enhancements until the fall of the Ottoman Empire. Luca Pacioli and the birth of modern accountancy Painting of Luca Pacioli, attributed to Jacopo de' Barbari Painting of Luca Pacioli, attributed to Jacopo de' Barbari Luca Pacioli 1445 - 1517, also known as Friar Luca dal Borgo, is cred for the birth of accounting. His Summa de arithmetica, geometrica, proportioni et proportionalita Summa on arithmetic, geometry, proportions and proportionality, Venice 1494, was a textbook for use in the abbaco schools of northern Italy, where the sons of merchants and craftsmen were educated. It was a compendium of the mathematical knowledge of his time, and includes the first printed description of the method of keeping accounts that Venetian merchants used at that time, known as the double-entry accounting system. Although Pacioli codified rather than invented this system, he is widely regarded as the Father of Accounting. The system he published included most of the accounting cycle as we know it today. He described the use of journals and ledgers, and warned that a person should not go to sleep at night until the debits equalled the crs! His ledger had accounts for assets including receivables and inventories, liabilities, capital, income, and expenses - the account categories that are reported on an organisation's balance sheet and income statement, respectively. He demonstrated year-end closing entries and proposed that a trial balance be used to prove a balanced ledger. His treatise also touches on a wide range of related topics from accounting ethics to cost accounting. Post-Pacioli The first known book in the English language on accounting was published in London, England by John Gouge or Gough in 1543. It is described as A Profitable Treatyce called the Instrument or Boke to learn to know the good order of the kepyng of the famouse reconynge, called in Latin, Dare and Habere, and, in English, debtor and Cror.citation needed A short book of instructions was also published in 1588 by John Mellis of Southwark, England, in which he says, I am but the renuer and reviver of an ancient old copies printed here in London the 14 of August 1543: collected, published, made, and set forth by one Hugh Oldcastle, Schoolmaster, who, as reappeared by his treatise, then taught Arithmetics, and this booke in Saint Ollaves parish in Marko Lane. Mellis refers to the fact that the principle of accounts he explains which is a simple system of double entry is after the former of Venice. A book described as The Merchants Mirrour, or directions for the perfect ordering and keeping of his accounts formed by way of Debitor and Cror, after the so termed Italian manner, by Richard Dafforne, accountant, published in 1635, contains many references to early books on the science of accountancy. In a chapter in this book, headed Opinion of Book-keeping's Antiquity, the author states, on the authority of another writer, that the form of book-keeping referred to had then been in use in Italy about two hundred years, but that the same, or one in many parts very like this, was used in the time of Julius Caesar, and in Rome long before. He gives quotations of Latin book-keeping terms in use in ancient times, and refers to ex Oratione Ciceronis pro Roscio Comaedo; and he adds: That the one side of their booke was used for Debitor, the other for Cror, is manifest in a certain place, Naturalis Historiae Plinii, lib. 2, cap. 7, where hee, speaking of Fortune, saith thus: Huic Omnia Expensa. Huic Omnia Feruntur accepta et in tota Ratione mortalium sola. Utramque Paginam facit. An early Dutch writer appears to have suggested that double-entry book-keeping was even in existence among the Greeks, pointing to scientific accountancy having been invented in remote times. There were several ions of Richard Dafforne's book - the second ion in 1636, the third in 1656, and another in 1684. The book is a very complete treatise on scientific accountancy, beautifully prepared and containing elaborate explanations. The numerous ions tend to prove that the science was highly appreciated in the 17th century. From this time on, there has been a continuous supply of literature on the subject, many of the authors styling themselves accountants and teachers of the art, and thus proving that the professional accountant was then known and employed. Accountancy qualifications and regulation Main article: Accountant See also: List of accountancy bodies The expectations for qualification in the profession of accounting vary between different jurisdictions and countries. Accountants may be certified by a variety of organisations or bodies, such as the Association of Accounting Technicians AAT,7 British qualified accountancy bodies including the Chartered Institute of Management Accountants CIMA, Association of Chartered Certified Accountants ACCA,Association of International Accountants AIAand Institute of Chartered Accountants, and are recognised by titles such as Chartered Management Accountant ACMA or FCMA Chartered Certified Accountant ACCA or FCCA, International Accountant AAIA or FAIA and Chartered Accountant UK, Australia, New Zealand, Canada, India, Pakistan, South Africa, Ghana, Certified Public Accountant Ireland, Japan, US, Singapore, Hong Kong, the Philippines, Certified Management Accountant Canada, U.S., Certified General Accountant Canada, Caribbean, China, Hong Kong, Bermuda, or Certified Practicing Accountant Australia. Some Commonwealth countries Australia and Canada often recognise both the certified and chartered accounting bodies. The majority of public accountants in New Zealand and Canada are Chartered Accountants; however, Certified General Accountants are also authorised by legislation to practice public accounting and auditing in all Canadian provinces, except Ontario and Quebec, as of 2005citation needed There is, however, no legal requirement for an accountant to be a paid-up member of one of the many Institutes. The Big Four accountancy firms The Big Four auditors are the largest multinational accountancy firms. PricewaterhouseCoopers Deloitte Touche Tohmatsu KPMG Ernst Young These firms are associations of the partnerships in each country rather than having the classical structure of holding company and subsidiaries, but each has an international 'umbrella' organization for coordination technically known as a Swiss Verein. Before the Enron and other accounting scandals in the United States, there were five large firms and were called the Big Five: Arthur Andersen, PricewaterhouseCoopers, KPMG, Deloitte Touche Tohmatsu and Ernst Young. On June 15, 2002, Arthur Andersen was convicted later overturned of obstruction of justice for shredding documents related to its audit of Enron. Nancy Temple Andersen Legal Dept. and David Duncan Lead Partner for the Enron account were cited as the responsible managers in this scandal as they had given the order to shred relevant documents. Since the U.S. Securities and Exchange Commission does not allow convicted felons to audit public companies, the firm agreed to surrender its licenses and its right to practice before the SEC on August 31, 2002. A plurality of Arthur Andersen joined KPMG in the US and Deloitte Touche outside of the US. Historically, there had also been groupings referred to as the Big Six Arthur Andersen, plus Coopers Lybrand before its merger with Price Waterhouse and the Big Eight Ernst and Young prior to their merger were Ernst Whinney, and Arthur Young and Deloitte Touche was formed by the merger of Deloitte, Haskins and Sells with the firm Touche Ross. The accounting scandals at Enron and other high profile companies in the USA and Europe have had, and continue to have, far-reaching consequences for the accounting industry. Application of International Accounting Standards originating in International Accounting Standards Board headquartered in London and bearing more resemblance to UK than current US practices is often advocated by those who note the relative stability of the UK accounting system which reformed itself after scandals in the late 1980s and early 1990s. Topics in accounting See list of accounting topics for complete listing. Auditing Assurance services Audit Information technology audit Internal audit Accountancy methods and fields Lean accounting Cost accounting Cash-basis and accrual-basis accounting Financial accountancy Fund Accounting Internal and external accountancy Management accounting Project accounting Positive accounting Social and Environmental Accounting Tax accounting Accounting Principles A Personal Account B Impersonal Account1.Real Account, 2. Nominal Account 1. Personal Account:- Dr.the receiver Cr. the giver 2. Real Account:- Dr. what comes in Cr. what goes out 3. Nominal Account:- Dr. all expenses and lossess Cr. all incomes and gains. This is called Principles of accounting or Golden Principles. Accounting principles, rules of conduct and action are described by various terms such as concepts, conventions, tenets, assumptions, axioms and postulates. Accounting concepts Entity concept Dual aspect concept Going concern concept Accounting period concept Money measurement concept Historical Cost concept Realization concept Accounting methods includes a discussion on the concept of accruals Understandability Relevance Reliability Comparability Accrual also known as Matching principle Unified Ledger Accounting Accounting conventions Convention of disclosure Convention of materiality Convention of consistency Convention of conservatism Tools for accounting Accounting software Online accounting Types of accountancy The following list is intended to give some idea of the breadth and scope of the accountancy profession: lean accounting auditing bookkeeping chartered accountant cost accounting management accounting financial accounting social accounting forensic accounting taxation advice public accountancy internal accountancy external accountancy See also Accounting ethics Accounting software for E-accounting Critical accounting policy Financial statements and Notes to the Financial Statements Green eyeshade Standard accounting practices Inflation accounting Lists of related topics List of accounting topics List of accountancy bodies List of finance topics List of business law topics List of business ethics, political economy, and philosophy of business topics Notes and references ^ http://dictionary.reference.com/browse/accountancy , dictionary.com ^ Principles of Financial Accounting, 2005 ion -Milagros B. Hernane ^ Meigs, Walter B. and Robert F. Meigs. Financial Accounting, 4th ed. McGraw-Hill, 1970, p.1. ISBN 007041534-X old ion ^ Gray R.H., D.L. Owen C.Adams 1996 Accounting and Accountability: Changes and Challenges in Corporate Social and Environmental Reporting London: Prentice Hall, Ch 1 ^ Matt. 25:19 ^ Quran 2: 282 ^ Association of Accounting Technicians, aat.org.uk. External links The oldest monetary/accounting text, the Heqanakht papyri Business and economics portal Look up accountancy, accounting in Wiktionary, the free dictionary. Accounting Terminology Guide New York Society of CPAs, United States Wikinvestopedia Accounting Wiki Glossary - Wikinvestopedia Retrieved from http://en..org/wiki/Accountancy Categories: Accountancy | Business | Finance | OccupationsHidden categories: All articles with statements | Articles with statements since March 2008 | Articles with statements since June 2008 Views Article Discussion this page History Personal tools Log in / create account Navigation Main page Contents Featured content Current events Random article Search Go Search Interaction Community portal Recent changes Contact Donate to Help Toolbox What links here Related changes Upload file Special pages Printable version Permanent link Cite this page Languages العربية Bosanski БългарÑ?ки Català Česky Dansk Deutsch Ελληνικά Español Esperanto Ù?ارسی Français 贛語 í•œêµì–´ Hrvatski Magyar Bahasa Indonesia Italiano עברית Қазақша Lietuvių МакедонÑ?ки മലയാളം Bahasa Melayu Nederlands ‪Norsk bokmÃ¥l‬ Polski Português Română РуÑ?Ñ?кий Gagana Samoa Shqip සිංහල Simple English SlovenÄ?ina Suomi Svenska Türkçe УкраїнÑ?ька ייִדיש ä¸æ–‡ This page was last modified on 16 August 2008, at 20:05
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