Accounting

Accounting, or accountancy, is the measurement, processing and

communication of financial information about economic entities.[1][2] Accounting,
which has been called the "language of business",[3] measures the results of an
organization's economic activities and conveys this information to a variety of users
including investors, creditors, management, and regulators.[4] Practitioners of
accounting are known as accountants. The terms accounting and financial
reporting are often used as synonyms. Accounting can be divided into several fields
including financial accounting, management accounting, auditing, and tax
accounting.[5][6] Financial accounting focuses on the reporting of an organization's
financial information, including the preparation of financial statements, to external
users of the information, such as investors, regulators and suppliers;[7] and
management accounting focuses on the measurement, analysis and reporting of
information for internal use by management.[1][7] The recording of financial
transactions, so that summaries of the financials may be presented in financial
reports, is known as bookkeeping, of which double-entry bookkeeping is the most
common system.[8] Accounting is facilitated by accounting organizations such as
standard-setters, accounting firms and professional bodies. Financial statements
are usually audited by accounting firms,[9] and are prepared in accordance with
generally accepted accounting principles (GAAP).[7] GAAP is set by various
standard-setting organizations such as the Financial Accounting Standards Board
(FASB) in the United States[1] and the Financial Reporting Council in the United
Kingdom.[10] As of 2012, "all major economies" have plans to converge towards or
adopt the International Financial Reporting Standards (IFRS).[11]

Etymology

Both the words accounting and accountancy were in use in Great Britain by the
mid-1800s, and are derived from the words accompting and accountantship used
in the 18th century.[12] In Middle English (used roughly between the 12th and the
late 15th century) the verb "to account" had the form accounten, which was derived
from the Old French word aconter,[13] which is in turn related to the Vulgar Latin
word computare, meaning "to reckon". The base of computare is putare, which
"variously meant to prune, to purify, to correct an account, hence, to count or
calculate, as well as to think."[13] The word "accountant" is derived from the French
word compter, which is also derived from the Latin word computare. The word was
formerly written in English as "accomptant", but in process of time the word, which
was always pronounced by dropping the "p", became gradually changed both in
pronunciation and in orthography to its present form.[14]

Accounting and accountancy

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Accounting has variously been defined as the keeping or preparation of the
financial records of an entity, the analysis, verification and reporting of such
records and "the principles and procedures of accounting"; it also refers to the job
of being an accountant.[15][16][17] Accountancy refers to the occupation or
profession of an accountant,[18][19][20] particularly in British English.[15][16]

History

The history of accounting is thousands of years old and can be traced to ancient
civilizations.[21][22][23] The early development of accounting dates back to ancient
Mesopotamia, and is closely related to developments in writing, counting and
money;[21] there is also evidence for early forms of bookkeeping in ancient
Iran,[24][25] and early auditing systems by the ancient Egyptians and Babylonians.[22]
By the time of the Emperor Augustus, the Roman government had access to
detailed financial information.[26] Double-entry bookkeeping developed in medieval
Europe,[27] and accounting split into financial accounting and management
accounting with the development of joint-stock companies.[28] Accounting began to
transition into an organized profession in the nineteenth century,[29] with local
professional bodies in England merging to form the Institute of Chartered
Accountants in England and Wales in 1880.[30]

Topics

Accounting has several subfields or subject areas, including financial accounting,

management accounting, auditing, taxation and accounting information
systems.[5][6]

Financial accounting

Financial accounting focuses on the reporting of an organization's financial

information to external users of the information, such as investors, regulators and
suppliers. It measures and records business transactions and prepares financial
statements for the external users in accordance with generally accepted accounting
principles (GAAP).[7] GAAP, in turn, arises from the wide agreement between
accounting theory and practice, and change over time to meet the needs of
decision-makers.[1] Financial accounting produces past-oriented reports—for
example the financial statements prepared in 2006 reports on performance in
2005—on an annual or quarterly basis, generally about the organization as a
whole.[7]

Management accounting

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Management accounting focuses on the measurement, analysis and reporting of
information that can help managers in making decisions to fulfil the goals of an
organization. In management accounting, internal measures and reports are based
on cost-benefit analysis, and are not required to follow GAAP.[7] Management
accounting produces future-oriented reports—for example the budget for 2006 is
prepared in 2005—and the time span of reports varies widely. Such reports may
include both financial and nonfinancial information, and may, for example, focus
on specific products and departments.[7]

Auditing

Auditing is the verification of assertions made by others regarding a payoff,[31] and

in the context of accounting it is the "unbiased examination and evaluation of the
financial statements of an organization".[32] An audit of financial statements aims
to express or disclaim an opinion on the financial statements. The auditor
expresses an opinion on the fairness with which the financial statements presents
the financial position, results of operations, and cash flows of an entity, in
accordance with GAAP and "in all material respects". An auditor is also required to
identify circumstances in which GAAP has not been consistently observed.[33]

Accounting information systems

An accounting information system is a part of an organisation's information system

that focuses almost exclusively on processing quantitative data.[34]

Tax accounting

U.S. tax accounting concentrates on the preparation, analysis and presentation of

tax payments and tax returns. The United States’ tax system has a complicated set
of accounting method characteristic for tax accounting purposes. Although tax
accounting largely applies under generally accepted accounting principles (GAAP),
a different accounting method may cause a quite different.[35] In the U.S.’s
organizational form and taxes: there are four basic forms of business ownerships:
the Sole proprietorship, the partnership, the corporation, and the limited liability
company. Corporate income taxes structures include corporation and personal
income taxes, which contains, sole proprietorship, partnership and limited liability
Company. Corporate Income taxes include marginal, which is taxed on each
additional dollar of income, average corporate tax rates, which is basic on total tax
as a percentage of income, and basic corporate income tax structure. The current
corporate-tax rate is from 15 percent to 39 percent.[36] “The current corporate
income tax rate is 15 percent on the first $50,000 of income, 25 percent on the next
$25,000, 34 percent on the next $25,000, 39 percent on the next $235,000, 34
percent on the next $9,665,000, 5 percent on the next $5000,000, 38 percent on
the next $3,333,333, 35 percent on all income above $18,333,333.” [37] The
personal- tax rate starts lower than the corporate-tax rate in the lowest brackets to
the higher income levels. “15 percent for corporate income of less than $50,000
and 10 percent in the lowest personal brackets for all filing statures for the lowest
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income, and the highest personal rate of 35 percent never exceeds the highest
corporate rate of 35 percent.” [38]

Organizations

Professional bodies

Professional accounting bodies include the American Institute of Certified Public

Accountants (AICPA) and the other 179 members of the International Federation of
Accountants (IFAC),[39] including CPA Australia, and Institute of Chartered
Accountants in England and Wales (ICAEW). Professional bodies for subfields of
the accounting professions also exist, for example the Chartered Institute of
Management Accountants (CIMA).[40] Many of these professional bodies offer
education and training including qualification and administration for various
accounting designations, such as certified public accountant and chartered
accountant.[41][42]

Accounting firms

Depending on its size, a company may be legally required to have their financial
statements audited by a qualified auditor, and audits are usually carried out by
accounting firms.[9] Accounting firms grew in the United States and Europe in the
late nineteenth and early twentieth century, and through several mergers there
were large international accounting firms by the mid-twentieth century. Further
large mergers in the late twentieth century led to the dominance by the auditing
market by the Big Five accounting firms: Arthur Andersen, Deloitte, Ernst &
Young, KPMG and PricewaterhouseCoopers.[43] The demise of Arthur Andersen
following the Enron scandal reduced the Big Five to the Big Four.[44]

Standard-setters

Generally accepted accounting principles (GAAP) are accounting standards issued

by national regulatory bodies. In addition, the International Accounting Standards
Board (IASB) issues the International Financial Reporting Standards (IFRS)
implemented by 147 countries.[1] While standards for international audit and
assurance, ethics, education, and public sector accounting are all set by
independent standard settings boards supported by IFAC. The International
Auditing and Assurance Standards Board sets international standards for auditing,
assurance, and quality control; the International Ethics Standards Board for
Accountants (IESBA) [45] sets the internationally appropriate principles- based
Code of Ethics for Professional Accounts the International Accounting Education
Standards Board (IAESB) sets professional accounting education standards;[46]
International Public Sector Accounting Standards Board (IPSASB) sets accrual-
based international public sector accounting standards [47] Organizations in
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individual countries may issue accounting standards unique to the countries. For
example, in the United States the Financial Accounting Standards Board (FASB)
issues the Statements of Financial Accounting Standards, which form the basis of
US GAAP,[1] and in the United Kingdom the Financial Reporting Council (FRC) sets
accounting standards.[10] However,as of 2012 "all major economies" have plans to
converge towards or adopt the IFRS.[11]

Education and qualifications

Accounting degrees

At least a bachelor's degree in accounting or a related field is required for most

accountant and auditor job positions, and some employers prefer applicants with a
master's degree.[48] A degree in accounting may also be required for, or may be
used to fulfil the requirements for, membership to professional accounting bodies.
For example, the education during an accounting degree can be used to fulfil the
American Institute of CPA's (AICPA) 150 semester hour requirement,[49] and
associate membership with the Certified Public Accountants Association of the UK
is available after gaining a degree in finance or accounting.[50] A doctorate is
required in order to pursue a career in accounting academia, for example to work
as a university professor.[51][52] The Doctor of Philosophy (PhD) and the Doctor of
Business Administration (DBA) are the most popular degrees. The PhD is the most
common degree for those wishing to pursue a career in academia, while DBA
programs generally focus on equipping business executives for business or public
careers requiring research skills and qualifications.[51]

Professional qualifications

Professional accounting qualifications include the Chartered Accountant

designations and other qualifications including certificates and diplomas.[53] In the
United Kingdom, chartered accountants of the ICAEW undergo annual training,
and are bound by the ICAEW's code of ethics and subject to its disciplinary
procedures.[54] In the United States, the requirements for joining the AICPA as a
Certified Public Accountant are set by the Board of Accountancy of each state, and
members agree to abide by the AICPA's Code of Professional Conduct and
Bylaws.[55]

Accounting research

Accounting research is research on the effects of economic events on the process of

accounting, and the effects of reported information on economic events. It
encompasses a broad range of research areas including financial accounting,
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management accounting, auditing and taxation.[56] Accounting research is carried
out both by academic researchers and practicing accountants. Academic accounting
research "addresses all aspects of the accounting profession" using the scientific
method, while research by practicing accountants focuses on solving problems for a
client or group of clients.[57] Academic accounting research can make significant
contribution to accounting practice,[57][58] although changes in accounting
education and the accounting academia in recent decades has led to a divide
between academia and practice in accounting.[59] Methodologies in academic
accounting research can be classified into archival research, which examines
"objective data collected from repositories"; experimental research, which
examines data "the researcher gathered by administering treatments to subjects";
and analytical research, which is "based on the act of formally modeling theories or
substantiating ideas in mathematical terms". This classification is not exhaustive;
other possible methodologies include the use of case studies, computer simulations
and field research.[60]

Accounting and computer software

Many laborious practices have been simplified with the help of computer software.
Enterprise resource planning (ERP) software provides a comprehensive,
centralized, integrated source of information that companies can use to manage all
major business processes, from purchasing to manufacturing to human resources.
This software can replace up to 200 individual software programs that were
previously used. Computer integrated manufacturing allows products to be made
and completely untouched by human hands and can increase production by having
fewer errors in the manufacturing process. Computers have reduced the cost of
accumulating, storing, and reporting managerial accounting information and have
made it possible to produce a more detailed account of all data that is entered into
any given system. They have also changed business to business interaction through
e-commerce. Rather than dealing with multiple companies to purchase products, a
business can purchase a product at a less expensive price and take out the third
party and vastly reduces expenses companies once accrued. Additionally, Inter-
organizational information system enable suppliers and businesses to be connected
at all times. When a company is low on a product the supplier will be notified and
fulfill an order immediately which eliminates the need for someone to do inventory,
fill out the proper documents, send them out and wait for their products.[61]

Accounting affects the economy

Although financial accounting produces past-oriented reports, it is based on

generally accepted accounting principles and generally accepted accounting
practices compliant with International Financial Reporting Standards/US GAAP.
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In order to prepare the financial accounts/reports an entity has to comply with
these GAAPs and gaaps. Which of these accounting practices and principles the
board of directors choose at the start of the financial period and whatever changes
in these generally accepted accounting principles and practices are implemented
during the accounting period, affect the entity´s economy and affect the financial
accounts (financial reports) prepared at the end of the financial period. When all
entities implement the same change during the financial year as required by
IFRS/US GAAP, then that affects the entire economy.

Accounting scandals

The year 2001 witnessed a series of financial information frauds involving Enron,
auditing firm Arthur Andersen, the telecommunications company WorldCom,
Qwest and Sunbeam, among other well-known corporations. These problems
highlighted the need to review the effectiveness of accounting standards, auditing
regulations and corporate governance principles. In some cases, management
manipulated the figures shown in financial reports to indicate a better economic
performance. In others, tax and regulatory incentives encouraged over-leveraging
of companies and decisions to bear extraordinary and unjustified risk.[62] The
Enron scandal deeply influenced the development of new regulations to improve
the reliability of financial reporting, and increased public awareness about the
importance of having accounting standards that show the financial reality of
companies and the objectivity and independence of auditing firms.[62] In addition
to being the largest bankruptcy reorganization in American history, the Enron
scandal undoubtedly is the biggest audit failure.[63] It involved a financial scandal
of Enron Corporation and their auditors Arthur Andersen, which was revealed in
late 2001. The scandal caused the dissolution of Arthur Andersen, which at the
time was one of the five largest accounting firms in the world. After a series of
revelations involving irregular accounting procedures conducted throughout the
1990s, Enron filed for Chapter 11 bankruptcy protection in December 2001.[64] One
consequence of these events was the passage of Sarbanes–Oxley Act in the United
States 2002, as a result of the first admissions of fraudulent behavior made by
Enron. The act significantly raises criminal penalties for securities fraud, for
destroying, altering or fabricating records in federal investigations or any scheme
or attempt to defraud shareholders.[65]

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