Accounting

Accounting or accountancy is the measurement, processing, and communication of financial information about economic
entities[1][2] such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in
1494.[3] Accounting, which has been called the "language of business",[4] measures the results of an organization's economic
activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.[5]
Practitioners of accounting are known asaccountants. The terms "accounting" and "financial reporting" are often used as synonyms.

Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax
accounting and cost accounting.[6][7] Accounting information systems are designed to support accounting functions and related
activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of
financial statements, to the external users of the information, such as investors, regulators and suppliers;[8] and management
accounting focuses on the measurement, analysis and reporting of information for internal use by management.[1][8] 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 bookkeepingis the most common system.[9]

Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial
statements are usually audited by accounting firms,[10] and are prepared in accordance with generally accepted accounting principles
(GAAP).[8] 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. As of 2012, "all major economies" have plans to
converge towards or adopt the International Financial Reporting Standards(IFRS).[11]

Contents
History
Etymology
Accounting and accountancy
Topics
Financial accounting
Management accounting
Auditing
Accounting information systems
Tax accounting
Forensic accounting
Organizations
Professional bodies
Accounting firms
Standard-setters
Education and qualifications
Accounting degrees
Professional qualifications
Accounting research
Accounting information system
Accounting scandals
See also
References
External links

History
The history of accounting is thousands of years old and can be traced to
ancient civilizations.[12][13][14] The early development of accounting dates
back to ancient Mesopotamia, and is closely related to developments in
writing, counting and money;[12] there is also evidence for early forms of
bookkeeping in ancient Iran,[15][16] and early auditing systems by the
ancient Egyptians and Babylonians.[13] By the time of the Emperor
Augustus, the Roman government had access to detailed financial
information.[17]

Double-entry bookkeeping was pioneered in the Jewish community of the

early-medieval Middle East[18][19] and further refined in medieval
Europe.[20] With the development of joint-stock companies, accounting split
Portrait of Luca Pacioli, painted by Jacopo
into financial accounting and management accounting. de' Barbari, 1495, (Museo di Capodimonte).

The first work on a double-entry bookkeeping systemwas published in Italy,

by Luca Pacioli ("Father of Accounting").[21][22] Accounting began to transition into an organized profession in the nineteenth
century,[23] with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales
in 1880.[24]

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.[25]
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,[26]
which is in turn related to theVulgar Latin word computare, meaning "to reckon". The base of
Early 19th-century ledger. computare is putare, which "variously meant to prune, to purify, to correct an account, hence,
to count or calculate, as well as to think."[26]

The word "accountant" is derived from the French word compter, which is also derived from the Italian and 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 inpronunciation and in orthography to its present form.[27]

Accounting and accountancy

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.[28][29][30]

Accountancy refers to the occupation or profession of an accountant,[31][32][33] particularly in British English.[28][29]

Topics
Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and
accounting information systems.[7]
Financial accounting
Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as
investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the
external users in accordance with generally accepted accounting principles (GAAP).[8] GAAP, in turn, arises from the wide
[1]
agreement between accounting theory and practice, and change over time to meet the needs of decision-makers.

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.[8]

This branch of accounting is also studied as part of the board exams for qualifying as an actuary. These two types of professionals,
accountants and actuaries, have created a culture of being archrivals.

Management accounting
Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making
decisions to fulfill the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit
analysis, and are not required to follow the generally accepted accounting principle (GAAP).[8] In 2014 CIMA created the Global
Management Accounting Principles (GMAPs). The result of research from across 20 countries in five continents, the principles aim
to guide best practice in the discipline.[34]

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 non financial information, and may, for example, focus on
specific products and departments.[8]

Auditing
Auditing is the verification of assertions made by others regarding a payoff,[35] and in the context of accounting it is the "unbiased
examination and evaluation of the financial statements of an organization".[36] Audit is a professional service that is systematic and
conventional.[37]

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 the generally acceptable accounting principle (GAAP) and "in all material respects". An auditor is also required to
[38]
identify circumstances in which the generally acceptable accounting principles (GAAP) has not been consistently observed.

Accounting information systems

An accounting information system is a part of an organization's information system that focuses on processing accounting data.[39]
Many corporations use artificial intelligence-based information systems. Banking and finance industry is using AI as fraud detection.
Retail industry is using AI for customer services. AI is also used in cybersecurity industry. It involves computer hardware and
[40]
software systems and using statistics and modeling.

Tax accounting
Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The
U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted
accounting principles (GAAP) for financial reporting.[41] U.S. tax law covers four basic forms of business ownership: sole
proprietorship, partnership, corporation, and limited liability company. Corporate and personal income are taxed at different rates,
both varying according to income levels and including varying mar
ginal rates (taxed on each additional dollar of income) and average
rates (set as a percentage of overall income).[41]
Forensic accounting
Forensic accounting is a specialty practice area of accounting that describes engagements that result from actual or anticipated
disputes or litigation. "Forensic" means "suitable for use in a court of law," and it is to that standard and potential outcome that
forensic accountants generally have to work.

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),[42] including Institute of Chartered Accountants of Scotland (ICAS), CPA
Australia, Association of Chartered Certified Accountants (ACCA) 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).[43] Many of these professional bodies offer education and training including qualification and
chartered accountant.[44][45]
administration for various accounting designations, such as certified public accountant and

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 byaccounting firms.[10]

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 of the auditing market by the "Big Five" accounting firms: Arthur Andersen, Deloitte, Ernst & Young,
KPMG and PricewaterhouseCoopers.[46] The demise of Arthur Andersen following the Enron scandal reduced the Big Five to the
Big Four.[47]

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) [48] sets the internationally appropriate principles- based Code of Ethics for Professional Accounts the International
Accounting Education Standards Board (IAESB) sets professional accounting education standards;[49] International Public Sector
[50]
Accounting Standards Board (IPSASB) sets accrual-based international public sector accounting standards

Organizations in 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.[51] However, as of 2012 "all
major economies" have plans toconverge 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.[52] A degree in accounting may also be required for, or may be used to fulfill the
requirements for, membership to professional accounting bodies. For example, the education durin
g an accounting degree can be used
to fulfill the American Institute of CPA's (AICPA) 150 semester hour requirement,[53] and associate membership with the Certified
[54]
Public Accountants Associationof the UK is available after gaining a degree in finance or accounting.

A doctorate is required in order to pursue a career in accounting academia, for example to work as a university professor in
accounting.[55][56] 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
[55]
equipping business executives for business or public careers requiring research skills and qualifications.

Professional qualifications
Professional accounting qualifications include the Chartered Accountant designations and other qualifications including certificates
and diplomas.[57] In Scotland, chartered accountants of ICAS undergo Continuous Professional Developmentand abide by the ICAS
code of ethics[58] . In England and Wales, chartered accountants of the ICAEW undergo annual training, and are bound by the
ICAEW's code of ethics and subject to its disciplinary procedures.[59] 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 Conductand Bylaws. In India the Apex Accounting body constituted by parliament of India is "Institute of Chartered
Accountants of India" (ICAI) was known for its rigorous training and study methodology for granting the Qualification.[60] The
ACCA is the largest global accountancy body with over 320,000 members and the organisation provides an ‘IFRS stream’ and a ‘UK
[61]
stream’. Students must pass a total of 14 exams, which are arranged across three papers.

Accounting research
Accounting research isresearch in the effects of economic events on the process of accounting, the effects of reported information on
economic events, and the roles of accounting in organizations and society.[62][63] . It encompasses a broad range of research areas
including financial accounting, management accounting, auditing and taxation.[64]

Accounting research is carried out both by academic researchers and practicing accountants. Methodologies in academic accounting
research include archival research, which examines "objective data collected from repositories"; experimental research, which
examines data "the researcher gathered by administering treatments to subjects"; analytical research, which is "based on the act of
formally modeling theories or substantiating ideas in mathematical terms"; interpretive research, which emphasizes the role of
language, interpretation and understanding in accounting practice, "highlighting the symbolic structures and taken-for-granted themes
which pattern the world in distinct ways"; critical research, which emphasizes the role of power and conflict in accounting practice;
case studies; computer simulation; and field research.[65][66]

Empirical studies document that leading accounting journals publish in total fewer research articles than comparable journals in
economics and other business disciplines[67] , and consequently, accounting scholars[68] are relatively less successful in academic
publishing than their business school peers.[69] Due to different publication rates between accounting and other business disciplines,
a recent study based on academic author rankings concludes that the competitive value of a single publication in a top-ranked journal
is highest in accounting and lowest in marketing.[70]

Accounting information system

Many accounting practices have been simplified with the help of accounting computer-based software. An Enterprise resource
planning (ERP) system is commonly used for a large organisation and it 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.

Accounting information systems 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.
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 andcorporate governance principles. In some cases,
management manipulated the figures shown in financial reports to indicate a better economic performance. In others, tax and
[71]
regulatory incentives encouraged over-leveraging of companies and decisions to bear extraordinary and unjustified risk.

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.[71]

In addition to being the largest bankruptcy reorganization in American history, the Enron scandal undoubtedly is the biggest audit
failure.[72] 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.[73]

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
[74]
fabricating records in federal investigations or any scheme or attempt to defraud shareholders.

See also
Accounting records
Accounting Information System

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External links
Library resources in your library and in other libraries about accounting
Operations Research in Accountingon the Institute for Operations Research and the Management Sciences website

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