Accounting or accountancy is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the “language of business”, measures the results of an organisation’s economic activities and conveys this information to a variety of users, including investor, creditors, management, and regulators. 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, external auditing, tax accounting and cost accounting. Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organisation’s financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. 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. Accounting is facilitated by accounting organisations such as standard-setters, accounting firms and professional bodies. Financial statement are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP) GAAP is set by various standard-setting organisations such as the Financial Accounting Standards Board (FASB) in the United States 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).
EMPLOYERS AND CLIENTS
ADD MORE VALUE TO YOUR BUSINESS
In more and more markets, successful orgainsations have Africa Chartered Accountants at their heart – as advisers, managers and leaders. Choosing an Africa Chartered Accountants – whether to employ, train or consult – gives your business the greatest confidence of knowledge, skill and commitment, it’s the assurance of leading-edge expertise that’s constantly developed – and delivery of the highest ethical and professional standards. You’ll be choosing from the very best and contributing significantly to your bottom line. That’s why Africa Chartered Accountants are trusted not only to ensure efficiency and accountability, but to help source capital, identify opportunities for growth and determine strategic direction. But more than this, Africa Chartered accountants give competitive companies and organisations access to real talent. Individuals with a proven, tested ability to think with vision create bold new solutions and achieve high performance in real-life circumstances. By choosing an Africa Chartered Accountants you’re already ahead and on the way to better business
AFRICA CHARTERED ACCOUNTANTS PROMOTE THE PROFESSIONAL OF ACCOUNTANCY GLOBALLY
Africa Chartered Accountants have been setting global standards and leading development for the accountancy profession since the beginning. Through its member institutes, Africa Chartered Accountants supports, develops and promotes the role of accountants as business leaders, decision-makers and trusted advisers. Africa Chartered Accountants brings together the members of leading top institutes to create a community of hundreds of thousands of Chartered Accountants in various. We are committed to promoting the prestige of Africa Chartered Accountants and the value they can offer to organisations. We will advance the unrivalled capabilities that accountants in the world can offer to businesses, organisations, individuals and communities around the world.