Accounts Payable

Accounts Payable

Accounts payable means a liability to a creditor that’s carried on an open account. It is usually for the purchases of good and services. When a company orders and receives good or services in advance of a payment, we usually say the company is purchasing on account or credit. The supplier of the goods is referred to as the creditor. If the company that receives the goods, do not sign a promissory note, the supplier’s bill will be recorded in the company’s liability account “Accounts…

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PCAOB

Public Company Accounting Oversight Board (PCAOB)

The Public Company Accounting Oversight Board (PCAOB) is a private-sector, nonprofit corporation created by the Sarbanes–Oxley Act of 2002. It’s goal is to to oversee the audits of public companies and other issuers in order to protect the interests of investors and further the public interest. All of these coincide to the preparation of informative, accurate and independent audit reports. Since 2010, the PCAOB also oversees the audits of broker-dealers. This include compliance reports filed pursuant to federal securities laws in order to promote investor…

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Association of Accountancy Bodies in West Africa (ABWA)

Association of Accountancy Bodies in West Africa (ABWA)

The Association of Accountancy Bodies in West Africa (ABWA) is a regional organization of the International Federation of Accountants (IFAC). As of 2011 there were ten West African accounting institutes represented in ABWA History of the ABWA. The association was established on 10 August 1982 in Lagos, Nigeria, and was registered as a corporation in 1994. ABWA was initially collocated with the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos. In May 2002 the association’s headquarters moved to the ICAN building in Abuja. The…

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PAFA

Pan African Federation of Accountants (PAFA)

The Pan African Federation of Accountants (PAFA) is the regional body that is aimed to represent African professional accountants with one voice. It is particularly in relations with the International Federation of Accountants (IFAC). The PAFA was inaugurated in Dakar, Senegal on 5 May 2011. Inauguration of the PAFA. The first president was elected at the inaugural meeting in Dakar, Senegal. He was Major General Sebastian Achulike Owuama. Owuama is also president of the Institute of Chartered Accountants of Nigeria and of the Association of…

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Public Interest Oversight Board (PIOB)

Public Interest Oversight Board (PIOB)

Who is the PIOB? The Public Interest Oversight Board (PIOB) is an international body that oversees the International Federation of Accountants (IFAC). They seek to improve the quality and public interest focus of the IFAC standards in the areas of audit, education, and ethics. The formation of the PIOB. The PIOB was created in 2005. It’s creation followed a a series or corporate scandals. The include the collapse of Enron and WorldCom in the United States and Parmalat in Europe. These undermined public confidence in…

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SAIBA

Southern African Institute for Business Accountants (SAIBA)

Who is SAIBA? SAIBA supports its members by adopting and implementing international standards relating to ethics, quality, education, financial reporting, assurance and other engagements. The organization enables the sharing of knowledge and assists members in understanding all areas affecting accountants and financial professionals. What tasks does SAIBA undertake? In a practical sense SAIBA offers: A range of professional designations. Practicing licensing for independent review engagements. Career development. Quality control and monitoring. Enforcement of a code of conduct. Networking. Publications and events. Limited technical support. Member…

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IFAC

International Federation of Accountants (IFAC)

Who is the IFAC? The IFAC is the global organization for the accountancy profession. It was founded in 1977. They have about 179 members and representatives. It consists of 130 countries and jurisdictions. They represent more than 2.5 million accountants employed in various industries. These industries include public, idustry and commerce and academe. The organization establishes international standards on ethics, auditing and assurance, accounting education, and public sector accounting. They do this through their independent standard setting boards. It also issues guidance to encourage high…

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South African Institute of Chartered Accountants (SAICA)

South African Institute of Chartered Accountants (SAICA)

What is SAICA? The South African Institute of Chartered Accountants (SAICA), is a professional accountancy body in South Africa. As of August 2013, the institute has over 36 000 members. SAICA provides support, advice and services to its CAs throughout their professional lives. SAICA members are business advisors, business leaders and entrepreneurs. SAICA members can use the CA(SA) designation. Membership and qualifications. To become a student and a member of SAICA, the candidate needs to enroll for a B Com Accounting degree or an equivalent…

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IESBA

IESBA

What is IESBA? The International Ethics Standards Board for Accountants (IESBA) develops and promotes ethical standards and guidance for professional accountants. The IEASB also supports debate son issues related to accounting ethics. About the Organization: The IESBA is an independent standard setting body under the influence of the International Federation of Accountants (IFAC). The Public Interest Oversight Board provides oversight and they ensure that the IESBA standards are in the public interest. Member bodies of the IFAC such as Institute of Chartered Accountants in England…

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E-accounting

E-accounting

E-accounting or online accounting is the use of online and Internet technologies to the business accounting function. It is similar to e-mail being an electronic version of traditional mail. E-accounting is the electronic usage of lawful accounting and traceable accounting processes which were traditionally manual and paper-based. E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as digital tool kits, various internet resources, international web-based materials, institute and company databases which…

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