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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Purpose of accounting

Purpose of accounting

The purpose of accounting: The purpose of accounting may have one summarized purpose or it may serve a lot of purposes but it is very important. It has always been since the accounting system was created. An economic entity is a separately identifiable organization which makes use of resources to achieve its goals and objectives. An economic entity may be a business entity operating with the primary objective of generating profit, or a non-profit entity carrying out charitable and not-for-profit operations. The Purpose of Accounting…

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Accounting Ethics

Accounting Ethics

Accounting ethics is a field of applied ethics. It refers to the study of moral values and judgments as they apply to accountancy. Accounting ethics is an example of professional ethics. It was first introduced by Luca Pacioli. Later, it expanded by government groups, professional organizations, and independent companies. Ethics are taught in accounting courses at higher education institutions as well as by companies training accountants and auditors. Due to a wide range of accounting services and recent corporate collapses, attention has been drawn to…

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Accounting Equation

Accounting Equation

The accounting equation is the foundation of the double-entry accounting system in use today. It is quite simple to understand and to use. It represent the relationship between the assets, liabilities and the equity of a business. It can be best described in an equation: Assets=Capital+Liabilities. In a corporation, the capital mentioned in the equation, would be the shareholder’s equity. Every business transaction affects at least two of the company’s accounts. The accounting equation will always be in balance. It means that the left side…

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South African Institute of Chartered Accountants (SAICA)

Equity method

The equity method in accounting is the process of treating equity investments in associate companies. The investor keeps his or her equities as an asset. The investor’s proportional share of the associate company’s net income increases the investment but the opposite is also true if a net loss is recorded. Even the proportional payment of dividends decreases it. In the investor’s income statement, the proportional share of the investee’s net income or net loss is reported as a single-line item. Equity accounting is usually applied…

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