Accounting describes the production of an organization’s financial data and its
transmission to targeted personnel. For instance, accountants prepare financial statements that
represent the economic resources of an organization in monetary terms. Accountancy is
concerned with storing financial records, recording transactions, analyzing financial data for the
management, and giving advice regarding taxation matters. These actions reveal losses or profits
made, as well as the value and nature of an organization’s liabilities, assets, or equity. This paper
describes an overview of sources of gathering accounting information in my research.
Firstly, I intend to use Accounting's past, present and future: the unifying power of
history, with the key intent of seeing through the introduction of accounting the world as well as
its impact in the development of accounting. This is one of the authoritative sources in the
discipline of accounting. It focuses on the issue of advocating past but critical histories that have
significant influence in accounting research (Carnegie & Napier, 2012). Furthermore, its
credibility is enhanced by the encompassed ideas and stimulating insights that are effective in
contributing to the unifying power in the accounting discipline. Actually, this also enhances
originality.
Founded in 1904, the Association of Chattered Certified Accountants (ACCA) is a major
professional and credentialing association in the field of accounting. Being global, it offers
worldwide qualifications in the accounting field through its wide network (Association of
Chartered Certified Accountants, 2010). Its diversity thus makes it a credible source of
information in the discipline of accounting. Additionally, the association works in the public
interest ensuring that all of its members, guided by certain rules and regulations, further enhance
the value of accounting in the society. Through international research, it also tackles global
issues to ensure continuous growth of international accountancy.
The AICPA, American Institute of Certified Public Accountants, is an earlier body,
founded in 1887. Its distribution involves 128 countries all over the globe and associates in a
variety of disciplines such as student affiliates, education, government, public practice, and
international associates among others. Hence, this diversity functions as a credible source for
accounting information. In the US, the AICPA sets the auditing and ethical standards for private,
public, and non-profit organizations. Its mission is to provide sufficient resources, data, and
leadership that enables accountants to give quality services in the highest professional manner
for the benefit of the public, clients, and employers. The AICPA and ACCA are all members of
the IFAC, International Federation of Accountants.
The latter is a global body that develops high-quality guidance and standards concerning
accounting professionals. It is made up of 173 associates and members in 129 countries,
representing about two and a half million accountants in government service, public practice,
commerce, education, and industry. However, the AICPA is the most well-known body in the
United States (Dohr, 1947).
The Financial Accounting Standards Board (FASB) is also a major standard-setting
organization that among other things governs the work done by accountants. Other than this, the
FASB is an authoritative source and mentor in the accounting discipline. However, unlike the
ACCA and the AICPA, it establishes the accounting standards for private entities. These
standards are approved by the AICPA. Their boundaries clearly illustrate guidelines that are
significantly applicable in accounting (Financial Accounting Standards Board, 1900).
Moreover, utilization of other sources such as “An Introduction to the Art of
Accounting”. The Accounting Review 22.2 (1947) by Dohr, James, and the monthly Accountign
and Business Magazine will set a platform for relevant arguments on this report on Authoritative
Sources in the Discipline of Accounting (Dohr, 1947).
References
Association of Chartered Certified Accountants (Great Britain). (2010). Advanced audit and
assurance. Wokingham, Berkshire: Kaplan Financial Ltd.
Carnegie G. D., and Napier C. J. (2012). “Accounting’s past, present and future: the unifying
power of history”. Accounting, Auditing & Accountability Journal, 25.2 (2012): 328-369.
Dohr, J. L. (1947). “An Introduction to the Art of Accounting”. The Accounting Review 22.2
(1947).
Financial Accounting Standards Board. (1900). Facts about FASB. Stamford, Conn: Financial
Accounting Standards Board.
The Accountign and Business Magazine. (2013). The monthly magazine for ACCA members.
