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Accounting
Early 19th-century German ledger
Major types
Key concepts
Selected accounts
Accounting standards
Financial statements
Bookkeeping
Auditing
People and organizations
Development
Misconduct
Business administration
Management of a business
Accounting
Business entity(list)
Corporate governance
Corporate law
Corporate title
Economics
Finance
Types of management
Organization
Trade

Accounting,also known asaccountancy,is the process of recording and processing information abouteconomic entities,such asbusinessesandcorporations.[1][2]Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, includinginvestors,creditors,management,andregulators.[3]Practitioners of accounting are known asaccountants.The terms "accounting" and "financial reporting"are often used interchangeably.[4]

Accounting can be divided into several fields includingfinancial accounting,management accounting,tax accountingandcost accounting.[5]Financial accounting focuses on the reporting of an organization's financial information, including the preparation offinancial statements,to the external users of the information, such as investors, regulators andsuppliers.[6]Management accounting focuses on the measurement, analysis and reporting of information for internal use by management to enhance business operations.[1][6]The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known asbookkeeping,of whichdouble-entry bookkeepingis the most common system.[7]Accounting information systemsare designed to support accounting functions and related activities.

Accounting has existed in various forms and levels of sophistication throughout human history. The double-entry accounting system in use today was developed in medieval Europe, particularly inVenice,and is usually attributed to the Italian mathematician and Franciscan friarLuca Pacioli.[8]Today, accounting is facilitated byaccounting organizationssuch as standard-setters,accounting firmsandprofessional bodies.Financial statements are usually audited by accounting firms,[9]and are prepared in accordance withgenerally accepted accounting principles(GAAP).[6]GAAP is set by various standard-setting organizations such as theFinancial Accounting Standards Board(FASB) in the United States[1]and the Financial Reporting Council in theUnited Kingdom.As of 2012, "all major economies" have plans toconvergetowards or adopt theInternational Financial Reporting Standards(IFRS).[10][11]

History

[edit]
Main article:History of accounting
Portrait of Luca Pacioli,painted byJacopo de' Barbari,1495 (Museo di Capodimonte)

Accounting is thousands of years old and can be traced toancientcivilizations.[12][13][14]One early development of accounting dates back to ancientMesopotamiaand is closely related to developments inwriting,countingandmoney;[12]there is also evidence of early forms ofbookkeepingin ancientIran,[15][16]and earlyauditingsystems by the ancientEgyptiansandBabylonians.[13]By the time of EmperorAugustus,theRoman governmenthad access to detailed financial information.[17]

Many concepts related to today's accounting seem to be initiated in medieval's Middle East. For example, Jewish communities useddouble-entry bookkeepingin the early-medieval period[18][19]and Muslim societies, at least since the 10th century also used many modern accounting concepts.[20]

The spread of the use ofArabic numerals,instead of theRoman numbershistorically used in Europe, increased efficiency of accounting procedures among Mediterranean merchants,[21]who further refined accounting inmedieval Europe.[22]With the development ofjoint-stock companies,accounting split intofinancial accountingandmanagement accounting.

The first published work on adouble-entry bookkeeping systemwas theSumma de arithmetica,published inItalyin 1494 byLuca Pacioli(the "Father of Accounting" ).[23][24]Accounting began to transition into an organized profession in the nineteenth century,[25][26]with localprofessional bodiesin England merging to form theInstitute of Chartered Accountants in England and Walesin 1880.[27]

Etymology

[edit]
Early 19th-centuryledger

Both the words "accounting" and "accountancy" were in use inGreat Britainby the mid-1800s and are derived from the wordsaccomptingandaccountantshipused in the 18th century.[28]InMiddle English(used roughly between the 12th and the late 15th century), the verb "to account" had the formaccounten,which was derived from the Old French wordaconter,[29]which is in turn related to theVulgar Latinwordcomputare,meaning "to reckon". The base ofcomputareisputare,which "variously meant to prune, to purify, to correct an account, hence, to count or calculate, as well as to think".[29]

The word "accountant"is derived from the French wordcompter,which is also derived from the Italian andLatinwordcomputare.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 inpronunciationand inorthographyto its present form.[30]

Terminology

[edit]

Accountinghas variously been defined as the keeping or preparation of the financial records of transactions of the firm, the analysis, verification and reporting of such records and "theprinciplesand procedures of accounting "; it also refers to thejobof being anaccountant.[31][32][33]

Accountancyrefers to theoccupationorprofessionof an accountant,[34][35][36]particularly inBritish English.[31][32]

Topics

[edit]

Accounting has several subfields or subject areas, includingfinancial accounting,management accounting,auditing,taxationandaccounting information systems.[5]

Financial accounting

[edit]
Main article: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 preparesfinancial statementsfor the external users in accordance withgenerally accepted accounting principles(GAAP).[6]GAAP, in turn, arises from the wide agreement betweenaccounting theoryand practice, and changes over time to meet the needs of decision-makers.[1]

Financial accounting produces past-oriented reports—for example financial statements are often published six to ten months after the end of the accounting period—on anannualor quarterly basis, generally about the organization as a whole.[6]

Management accounting

[edit]
Main article: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 oncost–benefit analysis,and are not required to follow the generally accepted accounting principle (GAAP).[6]In 2014 CIMA created theGlobal 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.[37]

Management accounting produces past-oriented reports with time spans that vary widely, but it also encompasses future-oriented reports such asbudgets.Management accounting reports often include financial and non financial information, and may, for example, focus on specific products and departments.[6]

Intercompany accounting

[edit]
Main article:Intercompany accounting

Intercompany accounting focuses on the measurement, analysis and reporting of information between separate entities that are related, such as a parent company and its subsidiary companies. Intercompany accounting concerns record keeping of transactions between companies that have common ownership such as a parent company and a partially or wholly owned subsidiary. Intercompany transactions are also recorded in accounting when business is transacted between companies with a common parent company (subsidiaries).[38][39]

Auditing

[edit]
Main articles:Financial auditandInternal audit

Auditing is the verification of assertions made by others regarding a payoff,[40]and in the context of accounting it is the "unbiasedexamination and evaluation of the financial statements of an organization ".[41]Audit is a professional service that is systematic and conventional.[42]

An audit of financial statements aims to express or disclaim an independent opinion on the financial statements. The auditor expresses an independent 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 accepted accounting principles (GAAP) and "in all material respects". An auditor is also required to identify circumstances in which the generally accepted accounting principles (GAAP) have not been consistently observed.[43]

Information systems

[edit]
Main article:Accounting information system

An accounting information system is a part of an organization'sinformation systemused for processing accounting data.[44] Many corporations use artificial intelligence-based information systems. The banking and finance industry uses AI in fraud detection. The retail industry uses AI for customer services. AI is also used in the cybersecurity industry. It involves computer hardware and software systems using statistics and modeling.[45]

Many accounting practices have been simplified with the help ofaccounting computer-based software.Anenterprise 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. These systems can be cloud based and available on demand via application or browser, or available as software installed on specific computers or local servers, often referred to as on-premise.

Tax accounting

[edit]
Main article: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 thegenerally accepted accounting principles(GAAP) for financial reporting.[46]U.S. tax law covers four basic forms of business ownership:sole proprietorship,partnership,corporation,andlimited liability company.Corporateandpersonalincome are taxed at different rates, both varying according to income levels and including varying marginal rates (taxed on each additional dollar of income) and average rates (set as a percentage of overall income).[46]

Forensic accounting

[edit]
Main article:Forensic accounting

Forensic accounting is a specialty practice area of accounting that describes engagements that result from actual or anticipated disputes orlitigation.[47]"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.

Political campaign accounting

[edit]
Main article:Political campaign accounting

Political campaign accounting deals with the development and implementation of financial systems and the accounting of financial transactions in compliance with laws governing political campaign operations. This branch of accounting was first formally introduced in the March 1976 issue ofThe Journal of Accountancy.[48]

Organizations

[edit]
See also:Category:Accounting organizations

Professional bodies

[edit]
Main article:Professional accounting body

Professional accounting bodiesinclude theAmerican Institute of Certified Public Accountants(AICPA) and the other 179 members of theInternational Federation of Accountants(IFAC),[49]includingInstitute of Chartered Accountants of Scotland(ICAS),Institute of Chartered Accountants of Pakistan (ICAP),CPA Australia,Institute of Chartered Accountants of India,Association of Chartered Certified Accountants(ACCA) andInstitute of Chartered Accountants in England and Wales(ICAEW). Some countries have a single professional accounting body and, in some other countries, professional bodies for subfields of the accounting professions also exist, for example theChartered Institute of Management Accountants(CIMA) in the UK andInstitute of management accountantsin the United States.[50]Many of these professional bodies offer education and training including qualification and administration for various accounting designations, such as certified public accountant (AICPA) andchartered accountant.[51][52]

Firms

[edit]
Main article:Accounting networks and associations

Depending on its size, a company may be legally required to have theirfinancial statementsauditedby a qualified auditor, and audits are usually carried out byaccounting firms.[9]

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,KPMGandPricewaterhouseCoopers.[53]Thedemise of Arthur Andersenfollowing theEnron scandalreduced the Big Five to theBig Four.[54]

Standard-setters

[edit]
See also:Accounting standardsandConvergence of accounting standards

Generally accepted accounting principles(GAAP) are accounting standards issued by national regulatory bodies. In addition, theInternational Accounting Standards Board(IASB) issues theInternational Financial Reporting Standards(IFRS) implemented by 147 countries.[1]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; theInternational Ethics Standards Board for Accountants(IESBA)[55]sets the internationally appropriate principles-basedCode of Ethics for Professional Accountants;theInternational Accounting Education Standards Board(IAESB) sets professional accounting education standards;[56]andInternational Public Sector Accounting StandardsBoard (IPSASB) sets accrual-based international public sector accounting standards.[57][4]

Organizations in individual countries may issue accounting standards unique to the countries. For example, in Australia, the Australian Accounting Standards Board manages the issuance of the accounting standards in line with IFRS. In theUnited StatestheFinancial Accounting Standards Board(FASB) issues the Statements of Financial Accounting Standards, which form the basis ofUS GAAP,[1]and in theUnited KingdomtheFinancial Reporting Council(FRC) sets accounting standards.[58]However, as of 2012 "all major economies" have plans toconvergetowards or adopt the IFRS.[10]

Education, training and qualifications

[edit]

Degrees

[edit]

At least abachelor's degreein accounting or a related field is required for most accountant andauditorjob positions,and some employers prefer applicants with amaster's degree.[59]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 during an accounting degree can be used to fulfill theAmerican Institute of CPA's(AICPA) 150 semester hour requirement,[60]and associate membership with theCertified Public Accountants Associationof the UK is available after gaining a degree in finance or accounting.[61]

Adoctorateis required in order to pursue a career in accountingacademia,for example, to work as a universityprofessorin accounting.[62][63]TheDoctor of Philosophy(PhD) and theDoctor 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 equippingbusiness executivesfor business or public careers requiring research skills and qualifications.[62]

Professional qualifications

[edit]
Main articles:Chartered accountantandCertified Public Accountant
See also:Professional certification § Accountancy, auditing and finance

Professional accounting qualifications include thechartered accountantdesignations and other qualifications including certificates and diplomas.[64] In Scotland, chartered accountants ofICASundergoContinuous Professional Developmentand abide by the ICAS code of ethics.[65]In England and Wales, chartered accountants of theICAEWundergo annual training, and are bound by the ICAEW'scode of ethicsand subject to its disciplinary procedures.[66]

In theUnited States,the requirements for joining theAICPAas aCertified Public Accountantare set by the Board of Accountancy of eachstate,and members agree to abide by the AICPA'sCode of Professional Conductand Bylaws.

The ACCA is the largest global accountancy body with over 320,000 members, and the organisation provides an 'IFRS stream' and a 'UK stream'. Students must pass a total of 14 exams, which are arranged across three levels.[67]

Research

[edit]
Main article:Accounting research

Accounting research isresearchin 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.[68][69]It encompasses a broad range of research areas includingfinancial accounting,management accounting,auditingandtaxation.[70]

Accounting research is carried out both by academic researchers and practicing accountants.Methodologiesin academic accounting research include archival research, which examines "objective data collected fromrepositories";experimental research, which examines data" the researcher gathered byadministering treatments to subjects";analytical research, which is" based on the act offormally modelingtheoriesor substantiating ideas in mathematical terms ";interpretiveresearch, 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";criticalresearch, which emphasizes the role of power and conflict in accounting practice;case studies;computer simulation;andfield research.[71][72]

Empirical studies document that leadingaccounting journalspublish in total fewer research articles than comparable journals in economics and other business disciplines,[73]and consequently, accounting scholars[74]are relatively less successful inacademic publishingthan theirbusiness schoolpeers.[75]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.[76]

Scandals

[edit]
Main article:Accounting scandals
See also:Accounting ethics

The year 2001 witnessed a series of financial information frauds involvingEnron,auditing firmArthur Andersen,the telecommunications companyWorldCom,QwestandSunbeam,among other well-known corporations. These problems highlighted the need to review the effectiveness ofaccounting standards,auditing regulations andcorporate governanceprinciples. In some cases, management manipulated the figures shown in financial reports to indicate a better economic performance. In others, tax and regulatory incentives encouraged over-leveraging of companies and decisions to bear extraordinary and unjustified risk.[77]

TheEnron scandaldeeply influenced the development of newregulationsto 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.[77]

In addition to being the largestbankruptcyreorganization in American history, the Enron scandal undoubtedly is the biggest audit failure[78]causing the dissolution ofArthur 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 forChapter 11bankruptcy protection in December 2001.[79]

One consequence of these events was the passage of theSarbanes–Oxley Actin theUnited Statesin 2002, as a result of the first admissions of fraudulent behavior made by Enron. The act significantly raises criminal penalties forsecurities fraud,for destroying, altering or fabricating records in federal investigations or any scheme or attempt to defraud shareholders.[80]

Fraud and error

[edit]

Accountingfraudis an intentional misstatement or omission in the accounting records by management or employees which involves the use of deception. It is a criminal act and a breach of civil tort. It may involve collusion with third parties.[81]

An accounting error is an unintentional misstatement or omission in the accounting records, for example misinterpretation of facts, mistakes in processing data, or oversights leading to incorrect estimates.[81]Acts leading to accounting errors are not criminal but may breach civil law, for example, the tort ofnegligence.

The primary responsibility for the prevention and detection of fraud and errors rests with the entity's management.[81]

See also

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