Accountancy is not a profession - Essay Example

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Accountancy is not a profession

Here the skill lies in choosing and conveying the information, which is relevant and reliable to the user. According to the American Institute of Certified Public Accountants (AICPA), accountancy can be defined as “the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof” (Accounting, Finance & Capital Budgeting, nd., 1). Early records show that accountancy was used primarily for maintaining business related data on behalf of businesspersons and the only account viewer were record keepers who maintained accounts. In the current context, accounting is referred to as “the language of business” (McGrath, 1921, 5) since it is a vehicle primarily used for publicizing financial data about a business firm to various interested people. There are different theories that try to elucidate the development of professionalism within accountancy and whether it can be taken as a profession or as a trade. As per the functionalist theory, a profession starts only when there are a group of people practicing specific techniques based on specially designed training. ...Show more

Summary

Accounting is the procedure that is used for conveying necessary business information to various users.This communication takes place in the form of financial statements, which show the economic resources that are controlled by a firm’s management. …
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