In the period between 1933 and 1934, there occurred tremendous growth in the financial markets and their structure and level of organization improved considerably. That growth can be attributed to the audited financial data’s reliability to a considerable extent (Antle and Suner, 2007). However, over the last decade, a wave of scandals has shaken the structure of accountancy as a profession. The debate surrounding the professional status of accountancy can be traced back to the early 20th century. The supreme court of one of the states in the early 20th century referred to accountancy as a “business” that did not benefited the public like the “profession of law”, and further said that the laws of accountancy “have been passed in the interest of those engaged in the business and for their protection and advantage rather than in the interest of the public welfare” (Turnburee, 1946, p. 47). Profession has been defined as “a calling, occupation, or vocation distinguished from a trade or handicraft” (Webster cited in Turnburee, 1946, p. 47). On the other hand, accountancy has been defined as “the art as well as the science of recording, classifying, summarizing of business transactions in terms of money within an accounting or financial year, with the help of principles and techniques” (Banerjee, 2010, p. 4). ...Show more
Although the status of accountancy as a profession was started to be challenged around the start of the 20th century, yet for the most part, accountants in the 20th century were organized into a kind of profession that was self-governing…
David Sciulli further asserts for the essentiality of specialized knowledge incorporated to the provided definition. Torgersen (1972) defines profession basing on the aspect of specialized education. Individuals who have acquired this education seek the occupation in which they are finally recruited.
Accountancy is not a profession Introduction Accounting or accountancy is the procedure that is used for conveying necessary business information to various users (Elliot and Elliot, 2004). This communication takes place mainly in the form of financial statements, which show the economic resources that are controlled by a firm’s management.
This essay analyses how each of these models view accountancy as a profession. The first section discusses the trait-based model and functionalist perspective, as well as their weaknesses as models of profession. The second section discusses how the Weberian tradition and Marxist paradigm fill the gap left by the trait-based model and functionalism.
Clever accounting crept into the profession early but was more prevalent in the 1980s. Today, clever accountancy is the use or application or over-application of accounting knowledge to aid different clients in reducing significantly their tax liability. It is the manipulative use of knowledge for ulterior motives.
Continued efforts in different spheres of interaction have established the need for a more unified globe. The world has gradually modernized into a more sophisticated ‘global village’ in matters of economic cohesion, political integration as well as the social dynamics.
In this write up, these effects of technology have been discussed from the point of view of core accounting, auditing, and taxation functions of the accounting profession.
The method of collecting, manipulating, and transmitting data has gone a
Dayananda, et al., (2002) found that a perfect budget plan includes set of regulations regarding capital to be employed, income, and the expenditure. Budgets should always be prepared and approved by the authorities before the start of the period. The budgets which are approved