Assignment 8. a) Fill each gap with a suitable word from the box.

B) Sum up the text in 5-7 sentences and present your

Summary in class.

C) Name the most important events in the development of accountancy profession in the world.

accountants back number principles profession role organized creation organizations members throughout functions

ACCOUNTANCY PROFESSION

The organization of the accountancy profession dates _________(1) to January 1853 when eight accountants in Edinburgh, Scotland met for the purpose of seeking recognition of their __________(2) as a separate and distinct profession. Their discussion of their professional situation resulted in the ____________ (3) of the Institute of Chartered Accountants of Edinburgh. Since that time numerous professional accountancy organizations have been established ___________ (4) the world. The process is going on.

In 1977 the International Federation of Accountants (IFAC) was established. Its initial membership was 63 organizations representing 49 countries, but within a decade, the ____________ (5) grew to 105 organizations from 79 countries. The establishment of the IFAC recognized the need for international coordination of the objectives of professional accountancy organizations and means of achieving those objectives. Accountancy is an international profession. Under the conditions of global interdependence of countries through trade, finance, and crossborder investments, the _____________ (6) of the IFAC is becoming more important.

The size and principles of accountancy ___________ (7) vary. Some organizations comprise accountants working in commerce, industry, and government organizations, as well as in public practice (auditing), others consist solely of members in public practice.

The main ___________ (8) of the accountancy profession may be summarized as follows:

• to protect the public by ensuring the observance by its members of the highest _____________ (9) of professional and ethical conduct;

• to promote and increase the knowledge, skills, and proficiency of members of the organization and students;

• to preserve the professional independence of ____________ (10) in whatever capacities they may be serving;

• to maintain the legitimate rights of its _____________ (11).

IFAC was ____________ (12) in recognition of the growing changes

towards internationalization of the world economy, business and trade.

Words you may need:

Institute of Chartered Accountants – Институт дипломированных бухгалтеров

observance – соблюдение

conduct – поведение

proficiency – (зд.) опыт

preserve – сохранять

DISCUSSION

1) What is the role of accountancy in a free-market economy?

2) Who needs the information provided in financial statements?

3) How are accountants classified?

4) What services do public accountants offer to their clients?

5) What is done in our country to create a strong and respected professional body of accountants?

6) In what way does cash basis accounting differ from accounting on an accrual basis?

Дата добавления: 2015-11-14