Accounting - A Global Community
Accounting - A Global Community
Accounting A Global Community
Globalization by definition means, "the process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications" or "the process by which a company, etc, expands to operate internationally". This definition directly correlates to the very essence of this paper for it will discuss/reveal how accounting has become a global discipline through the examples of three unique professional accounting bodies: The Institute of Chartered Accountants of Bangladesh, The Institute of Chartered Accountants (Ghana), and The Batswana Institute of Accountants.
Due to constantly expanding globalization a need has arisen for countries all around the world to become part of the global network. This statement becomes extremely prevalent in regards to business, economics, finance, and accounting, for without a method of uniformity chaos shall exist. In addition, specifically in regards to accounting, "international standards" have been a popular topic for quite some time, this has given rise to international accounting societies, as well as, national professional accounting bodies. Currently there are over 150 professional accounting bodies around the world (representing over 2.5 million accountants worldwide) some of which come from very unique countries that one may never have guessed possessed a professional accounting body (New York Dateline 13).
The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting body of Bangladesh and was established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973) ("About the Institute" icag.org). According to the ICAB's website, the organizations vision is to, "to meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose expert services will be highly sought after". As mentioned prior, there exists a need for countries to become part of the ever expanding global network (especially in regards to accounting), and this is mirrored by the ICAB's vision as it discusses meeting "global economic demands". The organization's mission statement is "The mission of ICAB is to provide leadership in the development, enhancement and coordination of the Accountancy Profession in Bangladesh in order to enable the profession to provide services of consistently high quality in the public interest" ("About the Institute" icab.org). In order to achieve this statement the organization will pursue objectives such as: regulate the profession, ensure professional ethics, provide specialized training, keep abreast on the latest developments within the profession, etc ("About the Institute" icab.org). In addition, as of July 2009 the institute has 969 members and 2719 articled students and is affiliated with The International Federation of Accountants (IFAC), The international Accounting Standards Board (IASB), the Confederation of Asian and Pacific Accountants (CAPA), and The South Asian Federation of Accountants (SAFA) ("About the Institute" icab.org).
The Institute of Chartered Accountants, Ghana was officially established/incorporated on April 19th, 1963 ("About Us" icagh.com). This was in response to the hindered development of the country and accountant training difficulties that Ghana was experiencing after attaining independence ("About Us" icagh.com). In other words, Ghanaian citizens realized the importance of globalization and the impact that it would have on their everyday lives, especially in regards to financial standards, regulations, and practices. At the high point (in the early days) of the ICAG, the institution had a 30% pass rate and collaborated with the English Institute of Chartered Accountants until 1978 when the institute became independent ("About Us" icagh.com). Today, the ICAG has established its own school and usually passes approximately 200 candidates annually ("About Us" icagh.com). The organization maintains various responsibilities including: supervising and regulating clerks, maintain and publish a register of chartered and public accountants, and to maintain professional standards within the organization ("About Us" icagh.com).
The Botswana Institute of Accountants is governed and was formed by the Accountants Act of 1988 ("Historical Perspective" bia.org.bw). Prior to the formation of this institute the activities of accountants in Botswana were governed and regulated by the individual professional's home institute ("Historical Perspective" bia.org.bw). This lead to the formation of the Botswana Association of Accountants, but this organization had no legal status, and was merely formed for coordination purposes ("Historical Perspective" bia.org.bw). However, with the growth of Botswana's economy in the 1980's, and the overwhelming need for globalization, a formal organization was necessary and thus The Botswana Institute of Accountants was born ("Historical Perspective" bia.org.bw). This institution is a self-regulating body and is a member of Eastern Central Southern Africa Federal of Accountants (ECSAFA) and the International Federation of Accountants (IFAC) ("Historical Perspective" bia.org.bw). The BIA's core mission statement is "To promote public confidence in the Accounting Profession and enhance Compliance with the International Standards" ("Historical Perspective" bia.org.bw).
In conclusion, accounting has become a global discipline, one in which is necessary for the advancement and prosperity of any country. It is due to this driving reason that over 150 countries worldwide have formed professional accounting bodies, even small developing countries (countries that one would not be inclined to think had professional accounting bodies). For as the impacts of globalization continue to grow, all countries who desire to be part of the ever expanding "global network" must adapt accordingly. Accounting, as a discipline, has truly become a global community.
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