Article acc : Harmonization of International Accounting#1

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Globalizing the United States' accounting standards is not a new idea.  The concept of converging the standards first arose after WWII with the flow of money across international borders.  At first, efforts were focused on harmonization, reducing differences among the accounting principles used in major markets around the world.  By the 1990s, the term harmonization was replaced by the concept of convergence which encourages the development of a single set of accounting standards that would be used in at least all major capital markets.
In 1973, The International Accounting Standards Committee was created and it became the first international standards-setting body.  In 2001, it became recognized as the International Accounting Standards Board (IASB).  Shortly after, the FASB and IASB started working together to spread international standards which have reached the European Union and over 100 other countries.  As of 2009, Japan and China were also working to converge their standards with IFRSs.  And most recently, in February 2010, the Securities and Exchange Commission (SEC) announced its support of the convergence of global accounting standards.
It is a principle of business that comparable and reliable financial information is critical for markets to operate smoothly.  There has been a dramatic growth in the number and size of multinational corporations, foreign investors, cross-border purchases and sales of securities. Therefore, because of the many social, economic, legal, and cultural differences among countries, the accounting standards and practices in different countries vary widely.  Due to this, Similar transactions are being accounted for differently in different countries.  It has become increasingly difficult for economies to operate smoothly because the financial reports are now questionable.  To improve the comparability of financial statements, harmonization of accounting standards is advocated.
Harmonization strives to increase comparability between accounting principles by setting limits on the alternatives allowed for similar transactions.  Other benefits of the harmonization of international accounting standards is that it will make accounts of companies more comparable and reliable.  By doing so, investors will have information to make the right investment decisions.  These standards would dramatically improve the efficiency of global capital markets by lowering cost of capital, improving comparability, and enhancing corporate governance.
The goal of convergence within the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) is to improve consistency, comparability and efficiency in global markets. The boards agreed that trying to eliminate differences between standards that are both in need of significant improvement is not the best use of resources, Instead, new common standards should be developed.  Eliminating the differences between U.S. GAAP and IAS will result in replacing existing standards with completely new ones.
The staff of both Boards have developed short and long-term plan of action for achieving convergence.  Currently, the IASB is operating on joint projects with the FASB.  These joint projects are possible because of cooperation between the two boards.  Their cooperation involves a variety of activities on similar time schedules to improve efficiency, like the sharing of resources. Increases in cooperation between the IASB and FASB is the inclusion of a IASB member on site at the FASB offices to facilitate information exchange between the two.

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by Ryan May

Article Accounting: Accounting Will Take You Places##2

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Accounting will offer you a general business acumen that may allow you to begin or run your own business. General accounting principles are imperative in running your business to create positive you do the most effective you can together with your business' revenues. Accounting is applicable across all sectors of business starting from the financial world itself, to Info Technology, science, and law. Accounting is additionally perceived in society with respect and reverence. Folks move to their accountant for advice regarding their arduous earned money. They wish to understand what their accountant thinks they ought to do regarding retirement, or perhaps how much money they have for investments, college education for their kids, and typically spending money to treat themselves. So whereas you are looking after firms and individual's cash accountants themselves can earn a nice living as well. All of your experience and expertise does not come low-cost to your purchasers however that is why they pay you the money they do; you're serving to them save cash and maximize a way to use their money. So, with that newly minted accounting degree, are you prepared to enter the work world? If you prefer to work with numbers, career flexibility, variety in your commonplace activities, working with many totally different people, and a very little pressure then accounting is true for you. Currently, it's up to you decide where you would like to travel in life.

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Article Acc: Accounting Will Take You Places#1

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Therefore, what will you do with that accounting degree currently that you have finally earned it? Assuming you simply graduated from faculty your oldsters are most likely asking you a query that sends shivers down your spine; what currently? Just graduating from college can be a scary and uncertain time in your life. Well, if you graduated with a degree in accounting you most likely have already got a job lined up for when you graduate. However, keeping an eye fixed to the near and distant future, what then? It's up to you. The field of accounting permits you to have a high degree of mobility potential in your career. You'll take several totally different paths depending on your continued education and specialization and your personal interests and strengths. Accountants will specialise in different businesses or fields, or according to specific accounting functions. This may be confusing. What field do I purchase into? What are my strengths and weaknesses? Do I go into public or non-public accounting? 1st things first, get a job with a public accounting firm as that is a demand along with passing the take a look at for a Certified Public Accounting to be a totally qualified accountant. In the general public accounting sector you may gain expertise in auditing and taxation. You'll audit a number of different types of firms exposing you to totally different accounting systems and a variety of issues along the way. Additionally, you'll be able to work with people or corporations on their taxes. Everyone wants to pay taxes so in this time of economic downturn it is reassuring to understand that you and your information of tax can always be needed. As mentioned higher than you would like your CPA and during it slow of operating in public accounting you will be finding out to become a Certified Public Accountant. Once when you have got your CPA, which consists of four tests, the accounting world parades to you. Your CPA permits you to earn a better salary; it exposes you to a variety of accounting systems, and ultimately places you in higher demand. With 2 years of labor experience and your CPA you can currently advance your career to something like Management Accounting. Here you'll return across price accounting systems, continue operating as an auditor all with the chance of advancing your career to the chance of eventually turning into a supervisor, manager, or partner. Also, you'll eventually become, with onerous work and positive results, the Controller of an organization, or the Chief Monetary Officer, or perhaps the Chief Government Officer. All of those prospects and decisions are extremely yours to make. Assuming that when a pair of years of operating in public accounting and spending your CPA exam you're then in a very unique state of affairs where alternative recent graduates your age that majored in fields alternative than accounting are not. Accounting can enable you to apply and achieve lifetime skills such as critical thinking and analysis, management experience, public speaking expertise, not to say the data of necessary everyday applications like tax rules and laws. Not to say with this accounting degree you do not even need to remain in the sphere of accounting or finance.----------------------------------------------------------------------------------->

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How to Change Your Career to Accounting

 * Career job information for job seekers

By Dan Kelley, eHow Contributor

Accountants are in demand. The Bureau of Labor Statistics reports employment growth for accountants and auditors is likely to increase faster than average, in part because changing financial regulation have made accurate financial reporting crucial. Becoming an accountant often requires a bachelor's degree, but many colleges offer certificate programs to train students whose bachelor's degree is in another field. For those who aren't college graduates, many community colleges offer associates degrees that can help train you for a career in accounting. Some accountants, especially clerks in an office, learn their craft on the job. Depending on circumstances, the process may take as little as a year and as long as two years. The median salary for accountants was $59,000 in 2008, according to the Bureau of Labor Statistics.

Switching careers to become an accountant

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Perform a self-audit. The purpose of a self-audit is to determine what you are willing to endure to obtain the certifications that are necessary to become an accountant. Such factors include the amount of free-time you have for coursework, the distance you are willing to travel, whether you are willing to move and how much you are willing to pay. If you currently have a job, you may have time for only one course at a time. On the other hand, having a job means that your employer may be willing to pay for some of your courses. If you are employed, you might want to ask if you can pick up additional responsibilities in the accounting department to augment your training.

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Research programs. Using the information from your self audit, begin researching programs. Find colleges near your home, or within driving distance from your office. Contact the school to inquire about its admission process, course offerings and tuition. Some schools, for example, offer post-baccalaureate certificate programs that begin in the fall or spring and mandate that you take them in order from introduction to advanced course. Others may allow you to begin classes out of sequence. Look at the school's course catalog for the times that classes are offered. This will help you evaluate whether you will have time to get to class if you are leaving the office. Online programs may also be valuable, in that you may be able to complete the degree on your time.

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Research state requirements. Businesses often hire accountants with only a degree in accounting. Many, however, will require that an accountant hold a Certified Public Accounting credential. The Bureau of Labor Statistics says that accountants with a CPA credential will have an easier time finding employment. In 46 states, plus the District of Columbia, CPA candidates must have 150 hours of college-level course work, according to the Bureau of Labor Statistics. Other states may require a specific number of college accounting classes. All states require candidates to pass an exam. Research whether any of the schools you are evaluating has a program specifically designed to help students take the CPA exam.

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Apply to programs you think may suit your needs and schedule. Apply to more than one program to keep your options open in case you are not accepted to a specific program. At the same time, apply for financial aid using the Free Application for Financial Aid, or, FAFSA form.

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Evaluate the schools that have accepted you and the financial aid offers you have received. Once you have filled out your financial aid form, you will learn the amount of loans, grants or scholarships you are eligible for. Use this information to narrow down your final selection of a school.

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Use your network to find a job. Once enrolled in classes, be persistent in networking with instructors and classmates about career opportunities and openings.

Read more: How to Change Your Career to Accounting | eHow.comhttp://www.ehow.com/how_6459619_change-career-accounting.html#ixzz14rgKCnvO

Career in Accounting-2

  By: Gurleen Kaur 
 
Jobs Employment, Career Job, Employment Job


After completing his senior secondary education, commerce students mainly opt for business management, computers or accounting courses as their graduation subjects. The most popular course which has become the career goal for almost every commerce students these days is career in accountancy. Accountancy job involves the responsibility of maintaining the accounts of the organisation, analysing it and further adding on to the economic development of the company.

The three different fields or courses available in the field of accountancy are:

• CA- Charted Accountancy
• ICWAI- Cost Accountancy-
• CS- Company Secretary

All these courses are provided by special colleges and have their individual regulatory bodies, governing the course structure and further career developments in the respective fields.

Charted Accountancy: Charted accountant is the person responsible for few of the most important functions required to run a smooth functioning of the organisation in term of its monetary funds and finances like accountancy, auditing, taxation, etc. The Institute of Charted Accountants of India (ICAI) is the organisation responsible for the regulation of charted accountancy profession in India. The students for becoming a member of this institute, has to go through a series of examinations, appearing before which, he has to register himself with the statutory body of ICAI. There are three levels of CA examination, i.e. CPT- Common Proficiency Test, PCC- Professional Competence Course, and then is the final exam, which has to be cleared, after which the student becomes a members a member of ICAI and can practise his profession in charted accountancy. The minimum time required to do this entire course is 3.5 to 4 years, which is in very rare cases, because the examination is very tough and it consumes years to pass one level.
Cost Accountancy: In this field the person responsible, is required to manage the cost related functions of the company in an organised way, he needs to collect, analyse and assemble all the cost related departments. He also needs to check, the utilisation of the funds is done in the right manner and in the productive direction. The institute responsible for application of the job responsibilities of cost accountancy in the country is The institute of Cost and Works Accountants of India. For taking admission in this course, students needs to clear three levels of examination, conducted by ICWAI, and registration for examination can be done after passing the senior secondary exam. The students having passed out all the three levels of ICWAI exam, other than working as cost accountant in public and private organisations, can also opt for working as a consultant in the field of finance management.

Company Secretary: This is another field which can be opted by the accounts or commerce students after passing their 12th exams. It is regulated by the Institute of Company Secretaries of India, which takes examination of the students applying for the course of CS, there are three levels for the same, after which the student can apply for CS in different companies and industries. As the name suggests, the job is not of a clerical or secretarial job, the CS is responsible for all the legal, board, trustee, managerial and corporate level decisions are taken with reference to the Company Secretary.
Gurleen Kaur writes on behalf of Shiksha.com.Shiksha is a portal that connects education seeker with education provider. Shiksha provides information about banking colleges and MBA colleges
Article Source:
http://www.articlebiz.com/article/614774-1-career-in-accounting/

Career in Accounting-1

By: Gurleen Kaur 
 
Jobs Employment, Career Job, Employment Job


Making a successful career in his life is the ultimate aim of a student. From the starting of his education, a student starts planning about his career goals and aims he need to achieve. Medical, engineering, doctors, scientists, biotechnologists, etc are the careers which one can opt for post completing his studies in the science field. After science, be it medical or non- medical, commerce is the field which attracts students. Many students have been seen opting for career in accounting or commerce after passing their secondary school examinations.

Career in accounting or finance becomes the goal for the student’s pursuing studies in the field of sciences. The different fields to which the commerce subject is divided are:
 Accounting
 Banking
 Finance
 Computers
 Business studies
 Economics