Accountancy Assignment Example | Topics and Well Written Essays - 500 words

Accountancy - Assignment Example The AICPA, American Institute of Certified Public Accountants, is an earlier body, founded in 1887. Its distribution involves 128 countries all over the globe and associates in a variety of disciplines such as student affiliates, education, government, public practice, and international associates among others. Hence, this diversity functions as a credible source for accounting information. In the US, the AICPA sets the auditing and ethical standards for private, public, and non-profit organizations. Its mission is to provide sufficient resources, data, and leadership that enables accountants to give quality services in the highest professional manner for the benefit of the public, clients, and employers. The AICPA and ACCA are all members of the IFAC, International Federation of Accountants. The latter is a global body that develops high-quality guidance and standards concerning accounting professionals. It is made up of 173 associates and members in 129 countries, representing about two and a half million accountants in government service, public practice, commerce, education, and industry. However, the AICPA is the most well-known body in the United States (Dohr, 1947). The Financial Accounting Standards Board (FASB) is also a major standard-setting organization that among other things govern the work done by accountants. Other than this, the FASB is an authoritative source and mentor in the accounting discipline. However, unlike the ACCA and the AICPA, it establishes the accounting standards for private entities.