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Amity School of Business BBA (All Programs), I Semester Business Accountancy Ms. Geetika Batra PowerPoint Presentation
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Amity School of Business BBA (All Programs), I Semester Business Accountancy Ms. Geetika Batra

Amity School of Business BBA (All Programs), I Semester Business Accountancy Ms. Geetika Batra

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Amity School of Business BBA (All Programs), I Semester Business Accountancy Ms. Geetika Batra

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  1. Amity School of BusinessBBA (All Programs), I Semester Business Accountancy Ms. Geetika Batra

  2. International Accountancy as a Profession

  3. Concept • INTERNATIONAL ACCOUNTING is the international aspects of accounting, including such matters as accounting principles and reporting practices in different countries and their classification; patterns of accounting development; international and regional harmonization, foreign currency translation; foreign exchange risk; international comparisons of consolidation accounting and inflation accounting; accounting in developing countries; accounting in communist countries; performance evaluation of foreign subsidiaries.

  4. WHAT MAKES A ACCOUNTING A PROFESSION

  5. FEATURES, DUTIES, RIGHTS, AND VALUES OF THE ACCOUNTING PROFESSION

  6. MOTIVES INFLUENCING PEOPLE AT KOHLBERG’S SIX STAGES OF MORAL REASONING

  7. NATIONAL AND INTERNATIONAL ACCOUNTINGORGANISATIONS OPERATING IN NORTH AMERICA

  8. FUNDAMENTAL PRINCIPLES IN CODES OF CONDUCTFOR PROFESSIONAL ACCOUNTANTS

  9. CODE OF ETHICS VALUES FRAMEWORK Duty to Society, Serve the Public Interest Objectives Meet Expectations for Professionalism, Performance, Public Interest Basic Needs Credibility, Professionalism, Highest Quality Services, Confidence • Fundamental Principles • Integrity, Objectivity, Professional Competence and Due Care, • Confidentiality, Professional Behavior, Technical Standards

  10. ASSURING INDEPENDENCE OF MIND AND APPEARANCE Identify and Evaluate Circumstances and Relationships that Create Threats To Independence Self-Interest Self-review Advocacy Familiarity Intimidation Eliminate Threats Or reduce to an Acceptable Level by Applying Safeguards Profession Legislation Regulation Within Client Within Firm

  11. CONFLICTS OF INTEREST FOR PROFESSIONAL ACCOUNTANTS: CATEGORIES, SPHERES OF ACTIVITY AFFECTED AND EXAMPLES

  12. Positioning the Indian Chartered Accountancy & Auditing Profession Globally

  13. Establishing contact points/liaison offices in major cities worldwide and opening up of ICAI offices in countries with sizeable presence of members of ICAI. Raising profile of ICAI and Indian accounting profession in international forums of accountancy and related organizations. Popularizing Indian CA qualification in countries of interest to Indian accounting profession through an aggressive strategy – by enhancing publicity in the foreign magazine Representation on Technical Committees of Foreign Accountancy Bodies abroad and vice- versa. Providing link of ICAI website on the website of foreign accounting bodies.

  14. Capacity Building of the Profession

  15. Organizing events/ symposium with International Standard Setters and Program Organizing unit so as to carry forward the task of preparing members for International Standards at the grass root level. Initiating steps for recognition of Indian qualification in foreign countries through Mutual Recognition Agreement. Participating in the projects of the Multilateral Agencies and involving participation of members. Studying the best practices globally to align the ICAI education as per the emerging imperatives . Promoting students exchange programme and staff exchange programmes Facilitating Member exchange programme

  16. Technical Cooperation to Developing and least Developed Countries

  17. Continue to provide technical support to accounting bodies in SAARC Region. Assuming a mentorship role through IFAC/CAPA/SAFA, or otherwise, in development of accounting profession in underdeveloped/developing nations, and promoting compliance in standards of accounting and auditing in those countries. Providing technical and administrative help in institutionalization of accountancy profession in under developed and developing economies. Providing capsule courses to accountants on IFRS, Accounting, Government Accounting, Public Sector Accounting from developing and under developed economies. *CAPA: Confederation of Asian and Pacific Accountants SAARC: South Asian Association for Regional Cooperation SAFA: South Asian Federation of Accountants IFAC: International Federation of Accountants

  18. Representation before Government accruing of International Developments

  19. Liaising with regulators and other organizations for recognition of ICAI qualification Utilizing resources of Indian Embassy abroad as brand ambassadors for promotion of Indian accountancy profession abroad.

  20. Professional Opportunities Abroad

  21. Strengthening interface between the Institute and the members abroad in order to provide more and better services to them and take their inputs for external reach of the Indian accounting profession. Pursuing best endeavour approach for MRAs keeping in view mutuality of interest and following a just and reasonable approach. Appointment of Consultants abroad to explore professional opportunities abroad for members in India. Sharing information about availability of professional opportunities abroad through website of ICAI.

  22. Why do we need IFRSs and financial reporting comparability? • Expanding world trade • Proliferation of multinational corporations • Increasing role of global capital markets • Increased foreign direct investment • Growth of multinational political organizations • A way to minimize costs

  23. Why Does GAAP Differ Among Countries? • Political/Legal System • Sources of Capital • Inflation • Taxation • Culture • Accidents of History • Business Complexity Stop & Reflect: Is there one GAAP that works best everywhere?

  24. Key Problems that Cause Resistance to IFRSs • Agreeing on who will create the rules • How different the rules will be from current national GAAP • Costs of changing GAAPs

  25. Differences with respect to: Conceptual Accounting Framework Content of Financial Statement Accounting Differences Differences of Indian GAAP and IFRS

  26. Historical cost IFRS: Historical cost, but intangible assets, property plant and equipment (PPE) and investment property may be revalued. Derivatives, biological assets and most securities must be revalued. Indian GAAP: Historical cost, but fixed assets, other than intangibles, may be revalued. Accounting framework

  27. Contents of financial statements IFRS: Two years’ balance sheets, income statements, cash-flow statements, changes in equity, accounting policies and notes. Indian GAAP: Two years’ balance sheets, profit and loss accounts, accounting policies and notes. Listed entities are required to give their consolidated financial statements and the related notes along with the standalone financial statements. (Financial Statements should also include cash flow statements in certain cases) Financial statements