Accountancy and Production - Assignment Example

Revision of Essay (Plan) II Revision of Essay (Plan) II Accounting describes the production of an organization’s financial data and its transmission to targeted personnel. For instance, accountants prepare financial statements that represent the economic resources of an organization in monetary terms. Accountancy is concerned with storing financial records, recording transactions, analyzing financial data for management, and giving advice regarding taxation matters. These actions reveal losses or profits made, as well as the value and nature of an organization’s liabilities, assets, or equity.

This paper describes an overview of sources for gathering accounting information in my research. Firstly, I intend to use Accountings's past, present, and future: the unifying power of history, with the key intent of seeing through the introduction of accounting to the world as well as its impact on the development of accounting. This is one of the authoritative sources in the discipline of accounting. It focuses on the issue of advocating past but critical histories that have a significant influence on accounting research (Carnegie & Napier, 2012).

Furthermore, its credibility is enhanced by the encompassed ideas and stimulating insights that are effective in contributing to the unifying power in the accounting discipline. Actually, this also enhances originality. Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is a major professional and credentialing association in the field of accounting. Being global, it offers worldwide qualifications in the accounting field through its wide network (Association of Chartered Certified Accountants, 2010).

Its diversity thus makes it a credible source of information in the discipline of accounting. Additionally, the association works in the public interest ensuring that all of its members, guided by certain rules and regulations, further enhance the value of accounting in the society. Through international research, it also tackles global issues to ensure the continuous growth of international accountancy. 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 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 governs 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. These standards are approved by the AICPA. Their boundaries clearly illustrate guidelines that are significantly applicable in accounting (Financial Accounting Standards Board, 1900). Moreover, utilization of other sources such as “An Introduction to the Art of Accounting”. The Accounting Review 22.2 (1947) by Dohr, James, and the monthly Accounting and Business Magazine will set a platform for relevant arguments in this report on Authoritative Sources in the Discipline of Accounting (Dohr, 1947).