Accounting as the Production of Financial Data in an Organization - Essay Example

Introduction Accounting is a process that involves the production of financial data in an organization and the transmission of that data to a targeted group of receivers. In the broad field of accounting, sources that provide information on this field vary. However, a number of sources stand out as prominent sources that easily prove to be reliable and efficient. These sources include scholarly journals, periodicals, professional associations or credentialing associations and trade publications. These sources’ credibility comes as result of several factors such as longevity of a source due to its existence of several years, high membership numbers, having a broad selection of accurate information among other factors. This paper describes such authoritative sources required in the field of accounting. Among the four source genres, professional associations or credentialing associations often stand out as the most credible and authoritative sources of information on accountancy. This comes as a result of these associations offering membership to several professionals in the accounting field. In addition, these associations set the professional and ethical standards required of all the individuals in the field of accountancy. Professionals associations involve themselves in enlightening members through seminars, conferences and workshops. Moreover, many of these associations produce publications such as scholarly journals and periodicals made available to members of the association and to the general public. Therefore it becomes evident that even though all genres serve as credible sources of information on accounting, professional associations stand out more. Professional Association The American Institute of Certified Public Accountants (AICPA) is a professional association for Certified Public Accountants. This association stands out as an authoritative source of information on accounting due to various reasons. First, AICPA’s history runs back many years to its founding year in 1887. Therefore, its existence spans 125 years (AICPA website). Having existed for such a long period of time makes the association credible, since a record of the association’s activity for all those years prove its authority above other associations whose life spun is shorter. AIPCA boasts its large membership of around 386,000 Certified Public Accountants. The body gets acclamation as an international body since members in the association consist of individuals from 128 countries around the world. In addition, the members of the association are associates in a variety of disciplines, among them student affiliates, education, government, public practice, and international associates. This proves that AICPA hosts a very diverse group of associates. The diversity in the association enhances the authority and credibility of the association as a major player in the field of accountancy. The AICPA serves as a body that sets professional and ethical behavior expected of the Certified Public Accountants. This task sees the body as a pacesetter in accountancy further increasing its credibility. However, the AIPCA lacks power to dominate the setting of accountancy standards. The association is a member of (Financial Accounting Standards Board) FASB, an association mandated to set generally accepted accounting principles (Financial Accounting Standards Board, 1900). AICPA holds seminars and conferences all year round to further enlighten its associates on trends in accounting. The association prides itself in the 360 Degrees of Financial Literacy, a program in the association that won the award through its involvement in providing financial education to the public. The AICPA also publishes a top trade publication. All this evidence shows the credibility of AICPA as a major source of information in the field of accountancy. Scholarly Journal The Accounting Review serves as a major source of information on accounting. The scholarly journal proves its authority in the field of accountancy in more ways than one. First, the journal finds its publishers in the American Accounting Association (AAA). AAA prides itself on its reputation of propelling excellence towards the achievement of education in accountancy, its research and practice. The American Accounting Association also prides a long history since its formation in 1916 ( The AAA website). Therefore, The Accounting Review Journal proves to be credible and authoritative in the field of accountancy as its publisher, AAA is a renowned and reputable source. In addition, the longevity of the journal, having articles that date back to 1947 proves the accountability of the source. An example of such an Article is “An Introduction to the Art of Accounting” The Accounting Review 22.2 (1947) by Dohr, James. The Accounting Review Journal prides itself in great review from reputable groups such as Ulrich. In addition, a great team of experts edits this scholarly journal. The Senior Editor of the Accounting Review is Professor John Harry Evans III, an alumni professor of accounting in the Katz Graduate School of Business, University of Pittsburgh (The AAA Website). This proves that the content of the scholarly journals consists of professional information approved by experts in the field. As a result, the Accounting review stands out as a credible and accountable source in the field of accountancy. Trade Publication The Journal of Accountancy is a major trade publication in the field of accountancy. The Journal enjoys continuous publication since 1905, hence confirming its credibility in terms of longetivity (The AIPCA Website). The AIPCA serves as the organization responsible for the publication of this document. This also serves as evidence on the credibility of the publication as it sources its content from a highly celebrated source of information on accountancy, the AICPA. The Journal of Accountancy touches on topics in accountancy such as fraud, tax, ethics and independence, financial reporting, International Controls and Technology (Ulrich's Review). The broad scope of professional information availed in this publication makes it an authoritative source of information in the field of accounting. This enhances the reputation of this publication. Consequently, the Journal of Accountancy prides itself in a JCR citation rank of 2.418. This publication boasts a wide subscription of 386, 000 members.(AIPCA website) The fact that this number exceeds that reached by other publications makes this source even more credible in the field of accounting. Periodical The Accounting and Business Magazine stands out as a major periodical source on information in the field of accountancy. This magazine’s publication occurs monthly, with the exception of the August and December. The magazine finds its publication by the Association of Chartered Certified Accountants (ACCA). The ACCA stands out as among the best associations for credentialing accountancy and is renowned for its training of highly qualified accountants. This verifies the publishers of the Accounting and Business Magazine. Consequently, the ACCA, established in 1904, makes the magazine authoritative due to its existence for a long period of time (Association of Chattered Certified Accountants, 2010). In addition, the magazine boasts of a wide number of subscribers from all over the world due to the large membership of the ACCA. Conclusion In conclusion, various sources prove to be better in providing accounting information than others. These sources represent different genres among them periodicals, scholarly journals, professional associations and trade publications. Despite the different genres, they share characteristics that point them out as dominant authorities in the world of accountancy. These sources are AICPA, The Accounting Review, The Journal of Accountacy and The Accounting and Business Magazine. Among the traits that qualify them as authoritative sources include a long history of existence, a large following by members and the addressing of diverse topics in the accounting field. Needless to say, these sources apply worldwide. References Association of Chartered Certified Accountants (Great Britain). (2010). Advanced Audit and Assurance. Wokingham: Kaplan Financial Ltd. Dohr, J. L. (1947). “An Introduction to the Art of Accounting”. The Accounting Review 22.2 Financial Accounting Standards Board. (1900). Facts about FASB. Conn: Financial Accounting Standards Board The Accounting and Business Magazine. (2013). The monthly magazine for ACCA members Home>Members American Institute of Cetified Public Accountants (2013) “Journal of Accountancy” Read More