Report on authoritative sources in accounting - Essay Example

? Topic: Report on itative sources in accounting 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, standard setting boards, professional associations, and trade publications. These sources’ credibility comes as result of several factors such as longevity of a source due to its existence for several years, high membership numbers, having a broad selection of accurate information among other factors. This paper gives a report on a variety of influential accountancy sources. Among the four source genres, professional associations often stand out as the most credible and authoritative sources of information on accountancy (Katz, Graduate School of Business Website, 2013). This comes as a result of these associations offering membership to several professionals in the accounting field. In addition, these set professional and ethical standards required of all the individuals in the field of accountancy. Professional associations involve themselves in enlightening members through seminars, conferences and workshops. Moreover, many of these associations produce publications such as scholarly journals and periodicals. 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 all over the world (Associations Unlimited). This renowned and accredited association stands out as an authoritative source of information on accounting due to various reasons. According to Associations Unlimited, the AICPA began in 1887. 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. Moreover, the AIPCA boasts of its large membership of certified accountants within the United States and other territories (Association Unlimited). 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 auditing and reporting standards in accountancy (Anton, Associations Unlimited). This task sees the body as a pacesetter in accountancy (Katz, Graduate School of Business Website, 2013). In addition, Associations Unlimited lists AIPCA as the publisher of publications such as The CPA Letter and the Tax Adviser. All this evidence shows the credibility of AICPA as a major source of information in the field of accountancy. Standard Setting Board The Financial Accounting Standards Board (FASB) stands as an authority in accountancy. According to Investopedia (2013), the FASB is a board of seven members consisting of accounting professionals who set financial accounting and reporting standards. The FASB finds its history running back to 1973, the board’s founding year (Associations Unlimited). This long duration of existence accredits it as an authoritative source in accounting. Associations Unlimited also provides that the board sets accounting standards for the private sector especially businesses and non-profit organizations. This displays the board’s command on many businesses and organizations hence its authority. In addition, the board comprises great professionals in the accounting field (Associations Unlimited). This confirirms the credibility of the board members. According to the Bloomsberg Businessweek (2013), the chairperson of the FASB is Ms. Leslie F. Seidman. She is an acclaimed professional, who, according to Bloomsberg Businessweek earned an M.S degree in Accounting from the New York University. Ms. Seidman also happens to be experienced in financial matters having managed the operations of a number of financial companies. This makes her a credible accounting professional hence making the FASB a reliable and authoritative source of information in the accounting industry. Scholarly Journal The Accounting Review serves as a major and authoritative 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) (“Ulrich’s web”). According to “Ulrich’s web”, “the AAA is the principal professional association in the United States for college and university faculty in all areas of accounting.” Hence, the credibility of the publisher makes the journal credible. Moreover, the fact that the Journal’s publication began in 1926 makes it even more authoritative than other recent sources (Ulrich’s web). 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 (Katz, Graduate School of Business Website). This proves that the content of the source contains 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. Hoeppner Christopher, in his review of the scholarly journal in the Ulrich’s web quotes that, “This is among the most important core titles for academic libraries that support accounting programs.” Trade Publication The Journal of Accountancy is a major trade publication in the field of accountancy. The Journal dates back to 1905, the year in which it was first published (Ulrich’s Web). The American Institute of Certified Public Accountants (AICPA) serves as the organization responsible for the publication of this document in accordance to the Ulrich database. Hence, this 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. As part of Ulrich’s review, it states that the Journal of Accountancy touches on topics in accountancy such as fraud, tax, ethics and independence, financial reporting, International Controls and Technology. The broad scope of professional information availed in this publication makes it a credible and authoritative source of information in the field of accounting. This enhances the reputation of this publication. According to the George Mason University Library, the Journal of Accountancy prides itself in a Journal Citation Report (JCR) citation rank of 2.418. This publication boasts a wide pool of subscriptions as the organization that publishes the journal AICPA, consists of a big number of members approximated to be around 386000 accounting professionals (Associations Unlimited). A large number of people that read the publication shows it’s worth, credibility and authority in the dynamic field of accounting. Conclusion Many source genres serve as credible sources of information in the field of accountancy. These source genres include scholarly journals, professional organizations, standard setting boards and trade publications. Credible sources have various similar characteristics such as having good reviews from credited databases such as Ulrich’s web and Associations Unlimited. According to the George Mason University Library, Ulrich’s web houses information on publications and journals whereas Associations Unlimited holds a record of renowned organizations in various fields. However, among the various source genres found in these databases that provide information in the field of accounting, the professional organizations stand out as the most authoritative sources. Among these, the American Institute of Certified Public Accountants (AICPA) stands out as the most credible professional organization. A large membership, a long history and running their own publications makes AICPA a dominant force in the field of accountancy. Whereas other sources cannot be underestimated, the AICPA easily surpasses them all. References Associations Unlimited. (2013). American Institute of Certified Public Accountants (AICPA), , retrieved from, , accessed March 29, 2013  Journal of Accountancy. (2013). American Institute of Certified Public Accountants, retrieved from , accessed on March 29, 2013 Bloomberg Businessweek. (2013). Company Overview of Financial Accounting Standards Board, retrieved from , accessed on March 29, 2013 Investopaedia. (2013). Accounting: Financial Accounting Standards Board (FASB), , accessed on March 29, 2013 Katz, J, M. (2013). Faculty and Research, Graduate School of Business, University of Pittsburgh, retrieved from , accessed on March 29, 2013 The Accounting Review, Ulrichsweb Global Serials Directory (2013), , accessed on March 29, 2013 George Mason University Library. (2013). Read More