Report on authoritative sources in accounting Essay

Report on authoritative sources in accounting - Essay Example Report on authoritative sources in accounting 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 pace setter 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 or ganizations 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