A strategy for the future

Article Abstract:

The Institute of Chartered Accountants (ICAS) June 1989 discussion paper "A Strategy for the Future" stated three objectives of the ICAS: the education of chartered accountants; the development of the accounting profession; and serving members' needs. The ICAS must address the contribution it makes to society and the business community in order to ensure its relevancy. Chartered accountants are granted certain rights but those privileges are under challenge by legislators and can only be maintained if the ICAS: maintains standards of competence of members; enforces high standards of ethical conduct; and contributes to developments in the field of accounting, taxation, and auditing. The ICAS must emphasize research, ensure that education and training requirements stress quality, and relate the servicing of ICAS members' needs to the organization's core objectives.

Management, Reports, Scotland, Institute of Chartered Accountants of Scotland

A CA in Istanbul

Article Abstract:

Accounting and auditing practices in Turkey present some problems. Turkish tax law heavily influences accounting and auditing and must be understood. There is no government law requiring independent audit of financial records, and international accounting standards are not widely used. Turkish companies often require these standards, however, since many of their external creditors are foreign, or global like the World Bank. Turkish firms also want to establish international credibility in the world financial community. It is therefore necessary to convert Turkish accounting practices into international, US, or UK standards. The accounting profession is in its rudimentary phases in Turkey, and there is no professional or governmental organization to set standards.

Economic aspects, Accounting and auditing, Auditing, Turkey, Financial statements

Segmental reporting: a missed opportunity?

Article Abstract:

The Accounting Standards Committee (ASC) exposure draft 45 on segmented reporting needs considerable improvement before it is released as a standard. There are major deficiencies in the draft, such as: there is no explanation of why an accounting standard is needed and why segmented reporting is important; there is a lack of guidance on segment identification; and there is no reference to segmental analysis of cash or funds flow information. Experts believe that if ED 45 is issued without improvements, the ASC will have ignored a significant opportunity to increase the quality of published segmental information.

United Kingdom, Laws, regulations and rules, Great Britain, Accounting Standards Committee