Does the CPA belong to a profession?

Article Abstract:

Some members of Congress and the public believe there has been a serious decline in accounting professionalism, standards and ethics. The most obvious trend is the commercialization of the profession by large CPA firms that are evidently more concerned with profits than with professional objectivity. It is more important to retain a client than to defend a principle. That the accounting field is now crowded enough for CPA firms to specialize, diversify, or acquire related companies indicates detachment from the CPA firms' original intent. The constant pursuit of growth, the reliance on rules rather reason, and the search for loopholes instead of law all augur ill for the profession. The CPA exam may soon consist entirely of multiple-choice questions, testing only rote memory, rather than thinking. It is suggested that CPAs should emphasize involvement rather than detachment.

Ethical aspects, Accountants, American Institute of Certified Public Accountants

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Off-balance sheet finance - the ASC's answer

Article Abstract:

Exposure draft (ED) 42 of the Accounting Standards Committee (ASC) of the Institute of Chartered Accountants of Scotland contains statements of principle to ensure that assets and liabilities of a company are fairly reported on its balance sheet. Off-balance-sheet methods permit the concealment or distortion of assets or liabilities so as to obtain a lack of risk of recourse. The ASC recommendations are based on the commercial effects of special-purpose transactions on liabilities and assets. General guidance for each type of special-purpose transaction is given in ED 42. The need for an accounting treatment of items in financial statements is indicated.

Financial statements, Institute of Chartered Accountants of Scotland

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