Tuning up the orchestra

Article Abstract:

Jim Kropp has been actively involved in efforts to influence Australian policy as president of the Australian Society of Certified Practising Accountants (ASCPA). His term as head of the third biggest accountancy organization in the world ended in Apr. 1996. Under his leadership, the Society released opinion after opinion on a wide variety of issues ranging from accounting standards to government policy. Kropp strongly believes that it is the duty of the ASCPA to take a position on matters that concern the accountancy profession and to provide the kind of leadership that members expect. This means participating in the process as it happens and not acting as a mere spectator and then complaining later. One of the issues that Kropp has been very critical of is the standards released by the International Accounting Standards Committee (IASC). He believes that many IASs are not appropriate for Australian companies.

Management, Kropp, Jim, Australian Society of Certified Practising Accountants

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The politics of the true and fair view

Article Abstract:

Setting accounting standards is a highly contentious process. This is because of a lack of a real agreement about the basic principles of accounting, as well as the growing importance of the international consensus. One of the biggest debates in the field of accounting is whether assets and liabilities should be measured using historical cost, current values or a combination of the two. Most people support a hybrid approach, but it is not clear how this method should work. Another argument pertains to the international harmonization of accounting standards. This is proving to be a very difficult task because of the 'I prefer my scheme to your scheme' mentality of national standard setters. Such arguments will not be resolved by the investment community or standard-setters, but by the accounting profession. Preparers must therefore participate actively in these debates.

Political activity, Accounting, Political aspects

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Members Handbook Statement 1.220: Guidance on Ethical Matters for Members in Business

Article Abstract:

The Institute of Chartered Accountants in England and Wales' Members Handbook Statement 1.220, 'Guidance on Ethical Matters for Members in Business,' provides guidance on how accountants in the business sector should conduct themselves and discusses the basic principles that should guide their practice. It takes the place of Statement 1.220, 'The Ethical Responsibilities of Members in Business.' It combines sections of the Handbook's Introduction, the Fundamental Principles and a section on Confidentiality, but does not conflict with any parts of these sections that have not yet been revised. The Statement requires members in business to demonstrate integrity, objectivity, competence, courtesy, consideration, confidentiality and fidelity in all their professional and business dealings.

Standards, Institute of Chartered Accountants in England and Wales, Ethical aspects, Professional ethics

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