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Important Aspects of Global Accounting

By SanjibCA Subscribe to RSS | May 4th 2012 | Views:

Global accounting is a very technical and professional field. To work effectively in this field, a chartered accountant needs to have thorough knowledge about all the set standards and principles of global accounting. These set procedures are generally called GAAP. ‘GAAP’ is the short form for the generally accepted accounting principles and these principles have been globally accepted. These principles provide the general framework for deciding about the information that has to be included in financial statements of a company. A chartered account has to ensure proper preparation and presentation this vital information. GAAP takes care of all the broad principles of measurement and presentation of global accounting reports.

The principles of global accounting generally tend to somewhat vary from country to country. The International Accounting Standards Board (IASB) is presently trying to establish greater uniformity among the accounting principles that are being used all around the world. This actually helps to facilitate all those companies who carry out business ventures in different parts of the world. In the United States of America two organizations are particularly instrumental in establishing generally accepted accounting principles. These are the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB).

When any business enterprise operates beyond the borders of its own country, differences in financial reporting practices between the countries can create certain major problems and uncertainties. For instance, when a company buys or sells goods in another country, the lack of comparability of accounting information can lead to significant problems. Therefore to harmonise all these areas, the principles of global accounting are being used. The International Accounting Standards Board (IASB) is playing a leading role in this process. The IASB is based in London. It has an elite panel of 14 professionals who have deep knowledge of accounting methods that are used in the most pulsating capital markets of the world.

The field of chartered accountancy is very lucrative. There are many institutes in India that provide world class training in various methods of accountancy. Apart from accountancy, the field of computer sciences is also witnessing a boom. There are many online programs to promote free computer training Kolkata. These programs offer exposure to the students by helping them to grasp the know-how of computer. These courses are becoming very popular as they do not require the student to make any alternations in their daily routines. Apart from this these courses are valued by the industry also. For poor students several NGOs of the city are also coming up with special computer training workshops. Students acquire the basic skills of computer. MS-Word, Telly, MS-Excel extra is taught to the students in these programs.

No matter whether one chooses global accounting or computer sciences, a thorough in-depth knowledge of all the important aspects is a must. With the increasing awareness about the reliability of various programs associated with free computer training Kolkata, more and more people can realize their dream of having a successful career and an opportunity to earn a decent livelihood.

SanjibCA - About Author:
Sanjib Sanghi is the pioneer, so far as outsourcing of CA services in India is concerned. The mission of CA Sanjib Sanghi is to create a community for the CAs. IT Professional Sanjib Sanghi offers free websites to all CAs who contact him. Visit to know more about him.

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