Meeting public expectations

Article Abstract:

The prestige of the 'chartered accountant' designation needs to be protected if members of the profession are to retain the respect now granted to them by the public. Perhaps the best way to ensure that the designation remains a guarantee of quality would be to ensure that all practising chartered accountants adhere to the high standards of professional conduct demanded by the regulatory bodies that oversee the profession. With this objective in mind, the four Institutes of Chartered Accountants have released a joint report that recommends the raising of standards to ensure that practitioners are encouraged to meet the public's increased expectations of them. The report also recommmends a greater commitment to continuing professional education and the introduction of a more efficient certification system.

Continuing education

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Fine fellows

Article Abstract:

The Institute of Chartered Accountants in England and Wales has finally responded to calls from members for it to make its fellowship system more meaningful. As a result, the Institute has introduced a new, more flexible system for achieving the prestigious FCA designation that is awarded to fellows of the Institute. In the past, members needed to have 10 years of continuous membership to be eligible to take the qualifying exams for FCA status. Under the new system, the membership requirement has been reduced to five years and work experience in a relevant field is now also considered, alongside the traditional assessment of competence done through the qualifying exam process.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Institute of Chartered Accountants in England and Wales, Accounting services, Accounting law

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The ASB on principles

Article Abstract:

The Accounting Standards Board of the UK has issued a new draft of its "Statement of Principles." Although this draft is improved over its predecessor, much of the text focuses on recognizing assets and valuing them without explaining what "value" means.

United Kingdom, Laws, regulations and rules, Accounting Standards Board

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