Accountant

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Accountant

A professional who maintains financial records, notes expenses or revenue, and/or determines how much one owes or is owed. Accountants seek to assure that every individual or company pays, or is paid, the correct amount. There are several different types of accounting, each of which reports revenue and earnings differently from other methods. Two major methods accountants use are accrual accounting and cash accounting. Accrual accounting recognizes revenue and matches it with the expenses that generated that revenue. Cash accounting, on the other hand, recognizes revenue and expenses in the order in which they are received or spent.

Accountants play an important role in personal finance as well. One may hire an accountant to maintain accurate records, to ensure that enough money remains to pay one's bills. Likewise, people use accountants to pay personal or corporate taxes in the correct amount. See also: CPA, LIFO, FIFO.
References in periodicals archive ?
Integrity: A professional accountant should be honest in doing his professional services.
If you aspire to be a professional accountant you've got to take that extra step into the world of professionalism through education, examination and adherence to the professional ethics and standards of the profession.
The ED requires a professional accountant to consider any applicable legal or regulatory requirements and to comply with the requirements and consider whether it's appropriate to terminate the relationship with the client or resign from the employing organization.
This is on early instance of the federal government's use of professional accountants as official advisers.
The marketplace is telling us that public accounting is considered to be the equal space of all professional accountants whether they are CMAs, CAs, CGAs, or CPAs" notes Richard Benn, Vice-President of Program Development for CMA Canada.
In March 2013, the IESBA published Changes to the Code of Ethics for Professional Accountants Addressing Conflicts of Interest, a final pronouncement that provides more comprehensive guidance of situations that could possibly involve a conflict of interest.
Apart from collaborating on research, policy matters and continuous professional development, the scope of the MoU also enables both the professional bodies to deliver value for their students and members by marketing Pakistan's professional accountants globally to enhance their employability specifically and projecting Pakistan as a hub for supply of such expertise to rest of the world.
While accounting has long been considered the language of business, the need for professional accountants is growing.
Registered taxpayers have complained to various bodies as well as to their professional accountants and have at numerous stages requested that something should be done about the processing of VAT submissions and claims.
ISACA and the International Federation of Accountants (IFAC)'s Professional Accountants in Business (PAIB) Committee have jointly developed a paper, Leveraging XBRL for Value in Organizations, to provide guidance on how to leverage the value of eXtensible Business Reporting Language (XBRL) through effective implementation.
The International Federation of Accountants (IFAC) released the 2010 Handbook of International Qualify Control, Auditing Review, Other Assurance, and Related Services Pronouncements, and the 2010 Handbook of the Code of Ethics for Professional Accountants.

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