Why CA is No. 1 in the world for accounting profession

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Guest

Dear Friends,

CA is undoubtedly number one accounting designation inthe world ; the following are resions,

1. )It is the first accounting qualification in the world to give professional status to accounting profession.

2.) It is globally renowned and recognised accotning qualification (CA is prevailing in all commonwealth countries, while its name is CPA in all other part of world)

All the world biggest economies like US ,China ,UK are hving CA/CPA as exlusive public practice qualification.

3. CA is not reflection of any particular branch of accounting domain.

Three area where CA are for exlusive domain i.e Accounting ,Auditing and Taxation.

Apart from that CA are in Management Consultancy,Public finance, financial management ,management Accounting,and other advisory services

4.IFCA is governed by moslty CA/CPA bodies as members. This international umbrella body has recognised CA/CPA as most globally accepted accounting designation.

5.World No. 1 Accounting body AICPA is in US and world second largest body is ICAI in India , both are exclusuve public accounting institution in the world.Examination of both institutes are globally valued as toughest in the profession.

6. CA/CPA followos srtict professional ethics . Management Accounting body like CIMA is hugly marketing its CIMA designation across the world. But CA/CPA bodies are restricted by GOVT's not to follow mareketing strategy , public accounting in each country is very restricted tO CA/CPA .

Where ever other degisnation are demanding equal status of CA/CPA , the respective country has enforeced their accounting bodies to be merged into one. Like in Canada ,CA/CGA/CMA are at equal status in some of provines, But their accounting bodied are on the merger for new designation like "Chartered Professional Accountant" CPA.

This will be new accounting designation in Canada after merger of accounting bodies.

Hence , if any other accounting degignation ask for equal status of CA/CPA , there will be natual merger of all the accounting bodies, in the respective bodies.

The problem of feeling inferior or superior amongst various accounting designations iss not only in India , it is happening acroos the entire world.

Like in UK , CIMA members aks for euqual staus of CA UK , Govt ask for merger ,then CIMA withdrwas its self from public domai, Now CIMA members can not do public practice. But Stil UK govt want to merge all its accounting bodies.

But CIMA does not like merger ,hence its starts differentiating its self from public domain , but regard it as bussiness accountants

Now, CIMA UK has given management Accounting Designation as "Chartered Global Management Accountant" to CPA US without any exam,only on the basis of experienc in industries.This New CGMA is already gained so much acceptance amongst CPA US that There will noy be any exam for CPA at least for three years.

Hence wordl's larsegt management accounting body has given due respect to CA/CPA as principal designation. Here in India , ICWA are under mutual recognition,,but CA India are automatically given exemtions in CIMA exam without any receproacted recognition to CIMA members. While CWA gives exemptions same as given by CIMA.

7. Public confidence favors CA/CPA across the world. Public understand CA/CPA as accounting professional. Rest of accounting designations are not understood by the public. Hence , they do not belive in them .Only corporates world can differentiate amonst variuos accounting designations.

8. Practical experiance is must for CA/CAP. Artilceship/Indsutrial Traing is back bone of Accounting profession. CA/CPA gots real life traning in bussines. In the case of CPA auditing lesence is not allowed until and unless a CPA is trained from a CPA firm.No industrial traing like ICAI is counted for public practice lisence in US.

9.CA/CPA are no. one in numbers in the world. When there is matter of figurs/numbers , CA/CPA is widely accepted as leader by the society. Thay are recognised as exlusive dealer in the numbers. All bankers/Financial instutions are helped by CA/CPA to contoll game of numbers. No profession can be parellall to them , when it is concerned with numbers.

10.Brand value of CA/CPA is equal to main stream profession like medical and egineering. In the US , CPA is one of highest paying profession after IT and medical.

In India (where world' s second largest accounting body exits, ICAI), CA is one of the top professions , accepted by students ,corporates, and Govt. ICAI is making INDIA proud in the world due its role in the accounting profession.

Thanks and Reagargs,

Replies (4)

Guest

Which countries are known as 'common wealth countries'?

Guest

Commonwealth is intergovermental organization of fifty four countries of the world ,which were part of british empire. This is headed by Queen of Britain ,work for hunam develpment ,environment ,economic development of members countries.

Guest

List of Commonwealth countries

Note: The table can be sorted alphabetically or chronologically using the icon. Country Joined Continent Population Notes[A] Antigua and Barbuda[F] 1 November 1981 North America 88,000 Australia[F] 11 December 1931 Oceania 22,073,000 Granted nominal independence (Dominion status) on 1 January 1901. Australia was one of the original Dominions at the time of the Statute of Westminster 1931, although the statute was not adopted in Australia until 1942 (with retrospective effect from 1939).[9] Removed final links with the British Parliament in 1986 Bahamas[F] 10 July 1973 North America 342,000 Bangladesh[B] 18 April 1972[10] Asia 162,221,000 Declared independence from Pakistan in 1971.[11] Barbados[F] 30 November 1966 North America 279,000 Belize[F] 21 September 1981 North America 322,130 Botswana 30 September 1966 Africa 1,950,000 Brunei 1 January 1984 Asia 400,000 Cameroon 13 November 1995[12] Africa 19,522,000 Most of the country was the formerly French mandate territory (later UN trust territory) of Cameroun and gained independence from France on 1 January 1960, uniting with the much smaller former British mandate/trust territory of Southern Cameroons on its gaining independence from the United Kingdom on 1 October 1961. Canada[F] 11 December 1931 North America 34,053,000 [13] Granted nominal independence (Dominion status) on 1 July 1867. Canada was the first among the several original Dominions at the time of the Statute of Westminster 1931.[14] Incorporated another original Dominion, Newfoundland, on 31 March 1949.[15] Removed the remaining ties to the British Parliament in 1982 Cyprus 13 March 1961[16] Europe 803,200 [17] Gained independence from the United Kingdom on 18 August 1960. Dominica 3 November 1978 North America [C]79,000 The Gambia 18 February 1965 Africa 1,717,000 Ghana 6 March 1957 Africa 23,837,000 Grenada[F] 7 February 1974 North America 103,000 Guyana 26 May 1966 South America 761,000 India 15 August 1947 Asia 1,210,193,422 Incorporated former French India (Chandannagar from 2 May 1950 and Pondichéry, Karikal, Yanaon and Mahé from 1 November 1954), former Portuguese India (Goa, Daman and Diu from 19 December 1961 and Dadra and Nagar Haveli formally from 1961) and Sikkim (from 16 May 1975). Jamaica[F] 6 August 1962 North America 2,721,000 Kenya 12 December 1963 Africa 39,856,000 Kiribati 12 July 1979 Oceania [D]99,000 Lesotho 4 October 1966 Africa 2,000,000 Malawi 6 July 1964 Africa 15,884,000 Malaysia 31 August 1957[18][19] Asia 28,356,000 Joined as the Federation of Malaya in 1957; reformed as Malaysia on 16 September 1963 with its federation with Singapore (which became a separate state on 9 August 1965), Sabah, and Sarawak.[20] Maldives 9 July 1982 Asia 329,000 Gained independence from the United Kingdom on 26 July 1965.[21] A special member from 9 July 1982 until 20 July 1985.[22] Malta 21 September 1964 Europe 412,668 Mauritius 12 March 1968 Africa 1,285,000 Mozambique 13 November 1995[23] Africa 22,892,000 Gained independence from Portugal on 26 June 1975. The first country to be admitted to the Commonwealth without any former colonial or constitutional links with the United Kingdom.[24] Namibia 21 March 1990 Africa 2,131,000 Gained independence from South Africa.[25] Includes Walvis Bay and the Penguin Islands transferred by South Africa at midnight 28 February 1994. Nauru[B] 1 November 1968 Oceania 14,000 Gained independence on 31 January 1968 from joint trusteeship of Australia, New Zealand and United Kingdom. A special member from 1 November 1968 until 1 May 1999, when it became a full member,[26] before reverting back to special status in January 2006.[27] A full member again since June 2011.[28] New Zealand[F] 11 December 1931 Oceania 4,317,972 Granted nominal independence (Dominion status) on 26 September 1907. One of the original Dominions at the time of the Statute of Westminster 1931, although the Statute was not adopted in New Zealand until 1947.[29] Removed final links to the British Parliament in 1986 Nigeria 1 October 1960 Africa 154,796,000 Incorporated the former British mandate/trust territory of Northern Cameroons on 31 May 1961. Suspended in 1995, suspension lifted in 1999.[30] Pakistan 15 August 1947[E] Asia 168,052,000 Includes the city of Gwadar, transferred from Muscat and Oman on 8 September 1958. Included Bangladesh (then known as East Pakistan) until 1971.[11] Left Commonwealth in 1972, rejoined 1989; suspended in 1999, suspension lifted in 2004; again suspended in 2007,[31] suspension lifted in 2008.[32] Papua New Guinea[F] 16 September 1975 Oceania 6,737,000 Gained independence from Australia. Rwanda[B] 29 November 2009[6] Africa 9,998,000 Gained independence from Belgium on 1 July 1962. The second country (after Mozambique) to be admitted to the Commonwealth without any former colonial or constitutional links with the United Kingdom.[24] Saint Kitts and Nevis[B][F] 19 September 1983 North America 52,000 Saint Lucia[F] 22 February 1979 North America 171,000 Saint Vincent and the Grenadines[F] 27 October 1979 North America [C]119,000 A special member from 27 October 1979 until 1 June 1985. Samoa 28 August 1970 Oceania 185,000 Gained independence from New Zealand on 1 January 1962. Joined as Western Samoa, subsequently changing its name to Samoa on 4 July 1997.[33] Seychelles 29 June 1976 Africa 84,000 Sierra Leone 27 April 1961 Africa 5,695,000 Singapore 9 August 1966 (effective from 9 August 1965)[34] Asia 4,986,000 Gained independence from the United Kingdom and joined federation of Malaysia on 16 September 1963. Became independent on 9 August 1965.[35] Solomon Islands[F] 7 July 1978 Oceania 913,000 South Africa 11 December 1931 Africa 49,423,000 Granted nominal independence (Dominion status) on 31 May 1910. One of the original Dominions at the time of the Statute of Westminster 1931. Left on 31 May 1961, rejoined on 1 June 1994.[36] Sri Lanka 4 February 1948 Asia 20,743,000 Joined as the Dominion of Ceylon, subsequently changing its name in 1972. Swaziland 6 September 1968 Africa 1,182,000 Tanzania 26 April 1964 Africa 43,729,000 Merger of Tanganyika and Zanzibar.[37] Tonga 4 June 1970 Oceania 102,000 Trinidad and Tobago 31 August 1962 North America 1,335,000 Tuvalu[B][F] 1 October 1978 Oceania 12,000 A special member from 1 October 1978 until 1 September 2000.[38] Uganda 9 October 1962 Africa 32,816,000 United Kingdom[F] 11 December 1931 Europe 61,609,500 The Parliament of the United Kingdom enacted the Statute of Westminster 1931. Vanuatu[B] 30 July 1980 Oceania 241,000 Gained independence from joint rule of France and United Kingdom. Zambia

Guest

Thanks for the info sir.