C) Name the most important events in the development of the accountancy profession in the world

B) Sum up the text in 5-7 sentences and present your summary in class.

Ex. 11. a) Fill each gap with a suitable word from the box.

B) Say what is a Chart of Accounts in Russia and what it provides for.

Ex. 10. a) Open the brackets putting the verbs in the correct form.

In the West each company (to have) a certain freedom in the design of its own set of accounts so as to reflect the nature of its business and the needs of its management in directing that business. In Russia this process (to regulate) centrally, there (to be) a tradition of using a uniform Chart of Accounts.

The first uniform Chart of Accounts (to appear) in Russia in the 1920s. It (to intend) for industries only and was revised periodically. In 1961 the first national uniform Chart of Accounts (to create) and put into operation. With only insignificant changes, this chart (to use) in accounting practice until 1992. In 1992 transition to a new chart (to make). The current Chart of Accounts (to consist) of about 100 accounts and 60 subaccounts grouped into 10 main sections. All accounts included in this uniform chart (to call) "synthetic" (main or summary) accounts. On the basis of this chart, each enterprise also may create a set of "analytic" (supporting) accounts if needed to supplement the synthetic accounts. The Chart of Accounts can be considered the most important element of the accounting system in Russia because it (to determine) the accounting practice and other elements of the system.

The Chart (to provide) for the following: an interrelated classification, grouping, and generalization of information about business activities of enterprises, a unified methodological basis for the organization of accounting in the whole national economy, an effective system of control of indicators for business activities, comparability of accounting procedures used and information generated in the accounting systems of different enterprises, etc.

Words you may need:

set of accounts перечень счетов

synthetic account синтетический счет

analytic account аналитический счет

interrelated classification взаимосвязанная классификация

grouping n группировка

methodological basis методологическая база

indicator n показатель

accountants principles organized members

back profession creation throughout

number role organizations functions

Accountancy Profession

The organization of the accountancy profession dates_______to January 1853 when eight accountants in Edinburgh, Scotland met for the purpose of seeking recognition of their_______as a separate and distinct profession. Their discussion of their professional situation resulted in the________of the Institute of Chartered Accountants of Edinburgh. Since that time numerous professional accountancy organizations have been established _________ the world. The process is going on.

In 1977 the International Federation of Accountants (IFAC) was established. Its initial membership was 63 organizations representing 49 countries, but within a decade, the ________ grew to 105 organizations from 79 countries. The establishment of the IFAC recognized the need for international coordination of the objectives of professional accountancy organizations and means of achieving those objectives. Accountancy is an international profession. Under the conditions of global interdependence of countries through trade, finance, and crossborder investments, the_________of the IFAC is becoming more important.

The size and principles of accountancy_________vary. Some organizations comprise accountants working in commerce, industry, and government organizations, as well as in public practice (auditing), others consist solely of members in public practice.

The main _________ of the accountancy profession may be summarized as follows:

• to protect the public by ensuring the observance by its members of the highest________of professional and ethical conduct;

• to promote and increase the knowledge, skills, and proficiency of members of the organization and students;

• to preserve the professional independence of _______ in whatever capacities they may be serving;

• to maintain the legitimate rights of its________.

IFAC was _________ in recognition of the growing changes towards internationalization of the world economy, business and trade.

Words you may need:

Institute of Chartered Accountants Институт дипломированных бухгалтеров

observance n соблюдение

conduct n поведение

proficiency n (зд.) опыт

preserve v сохранять

Дата добавления: 2014-11-29