The Association of Chartered Certified Accountants (UK) ACCA is a professional accountancy association based in the UK and operates internationally. Its members are known as Chartered Certified Accountants and are employed in industry, financial services, the public sector, or in public practice.
AFA
ASEAN Federation of Accountants AFA serves as an umbrella organisation for the national association of accounting professionals from countries that are members of ASEAN.
AICPA
American Institute of Certified Public Accountants The AICPA is the national professional organisation for all certified public accountants in the US. AICPA's mission is to provide members with the resources, information, and leadership that enable them to provide valuable services in the highest professional manner.
CAPA
Confederation of Asian and Pacific Accountants CAPA is a national accountancy organisation in the Asia-Pacific region. CAPA aims to provide leadership in the development, enhancement and coordination of the accountancy profession in the Asia-Pacific region.
The Chartered Institute of Management Accountants CIMA represents accountants in business, such as financial managers and accountants who work in industry, commerce, not-for-profit and public sector organisations. CIMA's key activities relate to business, strategy, information and finance strategies. CIMA members are not trained in audit.
CPA Australia
CPA Australia CPA Australia is a professional body for accountants in Australia. It focuses on the advocacy and education of its members, and the enforcement of ethical and professional responsibilities of members.
FEE
Fédération des Experts Comptables Européens FEE represents the accountancy profession in Europe. FEE's membership consists of 41 professional institutes of accountants from 29 countries.
HKICPA
Hong Kong Institute of Certified Public Accountants The HKICPA is the only statutory licensing body of accountants in Hong Kong responsible for the professional training, development and regulation of the accountancy profession in Hong Kong. It regulates the professional conduct and standards of its members.
ICAA
Institute of Chartered Accountants (Australia) The ICAA is a professional body for accountants in Australia. It focuses on advocacy for and education of its members, and the enforcement of ethical and professional responsibilities of members.
ICAEW
Institute of Chartered Accountants in England and Wales The Institute is the largest accountancy body in Europe and provides a wide range of professional activities for its members, maintains professional and ethical standards and member advocacy.
International Federation of Accountants IFAC is the global organisation for the accounting profession. IFAC aims to further the international convergence of professional standards. There are 163 member bodies, including CPA Australia.
IIA
Institute of Internal Auditors (Australia) The IIA is an Australian professional body which promotes and develops the practice of internal auditing. The IIA provides internal audit practitioners, executive management, boards of directors and audit committees with standards, guidance, and information on best practices in internal auditing.
NIA
National Institute of Accountants (Australia) The NIA is a professional organisation for accountants in Australia. It represents members working in industry, commerce, government, academia and private practice. It offers members continued professional education, information and representation.
Auditing
Acronym
Title and description
AGS
Audit and Assurance Guidance Statements AGSs provide guidance in implementing AUSs (Auditing and Assurance Standards in Australia), in situations that are specific or relate to specific industries. AGSs do not establish new principles.
ANAO
Australian National Audit Office ANAO is a specialist public sector practice providing audit services to the Parliament and Commonwealth public sector agencies and statutory bodies.
The ANAO assists the Auditor-General to provide an independent view of the performance and financial management of public sector agencies and bodies.
APS
Miscellaneous professional statements APSs contain requirements relating to the conduct of various aspects of public practice and are mandatory for members of CPA Australia and the ICAA.
AUASB
Auditing & Assurance Standards Board The AUASB develops auditing and assurance standards and other authoritative guidance on audit and other assurance services in the best interests of the Australian accounting profession and the public. It is the reconstituted AuASB and is overseen by the FRC.
AUS
Auditing and Assurance Standard AUSs contain basic principles, essential procedures and related guidance. They are mandatory for members of CPA Australia and the ICAA.
CALDB
Companies Auditors and Liquidators Disciplinary Board The CALDB is responsible for reviewing the decisions and actions of Registered Company Auditors (RCA) and liquidators that have been reported to it for alleged breaches of the Corporations Act.
The CALDB has the power to take what it sees as appropriate disciplinary action against such persons found to be in breach of the law. The current structure of the CALDB is contained in the ASIC Act 2001.
CPC
Joint Code of Professional Conduct CPCs contain the accounting profession's ethical rulings on matters such as independence, fees and advertising. CPCs are mandatory for members of CPA Australia and the ICAA.
GAAS
Generally Accepted Auditing Standards GAAS comprises the hierarchy of guidance that auditors draw on in auditing financial reports. In Australia this includes:
the Corporations Act 2001
auditing and assurance standards
auditing and assurance guidance statements
audit and assurance alerts
IAASB
International Auditing and Assurance Standards Board The IAASB was established to develop and issue standards and statements relating to auditing, assurance, quality control and related services. The IAASB aims to improve the uniformity of practice by accounting professionals around the world. Its activities are overseen by IFAC.
IAPS
International Auditing Practice Statements IAPSs provide interpretive guidance and practical assistance to professional accountants in implementing ISAs and aim to promote good practice.
ISA
International Standards on Auditing ISAs are to be applied, as appropriate, in the audit of historical financial information. These standards contain basic principles and essential procedures (identified in bold lettering) together with related guidance in the form of explanatory and other material, including appendices.
ISAE
International Standards on Assurance Engagements ISAEs are to be applied in assurance engagements dealing with subject matters other than historical financial information. These standards contain basic principles and essential procedures (identified in bold lettering) together with related guidance in the form of explanatory and other material, including appendices.
IAEPS
International Assurance Engagement Practice Statements IAEPSs provide interpretive guidance and practical assistance to professional accountants in implementing ISAEs.
ISQC
International Standards on Quality Control ISQCs are to be applied for all services falling under the ISAs, ISAEs and ISRSs. These standards contain basic principles and essential procedures (identified in bold lettering) together with related guidance in the form of explanatory and other material, including appendices.
ISRE
International Standard on Review Engagements ISREs are to be applied to the review of historical financial information. These standards contain basic principles and essential procedures (identified in bold lettering) together with related guidance in the form of explanatory and other material, including appendices.
ISRS
International Standards on Related Services ISRSs are to be applied to compilation engagements, engagements to apply agreed upon procedures to information and other related services engagement as specified by the IAASB. These standards contain basic principles and essential procedures (identified in bold lettering) together with related guidance in the form of explanatory and other material, including appendices.
IRSPS
International Related Services Practice Statement IRSPSs provide interpretive guidance and practical assistance to professional accountants in implementing ISRSs.
Registered Company Auditor An auditor registered with ASIC. To become an RCA an individual must lodge documents with ASIC establishing that the statutory requirements are met.
CPA Australia specific
Acronym
Title and description
AAR
Australian Accounting Review AAR is a CPA Australia journal, providing in-depth discussion and analysis of developments which affect professionals working in all finance, accounting and business. Articles are published by academics, researchers and leading practitioners.
APFRAG
Asia-Pacific Financial Reporting Advisory Group APFRAG is a committee of CPA Australia designed to represent the views of members to the international standard-setters, including the IASB, the IPSASB and the IAASB.
CoE
Centres of Excellence CPA Australia's CoEs are groups of members with special expertise in core areas and highlights issues likely to affect members and the profession. CoEs have a broad role in supporting the policy and research business unit in the development and shaping of policy on issues impacting the members in the seven core areas of:
CPA Australia's CPD programs provide access to a broad range of high quality professional training. CPD activities include congresses, conventions, lectures, seminars, workshops, videoconferences and other forms of face-to-face and distance learning programs.
Financial reporting
Acronym
Title and description
AASB
Australian Accounting Standards Board The AASB established under the ASIC Act 2001 and sets accounting standards in the private and public sectors. With its own research and administration staff, the AASB comprises a full-time chairman and 10 part-time members. The FRC determines the broad strategic direction of the AASB.
The standards issued by AASB are called 'AASB standards'.
EFRAG
European Financial Reporting Advisory Group EFRAG aims to contribute to the IASB's due process. It advises on the technical assessment of IASB standards and interpretations for application in Europe.
FASB
Financial Accounting and Standards Board FASB is the US accounting standards board which aims to establish and improve financial accounting and reporting standards, which govern the preparation of financial reports in the US. These standards are officially recognised as authoritative by the Securities and Exchange Commission (SEC) and the AICPA.
Standards produced by the FASB are generally called 'FASB standards'.
FRSB
Financial Reporting Standards Board FRSB is the national accounting standard setter of New Zealand and is working toward international convergence of financial reporting standards. GAAP Generally Accepted Accounting Principles
GAAP
GAAP GAAP comprises the hierarchy of guidance that accountants draw on in preparing financial reports. In Australia, until the adoption of IFRS this includes:
the law and particularly the Corporations Act 2001
accounting standards
urgent issues group interpretations
statements of accountings concepts
For financial years beginning on or after 1 January 2005, GAAP will refer to Australian Accounting Standards, which incorporates:
Australian equivalents to IFRS (made up of IFRS, IAS, SIC, IFRIC and the framework)
UIG interpretations
Australian domestic standards issued by the AASB
Corporations Act 2001
GFS
Government Finance Statistics GFS is the financial reporting framework developed by the International Monetary Fund (IMF) as the basis for the production and presentation of government finances.
IAS
International Accounting Standards IAS were developed by the International Accounting Standards Committee, which has been replaced by the IASB. IASs are still applicable and may be revised by the IASB.
IASB
International Accounting Standards Board The IASB is an independent organisation responsible for setting IFRS. The IASB was established to replace IASC (International Accounting Standards Comittee).
The board includes 12 full-time and two part-time members and aims to develop a comprehensive set of accounting standards for application world-wide. The activities and funding of the IASB are overseen by the IASCF. The IASB is based in London, UK, however its board members come from around the world. The IASB aims to develop a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. In addition, the IASB co-operates with other national accounting standard setters and other interested parties to achieve convergence in accounting standards around the world.
Standards that are produced by IASB are called 'IFRS'.
IASCF
International Accounting Standards Committee Foundation The IASCF oversees the activities of the IASB and its related bodies. It appoints the members of the IASB, IFRIC and the Standards Advisory Council, reviews strategic issues of these bodies, and approves budgets. The IASCF does not get involved in technical matters relating to standards, including setting IFRS as this is the responsibility of the IASB.
IFRIC
International Financial Reporting Interpretations Committee The IFRIC review and provide interpretations for the accounting standards produced by the IASB. Interpretations produced by IFRIC are called 'IFRIC' interpretations.
IFRS
International Financial Reporting Standard An IFRS is an international accounting standard developed by the IASB.
SIC
Interpretations of the Standing Interpretation Committee SICs are the interpretations for international accounting standards produced by the Standings Interpretation Committee, which has been replaced by the IFRIC.
TBL reporting
Triple Bottom Line TBL reporting refers to the three elements of social, environmental and financial accountability. TBL reporting represents the trend towards demands that organisations demonstrate transparency and accountability beyond the domains of financial performance. It aims to explicitly allow decision makers to consider impacts on natural and human capital, as well as financial capital.
TTASAG
Trans Tasman Accounting Standards Advisory Group TTASAG aims to advise the Australian and New Zealand accounting standard setters and oversight bodies on strategies to establish a single set of Trans-Tasman accounting standards, given the overall objective of adopting international accounting standards. It also aims to maximise the influence of Australia and New Zealand in the development of international financial reporting standards and the standard setting process.
UIG
Urgent Issues Group The UIG interprets Australian accounting standards and provides guidance on ssues of uncertainty. Persons other than the UIG members and observers may propose issues for possible consideration by the UIG by writing to the UIG chair.
General
Acronym
Title and description
AARF
Australian Accounting Research Foundation The AARF was established jointly by CPA Australia and ICAA in November 1966. The objectives of the foundation were formerly achieved through three boards but is now limited to one, the Legislative Review Board (LRB).
AARF contributes to the development of legislation and regulation in Australia in respect of commercial law, including corporate governance, financial reporting and auditing matters which is achieved through the activities of the LRB.
ACCC
Australian Competition & Consumer Commission The ACCC is an independent Commonwealth statutory authority. The ACCC promotes competition and fair trade in the market place to benefit consumers, business and the community. Its primary responsibility is to ensure that individuals and businesses comply with the Commonwealth competition, fair trading and consumer protection laws.
ACCI
Australian Chamber of Commerce & Industry ACCI represents the interests of business at a national level as well as internationally. ACCI operates at a national and international level, making sure the concerns of business are represented to government at the federal level, and to the community at large.
ACCI represents the views of business to government. ACCI's objective is to ensure that legislation or proposed policy approaches at a national level address the needs of Australian businesses.
Association of Financial Services Educators AFSE is an association formed by a group of educators from industry and academia, for the purpose of fostering the exchange of ideas and research in relation to financial services.
AICD
Australian Institute of Company Directors AICD is the peak body for directors, offering board level professional development, director specific information services, and representation of directors' interests to government and the regulators.
APEC
Asia-Pacific Economic Cooperation APEC is the forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. It is predominantly concerned with trade and economic issues of its 21 members, which are governments of countries within the Asia-Pacific region.
APEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community.
APRA
Australian Prudential Regulation Authority APRA is the prudential regulator of the Australian financial services industry. APRA oversees banks, insurance companies, superannuation funds, credit unions, and building and friendly societies.
Prudential regulation is concerned with promoting the prudent management of financial institutions. APRA aims to ensure that regulated institutions have high quality systems for identifying, measuring and managing risk in business. APRA is not responsible for product disclosure standards, customer complaints or licensing agents and brokers. These are the responsibility of the ASIC.
ASA
Australian Shareholders Association The ASA represents the interests of Australian shareholders by providing education to its members and liaising with bodies representing other groups of participants in financial markets and the securities industry.
ASEAN
Association of South Eastern Asian Nations ASEAN's objective is to accelerate the economic growth, social progress and cultural development within the South Eastern Asian region. Member countries include: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
ASFA
Australian Superannuation Fund Association ASFA is the peak superannuation industry body in Australia. ASFA is a non-profit, non-political national organisation whose mission is to protect, promote and advance the interests of Australia's superannuation funds, their trustees and their members.
ASIC
Australian Securities and Investments Commission ASIC enforces and regulates company and financial services laws to protect consumers, investors and creditors. The organisation is an independent Commonwealth government body. ASIC operates under the direction of three full-time Commissioners. The ASIC Act 2001 requires ASIC to:
uphold the law uniformly, effectively and quickly
promote confident and informed participation by investors and consumers in the financial system
make information about companies and other bodies available to the public
improve the performance of the financial system and the entities within it
ASRB
Accounting Standards Review Board The ASRB is the oversight body for the FRSB. It is also responsible for facilitating the harmonisation of New Zealand and Australian financial reporting standards.
ASX
Australian Stock Exchange The exchange was formed in 1987 through the amalgamation of six independent stock exchanges that formally operated in the state capital cities. In 1998 it listed on its own market. The ASX now operates Australia's primary national stock exchange for equities, derivatives and fixed interest securities. It also provides market data and information on companies that are listed on the ASX.
ATO
Australian Taxation Office The ATO is the Federal Government's main revenue collection agency. The ATO aims to manage and shape the revenue systems that sustain social and economic policy and fund services for Australians. Essentially, the ATO administers legislation for taxes, superannuation and excise (but not customs duty).
BCA
Business Council of Australia The BCA is an association of Chief Executives from leading Australian corporations. It was established to provide a forum for Australian business leaders to contribute directly to public policy debates.
CLERP
Corporate Law Economic Reform Program Government initiative to improve the Corporations Law in Australia to achieve a number of economic objectives.
The CLERP announced by the Treasurer in March 1997 involves a fundamental review of key areas of regulation which affect business and investment activity. The objective of the program is to ensure that business regulation is consistent with promoting a strong and vibrant economy and provides a framework which assists business in adapting to change.
Department of Foreign Affairs & Trade The department's aim is to advance the interests of Australia and Australians internationally. The department's goals include:
enhancing Australia's security
contributing to growth in Australia's economy, employment and standard of living
strengthening global cooperation in ways that advance Australia's interests and
fostering public understanding of Australia's foreign and trade policy and project a positive image of Australia internationally
ED
Exposure Draft A draft of proposed new accounting, auditing or other standards or a proposal for revisions to existing standards. An ED is usually a means to solicit public consultation and is pat of due process to ensure that standards approved are in the public interest.
EU
European Union The EU is a group of 25 European countries, working together as one group. EU members have set up common institutions to which they delegate some of their sovereignty so that decisions on specific matters of joint interest can be made democratically at European level.
FRC
Financial Reporting Council The FRC was established under the ASIC Act 2001, as amended by the CLERP (Audit Reform and Corporate Disclosure) Act 2004. The FRC is responsible for the oversight of the accounting and auditing standard setting process for the private and public sectors. It also monitors and assesses the overall effectiveness of auditor independence requirements in Australia.
Key functions of the FRC include advising the government on the accounting standard setting process, development of international accounting standards and determining the broad strategic direction of the AASB and the AUASB. The FRC may give the AASB and the AUASB directions, advice and feedback on matters of general policy, and is responsible for approving their priorities, business plans, budgets and staffing arrangements. However, the FRC is not be able to influence the technical deliberations and the content of particular accounting and auditing standards.
FSEAA
Financial Services Education Agency of Australia A not for profit organisation, FSEAA is focussed on supporting the many Educational Providers, Employers and Associations that contribute to the professional and capability development of the Financial Services industry, ensuring it remains at the peak of global capability and integrity.
G100
Group 100 The G100 is an association of Australia's senior CFO's from the nation's major private and public business enterprises, that aims to advance the interests of Australian businesses. The organisation represents major business enterprises on financial and regulatory issues such as:
accounting standards
business regulation
corporations law
stock exchange requirements
taxation policy
IFSA
Investment and Financial Services Association Limited IFSA represents the funds management and life insurance industry. IFSA communicates with governments, regulators, other industry groups, media and the community on issues affecting its members.
IPSASB
International Public Sector Accounting Standards Board The IPSASB issues and promotes benchmark standards and guidance for financial reporting by governments and other public sector organisations. It focuses on the accounting and financial reporting needs of national, regional and local governments and related governmental agencies, and their constituencies.
LRB
Legislative Review Board The LRB represents views of the accounting profession in Australia to governments, parliamentary committees and regulatory authorities on regulatory policy and legislative reform issues in respect of commercial law, including corporate governance. It is a sub-committee of AARF.
OECD
Organisation for Economic Cooperation & Development The OECD involves 30 member countries. The OECD promotes good governance in the public service and in corporate activity. It helps governments by providing surveys and reviews of key economic areas. It is involved in activities such as emerging economies, sustainable development, territorial economy and aid.
SIA
Securities Institute of Australia The SIA is the professional body that represents the securities and financial services industry in Australia. It provides education and encourages the professional conduct of its members.
SMEs
Small and Medium Enterprises (in Australia) The term SME is used with a variety of meanings. CPA Australia defines SME as unlisted businesses with less than 200 staff or a turnover under $50 million dollars.
