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Professionalization of Accounting: United Kingdom - Coggle Diagram
Professionalization of Accounting:
United Kingdom
Contributing factors
Industrial Revolution (1760-1840)
Sophisticated Economy
Bankruptcy legislation changed
Competition between lawyers and accountants
Accountant status and public trust
First professional bodies
Society of Accountants in Edinburg (1854)
Institute of Accountants and Actuaries in Glasgow (1855)
Society of Accountants in Aberdeen (1867)
The Incorporated Society of Liverpool Accountants (1870)
Institute of Accountants in London (1870)
The Manchester Institute of Accountants (1871)
Institute of Accountants in Sheffield (1877)
Institute of Chartered Accountants in England and Wales (1880) Formed by the joining of 5 individual bodies.
Professionalization features
Professional body membership
Designation: CA
Specific training
Entrance exam
Articles
Ethical code & conduct
Academic subjects for professionalization
Bankruptcy Law
Bookkeeping
Accounting
Bankruptcy
Trust Estates
Voluntary and Judical Factories
Rudimentary arithmetic
Algebra
Carey's 7 criteria for a profession
Specialized body of knowledge: Accounting
Formal education process: Accounting degree
Standards governing admission: Articles & entrance exam
Code of ethics: Accounting code of ethics
Recognized status: CA designation
Public interest: Need for accounting services
Recognition of social obligation: Public trust