Further Qualifications and Specializations After Chartered Accountancy
Accountancy has advanced to be a field that is concerned with collecting, arranging and afterward showing budgetary data of a substance in order to impart the money related and monetary position of the element to the proprietors and other intrigued outsiders. Accountancy built up an idea of a two-fold passage around the fifteenth century. This idea says that each exchange identified with the substance has two impacts, a charge and a credit (Equity = Assets – Liabilities To keep the balance, the transaction would affect both sides of the equation). In accountancy things are characterized into diverse records.
The uplifting news is that Chartered Accountancy of Pakistan, in its quality and eminence outside Pakistan, is not like other fields of training (like medical and engineering) of Pakistan. The vast majority of the Pakistani medical and engineering certifications, aside from a couple, are not acknowledged abroad. This is not the situation with ICAP. ICAP has alliance with worldwide bodies that attempt to fit and institutionalize accounting, budgetary reporting and examining. Few of the affiliations are given below:
INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC)
INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD
IFAC DEVELOPING NATIONS COMMITTEE
IFAC PROFESSIONAL ACCOUNTANTS IN BUSINESS COMMITTEE
INTERNATIONAL STANDARDS OF ACCOUNTING & REPORTING OF UNCTAD
BOARD OF CONFEDERATION OF ASIA AND PACIFIC ACCOUNTANTS
BOARD OF SOUTH ASIAN FEDERATION OF ACCOUNTANTS
ASIAN-OCEANIAN STANDARD-SETTERS GROUP
Association with the above organizations (that are effectively living up to expectations towards a unified together and institutionalized accounting calling all through the world) demonstrates the veracity of largeness of the extent of CA of Pakistan.
In Pakistan a complete CA (passing all exams and obligatory preparing) is taken comparable to Master’s degree in business.
Aside from connection with the above worldwide associations, ICAP has marked Memorandums of Understanding with:
INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND &WALES (ICAEW)
INSTITUTE OF CHARTERED ACCOUNTANTS OF AUSTRALIA (ICAA)
CANADIAN INSTITUTE OF CHARTERED ACCOUNTANTS (CICA)
ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA)
CA candidates can get any of these affirmations by passing a couple of extra papers (like levy, company laws and so on of that nation) whereas, more papers are required for ACCA.
So one needs not to worry about what would he/she be doing after completing the degree. There are several specializations and qualifications one can go for after completing the qualification of chartered accountancy. One can even go for M.Com or MBA after completing the qualification of CA or ACCA. Most ACCA candidates tend to go for MBA so that they can compete with CA students.