Glossary of terms, acronyms and abbreviations

Acronym titles, descriptions and links for Australian and international bodies, IFAC committees and CPA Australia.

accounting and auditing member organisations
auditing
CPA Australia
financial reporting
general

Accounting and auditing member organisations

Acronym	Title and description
ACCA	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.
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.
CICPA	Chinese Institute of Certified Public Accountants The CICPA is the professional accounting association of the People's Republic of China.
CIMA	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.
ICANZ	Institute of Chartered Accountants of New Zealand The ICANZ is the professional accounting body of New Zealand.
ICPAS	Institute of Certified Public Accountants of Singapore The ICPAS is the national accounting profession organisation in Singapore.
IFAC	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 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 Australian Government, 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	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 and liquidators that have been reported to it for alleged breaches of the Corporations Act 2001. The CALDB has the power to take disciplinary action against persons found to be in breach of the law. The current structure of the CALDB is contained in the ASIC Act 2001.
CPC	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.
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.
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 board 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, 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, 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, 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, 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, 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.
PCAOB	Public Company Accounting Oversight Board PCAOB is a US organisation created by the Sarbanes-Oxley Act 2002 to oversee the auditors of public companies.
RCA	Registered company auditor An RCA is registered with ASIC. To become an RCA an individual must lodge documents with ASIC establishing that the statutory requirements are met.

CPA Australia

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: business and management financial advisory services finance and treasury financial reporting and governance information technology and management public sector taxation
CPD	Continuing professional development CPA Australia requires that its members keep up-to-date with developments within the profession. 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 is the standard framework of guidelines for financial accounting used in the US.
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 board replaced the International Accounting Standards Comittee (IASC). 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, but 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 cooperates with other national accounting standard setters and other interested parties to achieve convergence in accounting standards around the world. Standards 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.
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 UIG members and observers may propose issues for possible consideration by writing to the UIG chair.

General

Acronym	Title and description
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 Australian Government's 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.
AFAANZ	Accounting and Finance Association of Australia and New Zealand AFAANZ represent the interests of accounting and finance academics interested in accounting and finance education and research in Australia and New Zealand.
AFSE	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.
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.
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.
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 fulltime commissioners.
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 Australian 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. The ATO administers legislation for taxes, superannuation and excise.
BCA	Business Council of Australia The BCA is an association of chief executive officers 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, including ensuring that business regulation is consistent with promoting a strong and vibrant economy, and that a framework which assists business in adapting to change is provided.
COSBOA	Council of Small Business Organisations of Australia The COSBOA represents small business organisations, industry groups and individual firms in Australia.
DFAT	Department of Foreign Affairs & Trade DFAT advances the interests of Australia and Australians internationally through enhancing security, contributing to growth in Australia's economy, employment and standard of living, strengthening global cooperation, and fostering public understanding of Australia's foreign and trade policy.
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.
G100	Group of 100 G100 is an association of Australia's senior chief financial officers from major private and public business enterprises, who aim to advance the interests of Australian businesses.
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.

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Page last updated: Friday, 12 December 2008