What is an Accountant anyway?
The term ‘Accountant’ is commonly defined as a person whose job it is to keep or inspect financial accounts. Originating many centuries ago, the term was historically used to describe a person who was liable to give an account (also known as a report, interpretation, record or explanation) of an event or experience. An Accountant has perhaps more accurately been defined as
a practitioner of accounting or accountancy, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.
In Australia, the term ‘Accountant’ is not defined in law, however, section 88B of the Corporations Act 2001 defines a qualified accountant as a person who meets the criteria set out by the Australian Investments & Securities Commission (ASIC). ASIC declares in it’s class order [CO 01/1256] that a qualified accountant is person who maintains the appropriate level of membership with one of the complying Australian Professional Accountancy regulatory bodies, being:
- Institute of Public Accountants
- CPA Australia, or
- Chartered Accountants Australia and New Zealand.
What’s the difference?
Under the law, full members of the Institute of Public Accountants (MIPA), full members of CPA Australia (CPA), and full members of the Chartered Accountants Australia and New Zealand (CA); are all considered on equal footing. All three are also equal members of the Accounting Professional and Ethical Standards Board (APESB).
Champion of Small Business
The Institute of Public Accountants is committed to small business – the IPA Group is the largest SME focussed accounting body in the world. With it’s strong focus on Small Business, the Institute actively works in collaboration with academia to influence public policy on key issues facing the SME market including taxation, governance, corporations law, self-managed superannuation, financial services and small business regulation.
What’s right for my business?
Perspective is important. The issues facing large international organisations may not necessarily be relevant to the operation and development of your family business. An Accountant that is trained to function at the multi-national level may not be the optimal choice to provide the fine tuning that your Small Business needs. Choosing an Accountant and Business Advisor that specialises in Small Business will help align your advisor’s skill-set with the needs of your business and your family.
How we can help
Committed to Small Business
We’re committed to small business – we are small business. We have the viewpoint and focus to identify the issues and missed opportunities that face family businesses on a daily basis. Life in small business is not compartmentalised – it affects and is affected by other aspects or your life and family. We take an holistic approach and consider the interaction of your business, your lifestyle and your goals.
Partnership Beyond Numbers
Let our small business be an integral part of your small businesss. We can configure a fixed-fee ongoing service package customised to the needs of your business and family – contact us for a no obligation consultation.