When is Accounting Day celebrated in Australia
There is no specific date in Australia which is widely accepted by the community and is designated as National Accounting Day or similar professional holiday for accountants.
Thus we recommend to celebrate International Accounting Day on November 10th.
At the same time some companies are also trying to fill the gap and appoint a dedicated celebration days for accountants in Australia – to acknowledge the unique contribution accountants have made to businesses, the community and the Australian economy.
One such example is “I Heart Accountants” day on September 30th. The tongue-in-cheek campaign was created by Ernst & Young to help debunk some of the stereotypes and myths surrounding accountants, and celebrate the contribution these professionals make to society. The recent online campaign resulted in more than 1,800 people signing up to the “I Heart Accountants” Facebook page.
Interesting facts about accounting in Australia
Total country population: 23,181,000. Total area: 7,692,024 square kilometers. Total GDP: $970.7 Billion.
Total number of accountants: ~180,000 (of them about 144,000 are members of CPA Australia). This makes:
- 0.77% of population.
- 1 accountant per 128 persons.
- 1 accountant per 42.7 square kolometers.
- 1 accountant handles $5,4 million of GDP.
Australian Accounting Standards
Australia has a Uniform Companies Act and Uniform Tax Act which standardises business taxes on a federal level. The Companies Act requires annual financial statements and companies are required to comply with the disclosure requirements of the Australian Stock Exchange. Australian accounting standards agree with international standards, and US Generally Accepted Accounting Practices are used for guidance in areas where standards are lacking.
The Australian Accounting Standards Board (the AASB) makes accounting standards for the private, public and not-for-profit sectors and participates in the formulation of international accounting standard The AASB is responsible for developing and issuing AASB Accounting Standards (AASBs) and the “care and maintenance” of the body of Standards. The functions and powers of the AASB are set out in the Australian Securities and Investments Commission Act 2001.
Since 2002, the AASB has been implementing the strategic direction from the Financial Reporting Council to adopt International Accounting Standards Board (IASB) Standards for application to periods beginning on or after 1 January 2005. In July 2004, the Board made a number of Standards that apply from 2005.
In Australia Many entities regulated under the Corporations Act 2001 are required to apply Accounting Standards in preparing their financial reports. Some public sector entities are required to apply Accounting Standards by Commonwealth, State or Territory legislation, through specific instructions to preparers or reporting frameworks set out in guidelines or regulations.
The three representative accounting bodies in Australia, The Institute of Chartered Accountants in Australia , CPA Australia, and the National Institute of Accountants have a professional obligation to take all reasonable steps within their power to ensure that entities with which they are involved comply with AASBs in preparing their general-purpose financial reports. They also are the designated assessing authority appointed by the Australian Department of Immigration and Citizenship to conduct skill and qualification assessments for the purposes of General Skilled Migration and the Employer Nomination Scheme.