Text 5 some leading accounting organizations of great britain

Exercise 5.1

Study the vocabulary:

	Аccounting Standards Committee	1.	комітет зі стандартів бухгалтерського обліку
	auditing Practices Committee	2.	комітет з аудиторської практики
	apart from	3.	окрім
	appropriate	4.	відповідний
	Association of Certified Accountants	5.	асоціація дипломованих бухгалтерів
	authority	6.	повноваження, права
	emergence	7.	поява, виникнення
	eventually	8.	кінець кінцем, у результаті
	exceptionally	9.	винятково
	charter	10.	хартія, ліцензія
	to imply	11.	означати, мати на увазі
	consultative Committee of Accountancy Bodies	12.	консультативний комітет бухгалтерських інституцій
	the Institute of Cost and Management Accountants	13.	інститут бухгалтерів, зайнятих у сфері виробництва і управління
	to serve	14.	служити, сприяти, бути придатним
	syllabus	15.	програма
	separate	16.	окремий
	occupation	17.	заняття, професія
	to qualify	18.	навчати. кваліфікувати
	valuation	19.	оцінка, визначення вартості

Exercise 5.2

Read the text to find out what exactly unites 3 Institutes of Chartered Accountants of Great Britain:

Accountancy is an exceptionally old occupation. The emergence of the profession with a code of ethics was followed by the formation of accounting bodies. The oldest professional bodies of accountants were first formed in Edinburgh and Glasgow in the 1850s. In 1854 the Royal Charter was granted to a society of accountants in Scotland. Some years later in 1880, the Institute of Chartered Accountants in England and Wales was formed. Shortly afterwards there were similar activities throughout the English-speaking world and eventually everywhere else. For example, the American Institute of Certified Public Accountants was created in the US in 1887 under the influence of British accounting practices.

At present there are some major organizations for accountants in the UK. Each of these professional bodies has a charter from which its authority is derived. The first three are the Institutes of Chartered Accountants in England and Wales, Scotland and Ireland. These are quite separate from one another. Apart from that, each of these institutes has got its own rules, examination syllabus and students. However there is one important rule that unites them. According to this rule, all student members are to serve a fixed period of time under a training contract with a member of the Institute. Thus they gain the appropriate experience before they qualify. As a rule, chartered accountants work in professional accounting bodies, industry and commerce.

The fourth body of accountants is the Association of Certified Accountants. The members of this Association are found mainly in industry and commerce. A significant number of them can be also found in practice. The students of this association must undergo a period of training to gain experience before they qualify.

The fifth body of accountants is the Institute of Cost and Management Accountants. As the name implies, the members of this organization are mainly found in industry. So before qualifying they must gain experience by working in an accounting office in industry.

There is also a Consultative Committee of Accountancy Bodies which coordinates the rulemaking of the profession for its own members. It has two committees. The first one is known as accounting Standards committee. This committee sets the detailed rules of valuation and measurement to be used by accountants when preparing accounts. The other committee is called auditing practices committee. It deals with the standard procedures to be followed by auditors.

Exercise 5.3

Match the English words with their Ukrainian equivalents:

	apart from		програма
	association		асоціація
	authority		оцінка, визначення вартості
	emergence		досвід
	syllabus		утворення, формування
	occupation		професійна організація
	valuation		заняття, професія
	formation		окрім
	professional body		повноваження, права
	Experience	j)	поява, виникнення

Exercise 5.4

Read the text once again and choose the correct variant:

1. Accountancy is an exceptionally …

1. old occupation;

2. new occupation;

3. weird occupation.

2. The oldest professional bodies of accountants were first formed in …

1. Liverpool;

2. Edinburgh and Glasgow;

3. London.

3. Each of professional bodies has…

1. a certificate from which its authority is derived;

2. a charter from which its authority is derived;

3. a grant from which its authority is derived.

4. According to the rule, all student members are …

1. to pay money under a training contract;

2. to study abroad;

3. to serve a fixed period of time under a training contract with a member of Institute.

5. Consultative Committee of Accountancy Bodies has…

1. two committees;

2. three committees;

3. four committees.

Exercise 5.5

Fill in the gaps then read and translate the passage:

experience number syllabus one another contract organizations rule commerce bodies training

At present there are some major 1… for accountants in the UK. Each of these professional 2… has a charter from which its authority is derived. The first three are the Institutes of Chartered Accountants in England and Wales, Scotland and Ireland. These are quite separate from 3… …. Apart from that, each of these institutes has got its own rules, examination 4… and students. However there is one important 5… that unites them. According to this rule, all student members are to serve a fixed period of time under a training 6… with a member of the Institute. Thus they gain the appropriate 7… before they qualify. As a rule, chartered accountants work in professional accounting bodies, industry and 8… .

The fourth body of accountants is the Association of Certified accountants. The members of this Association are found mainly in industry and commerce. A significant 9… of them can be also found in practice. The students of this association must undergo a period of 10… to gain experience before they qualify.

Exercise 5.6

Read the following fragment of the text and focus on the major organizations for accountants in the UK:

• At present there are some major organizations for accountants in the UK. Each of these professional bodies has a charter from which its authority is derived.

• The first three are the Institutes of Chartered Accountants in England and Wales, Scotland and Ireland. These are quite separate from one another. Apart from that, each of these institutes has got its own rules, examination syllabus and students. However there is one important rule that unites them. According to this rule, all student members are to serve a fixed period of time under a training contract with a member of the Institute. Thus they gain the appropriate experience before they qualify. As a rule, chartered accountants work in professional accounting bodies, industry and Commerce.

• The fourth body of accountants is the Association of Certified accountants. The members of this Association are found mainly in industry and commerce. A significant number of them can be also found in practice. The students of this association must undergo a period of training to gain experience before they qualify.

• The fifth body of accountants is the Institute of Cost and management Accountants. As the name implies, the members of this organization are mainly found in industry. So before qualifying they lust gain experience by working in an accounting office in industry.

Exercise 5.7

Put the jumbled words into a correct order:

1. of, the profession, was followed, The emergence, with, a code, the formation, by, of, bodies, accounting, of, ethics.

2. these, Each, has, a charter, of, bodies, from, professional, its, is, which, derived, authority.

Each, these, has, its, rules, own, examinations, and, students, syllabus, of, institutes, got.

3. work, professional, industry, in, As a rule, accountants, and, commerce, charted, accounting, bodies.

4. this, must, association, The students, a period, of, to gain, they, before, qualify, of, undergo, training, experience.