IICA (International Institute of Certified Accountants) is an accounts training institution formed by IICA GLOBAL LLC , incorporated in Wyoming state of USA and was incepted with an endeavor to impart practice oriented training to mould perfect accountants who can independently manage preparation of books of accounts and financial statements of corporate companies.
Apart from this IICA attempts to bring about research oriented developments in the practice of profession of accountancy.
In this regard IICA initiated an accountants forum for discussion of issues and resolving matters concerned with advancement of profession of accountancy as well as well being of accountants across the world.
Above all , prime motive of IICA lies in the fact that , to preserve the age old golden technique of Double Entry System of Bookkeeping invented by Fra Luca Bartolomeo de Pacioli, the legendary Italian Mathematician, who lived in Italy centuries ago approximately 14471517.
Double Entry System of accounting is the only invention which remains in the same form since it is invented and continuously serving the purpose from its inception for more than 500 years.
Without following Double Entry System of accounting our accounting records and information system will not be perfect and prone to flaws and malpractices.
Disclosure of accounting information is an important factor for any kind of institution to be financially viable and for smooth conducting of its business. Such institutions across the world as a whole constitutes world economy. Unless our economy is not strong we cannot think of development and affordable life standards. Without a sound accounting system we cannot have a strong economy. So indirectly we must have a solid and accountable recording system of accounts ie. Double Entry System to have a sound economy.
Better the economic condition , living standards of the society as a whole will be better.
Here lies the importance of evolution of Double Entry System and how it affects well being of daily life of societies across the world.
IICA is established with an aim to recognize skilled and experiences accountants through accreditation and promote aspirants of Accounting profession across the world for achieving highest possible position in the Profession of Accountancy.
IICA attempts to achievethese goals by collective means.Accountants are found in every walk of life as every business concerns , organizations , governmental bodies , associations , educational institutions , industries , banking sectors and say all kind of operations either profit oriented or non profit oriented needs service of accountants as well as well structured accounting information system to sustain stable and strong.
From this we can figure out , how deep the impact of Double Entry System of accounting even for the daily living of common man.
Despite the fact that the invention of Double Entry System of Bookkeeping is the back born of todays well structured accounting information system which in turn strengthens and stabilizes the world economy and thereby giving a momentum of worlds living creatures , its a least recognized and most ignored branch of study.
Double Entry System of Accounting is not at all given an attention as it would have been given considering the impact of it on the society as a whole.
Unlike all other branches of studies like engineering and medicinal , Accountancy is not only branch of study but earns daily bread for millions across the world.
Lack of attention towards this golden technique of accountancy as well as deviations from these rules of accountancy while preparing accounting information system which in turn deteriorate the quality of accounting information system as well as attitude and aptitude of accountants.
Since the transformation from manual accounting methods to computerized accounting system , the classic job of preparing day book , journalizing , posting to ledger , preparing trial balance , preparing profit & loss account and balance sheet is now taken over by the computers and automated to be done instantly.
Here lies a big danger which is unnoticed and would put an end to the golden rule of double entry system.
Accounting softwares are developed by computer programming experts who generally do not have any idea of double entry system of accounting.
They uses their logic of mathematical balancing while drawing forms of entries and reporting screens in the software.
Finally softwares are finished in such a way that people with lack of knowledge of double entry system of accounting could also try their hands on it for keeping accounting records.
This results into more serious problem as even expert accountants who have thorough knowledge of double entry system of accounting also forced to work as a general person who work using this software.
This in turn slowly kill the expertise of even qualified accountants about the knowledge of double entry system of accounting will fade away from the coming generations.
That may in future result in improper methods of accounting and result in lack of accuracy and traceability of errors.
Such situation would result inability of true and fair reporting system of financial viability of institutions.
Forecasting the dangers of deviating from the double entry system of bookkeeping , IICA takes an initial step to preserve and more popularize this golden technique of accountancy and through its forum of accountants across the world collectively call for an immediate attention of governmental bodies to make it compulsory to follow the rules of double entry system of accounting while generation of accounting softwares and institutions are strictly instructed to use only softwares which follow the rules of double entry system of accounting.
IICA also call for a standardization of accounting softwares as to forms of entries and formats of reports.
Members of accountants forum will be encouraged to have an intense discussion in this regard and suggest for common standards for accounting softwares keeping the limitations faced by current softwares.
Altogether objectives of IICA is to bring about an all round development for the branch of study of accountancy and well being of accountants across the world.
Above all the main objective of IICA is to preserve the golden technique of Double Entry System of Accounting and promotion of the same amoung new generation of accounting professionals.