Financial accountants -may be employed by larger companies or be self- employed.
They prepare year-end statements , analyse and interpret information about operations. ccountants- produce, analyse, co-ordinate the flow of information which will help in running the business, eg budgeting, pricing, planning and controlling business operations. Areas of
Auditors-are employed to check the accuracy of the financial statements of a business .This is to ensure that they have been prepared correctly and that they show a 'true and fair view' of the business. They could be internal or external auditors. All other organization's accounts too must be audited at least once a year.
formed under the Fiji Institute of Accountants Act to educate ,register, de-register, discipline, set and maintain accounting standards and to monitor professional activities of its members.
• Institute of Auditors
The Institute of Auditors in Fiji was formed by auditors engaged both in the private and public sectors. This body too like Fiji Institute of
Accountants educates, registers , de-registers , disciplines its practicing members. The Auditor General's office oversees the function of the
Institute of Auditors.
• Fiji Tax Agents Board
The Fiji Tax Agents Board is formed under Fiji Income Tax Act and is managed by Fiji Islands Revenue and Customs Authority [FIRCA].lt registers and monitors the activities and professional work of accountants, licensed accountants and certified public accountants.
Users of Accounting Information
accountants-mostly employed in manufacturing businesses. Control the costs of producing the goods or services which a business produces to sell.
Specialist accountants-may be involved in particular areas like taxation, banking, share markets ,investments estate control, farm managements, treasurer or teaching.
There are a number of authorities in Fiji that register and ensure professional standards of accounting are maintained all the time. are: • The Fiji_lnstitute of Accountants
The Fiji Institute of Accountants(FIA) is a legal and professional body
Clubs and societies v
You, your family & others
Managers- are accountable for the day-to-day operation of a business and the progress (profit/loss) it .is making. They use accounting information to make ·decisions on pricing, staffing expanding the business, buying new fixed assets etc.
Owners/shareholders- in the case of a company need to know if their business is making a profit or not, whether to expand it, or borrow more money etc.
Investors-wish to know whether the business is giving a satisfactory return on their investment and how it compares with
alternate investment returns.
Lenders I banks -these financial institutions want to know if the business is able to pay debts on time or not. They would want to know the value of assets it has as security.
Government-each year it prepares a budget which shows how much money it expects to receive and how it proposes to spend.
The budget of course depends on financial information. A surplus budget means that the income exceeds expenditure and a deficit budget indicates contra.
Employees-they use financial information to negotiate wages and salary raises, better working conditions, job securities etc.\
Tax Department- Fiji Islands Revenue and Customs Authority
' ( FIRCA ).It has the tasks of collecting taxes such as Income
Tax, Fringe Benefit Tax and Value Added Tax(VAT) charged on goods and services.
Potential buyers -want to know if the business is worth buying. financially stable and whether it will be making profit.
Clubs and societies-they require financial information to decide on member's subscriptions, prepare various activity accounts and