Welcome to the Magical World of CCAB!ยง
Way back in 1970, when disco was king and bell-bottoms roamed the earth, six of the UK and Irelandโs most sophisticated accountancy bodies decided to throw a party. But this wasnโt just any party; it was the foundation of the Consultative Committee of Accountancy Bodies (CCAB). Their mission? To foster closer cooperation and make the world of accounting a bit less grey (apologies to your Excel sheets).
A Flashback to 1970 ๐บ๐ยง
Picture this: accountants from six prestigious bodies coming together in a room. The tension was palpable. Whoโd make the first move? Whoโd invite everyone to join hands and sing โKumbayaโ? Well, they came together with a purpose - to set accounting standards and ensure everything ticked like clockwork!
The Original Fantastic Sixยง
Hereโs the lineup that marched onto the accounting battlefield in 1970:
- The Institute of Chartered Accountants in England and Wales (ICAEW)
- The Institute of Chartered Accountants of Scotland (ICAS)
- The Association of Chartered Certified Accountants (ACCA)
- The Chartered Institute of Management Accountants (CIMA)
- The Institute of Chartered Accountants in Ireland (ICAI)
- The Chartered Institute of Public Finance and Accountancy (CIPFA)
And Then Came the ASC! ๐ฌยง
The CCAB became BFFs with the Accounting Standards Committee (ASC). Think Batman and Robin, with spreadsheets and budgets. Together, they battled the evils of unclear financial reporting, making life a little easier for everyone in accounting.
Fast Forward: The Birth of the ASB and FRC ๐ยง
Alas, no fairytale is without its twist! Enter the Accounting Standards Board (ASB) and the Financial Reporting Council (FRC), new superheroes in town. The CCAB had to take a step back from the spotlight, though it continued to play an active role in setting the financial accounting scene.
A Melancholic Farewell from CIMA ๐ขยง
In 2011, like a member leaving the boy band, the Chartered Institute of Management Accountants (CIMA) decided to go solo. Their departure was like the accounting worldโs version of Zayn leaving One Direction. Sad times, but the show must go on!
Mind-Boggling Chart: Evolution of Accounting Standards ๐ง ๐ยง
Feel like youโve traveled through time? Buckle up for this futuristic, time-traveling journey!
Quiz Time! ๐ก๐ยง
Alright, youโve had your fun. Now letโs see how much youโve absorbed from this historical escapade!
a. What year was the CCAB formed? - [ ] 1960 - [ ] 1970 - [ ] 1980 - [ ] 1990
b. Which accountancy body withdrew from the CCAB in 2011? - [ ] ICAEW - [ ] ICAS - [ ] CIMA - [ ] CIPFA
c. What was the main goal of the CCAB when it was established? - [ ] Make accountancy humorous - [ ] Foster closer cooperation between accountancy bodies - [ ] Develop new accounting software - [ ] Engage in dance competitions
d. Which bodies took over roles from the CCAB in the 1990s? - [ ] ASC and ICAEW - [ ] FRC and ASB - [ ] ICAI and CIPFA - [ ] ACCA and ICAS
e. What were the six original accountancy bodies in the CCAB? - [ ] ACCA, CIMA, ICAEW, ICAS, ICAI, and CIPFA - [ ] ACCA, CIMA, NASA, ICAS, ICAI, and CIPFA - [ ] ACCA, CIMA, ICAEW, ICAS, ICAI, and AACSB - [ ] BBC, ACCA, CIMA, ICAS, ICAI, and CIPFA
f. Which famous accounting standards committee was the CCAB close with? - [ ] ABC - [ ] VBA - [ ] ASC - [ ] IRS
Answer Key: a. 1970, b. CIMA, c. Foster closer cooperation between accountancy bodies, d. FRC and ASB, e. ACCA, CIMA, ICAEW, ICAS, ICAI, and CIPFA, f. ASC
