Difference Between CPA and ACCA

CPA vs ACCA

Certified Public Accountant (CPA) and Association of Chartered Certified Accountants (ACCA) are both connected with accountancy. A person that has either a CPA or ACCA qualification, can only engage in accounting in a professional way.

The Association of Chartered Certified Accountants is based in the United Kingdom, and the Certified Public Accountant is based in the United States. One of the differences that can be seen between ACCA and CPA, is that the former has only one body, whereas, one can come across several CPA bodies across the world.

ACCA is headquartered in London, and CPA in the United States. The ACCA’s origion dates back to 1904, when a group of eight people formed the London Association of Accountants. The origin of CPA dates back to the 1800’s.

Another difference that can be seen between the Certified Public Accountant and Association of Chartered Certified Accountants, is in their exams. The CPA exam is divided into four sections – Auditing & Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation. The Auditing and Attestation section will cover auditing procedures and auditing standards, among other things. The Business Environment and Concepts deals with the general business environment, and business concepts that one has to understand. The Financial Accounting and Reporting covers accounting principles. The Regulation paper is about federal taxation, professional and legal responsibilities, ethics, and business law.

The ACCA exam is divided into two sections – Fundamentals and Professional. The Fundamental section is divided into two modules: Knowledge and Skills. The professional section also has two modules: Essentials and Options. The knowledge paper covers Accountancy in Business, Management Accounting, and Financial Accounting. The Skills level is about Corporate and Business Law, Performance Management, Taxation, Financial Reporting, Audit and Assurance, and Financial Management. Professional Accountancy, Corporate Reporting, and Business Analysis, are part of the Essential level. The Options level covers Advanced Financial Management, Advanced Performance Management, Advanced Taxation, and Advanced Audit and Assurance.

Summary

1. Certified Public Accountant (CPA) and Association of Chartered Certified Accountants (ACCA) are both connected with accountancy.

2. The Association of Chartered Certified Accountants is based in the United Kingdom, and the Certified Public Accountant is based in the United States.

3. Another difference that can be seen between the Certified Public Accountant and Association of Chartered Certified Accountants, is in their exams. The CPA exam is divided into four sections, and the ACCA exam is divided into two sections.

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