A Future of Digital Currency

Currency refers to electronic currencies stored electronically in banks, and makes up one out of three forms of electronic currency. While paper money is still used globally, up to 80% of the world’s currency is stored through banks electronically. From its infancy, it has grown from an alternative to conducting business to a primary form of e-commerce, and only seems to continue to grow.Origins
The first digital currency was created during the first internet bubble of the early 2000s. It was named E-Gold and was founded in 1996 by Gold & Sliver Reserve Inc, which allowed users to transfer small amounts of the values of gold electronically. In the spring of 2000, it became the first electronic currency to offer an exchange service for other currencies.


Launching two years before PayPal, by 2004 it had over a million accounts. Another service starting in 2006, Liberty Reserve, allowed its clients to convert euros or dollars to Liberty Reserve money, and then back again. Unfortunately soon after it was revealed by the U.S. Government that criminals were utilizing these websites and they were both shut down.The Difference Between Virtual, Digital, and Cryptocurrencies
While more and more banks are allowing for an increase in electronic banking, Virtual Currencies operate as independent money whose value is created by its original backer. However, the world’s most famous virtual currency, Bitcoin, does not fit this specification, instead encompassing aspects of all three forms of electronic currency.Digital Currency differs from this as a money backed up by an asset worth the real-world equivalent of its value. Due to most of the world’s money being stored in bank computers, it can said that most of the world’s currency is now digital.Cryptocurrencies refer to forms of electronic money whose transitions are encrypted. Utilizing block-chains to store data, they effectively link together and act as ledgers that users can use to keep a consistent track of data. Due to the variety of ways its price can be effected, it often fluctuates in value. Although cryptocurrencies do carry a degree of anonymity, some are still required by law to disclose their users identities.


The Future of Transactions
With more banks turning to Digital Currencies as their main form of keeping electronic records, and the growing emergence of a large variety of virtual and crypto-currencies, it can be said that the future of the world’s transactions will be set to be conducted electronically. In perhaps a hundred years, paper money could be virtually a thing of the past.

Professional Accounting Bodies In Australia

What is an accountant? According to the Australian Accountants Directory they are, “a practitioner of accountancy or accounting, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources”(“About Accountants“). As you may already know, different areas of the world have different professional bodies of accounting.

For example, not every country uses the American Institute of Certified Public Accountants (AICPA). As the name suggests, that’s only used in the United States. Australia however, has three legally recognized local professional accounting bodies; the institute of public accountants (IPA), CPA Australia (CPA), and the institute of chartered accountants of Australia (ICAA).

The IPA has been around since 1923 and continues to grow in the organization today. After 90 years it currently sits more than 26,000 members and students across 64 countries and is ranked in the top professional accounting bodies in the world (“Institute of Public Accountants“). They acquired a full membership of the International Federation of Accountants (IFAC) in 2005 as well as the Confederation of Asian and Pacific Accountants (CAPA) in 2011. They are really working towards building relationships and exchanging knowledge overseas. They are innovative in everything that they do as they already are recognized as one of the top 20 in BRW’s most innovative companies in Australia list for 2012. The IPA has three levels of membership, Associate (AIPA), Member (MIPA), and Fellow (FIPA). An Associate membership requires one to have an Australian Advanced Diploma of Accounting or a Bachelor’s degree in Accounting that can be Australian or equivalent in nature. MIPA membership requires Australian Advanced Diploma of Accounting, two years of pre-IPA program full-time work experience in accounting or related fields and a mentored experience program. A FIPA membership requires 7 years’ MIPA status or equivalent and 10 years’ experience in accounting the last five years have to be at a senior level (“Institute of Public Accountants“).

According to CPA Australia, they are one of the world’s largest accounting bodies with a global membership of more than 150,000 members working in 120 countries around the world, and with more than 25,000 members working in senior leadership positions (“About Us“). They provide education, training, technical support and advocacy. They were an early entrant in the Asian Market, where their involvement began in the early 1950s and aimed at developing and strengthening the accounting profession in the region. As of today almost one-quarter of CPA Australia’s members reside outside of Australia, with over 35,000 in Asia. They currently have nineteen staffed offices across Australia, China, Hong Kong, Malaysia, Singapore, Indonesia, Vietnam, New Zealand and the UK. To become a member of this program candidates most hold a postgraduate award that is recognized by CPA Australia, and demonstrate competence in the required knowledge areas and, within a six year period, successfully complete the CPA Program (“About Us“). They must also have three years of professional experience in finance, or accounting for business. To offer public accounting services, CPAs must also complete CPA Australia’s Public Practice program, which involves distance learning and a residential component, and must hold a Public Practice Certificate in accordance with the CPA Australia’s by laws.

The ICAA is the professional body representing Chartered Accountants in Australia. They currently have over 50,000 members and 12,000 students(“News and Updates“). In order to become a member of the institute, one has to complete the Chartered Accountants Program which includes study of Graduate diploma in Chartered Accounting (GradDipCA) and three years of practical experience. Entry is available to anyone who holds an accounting degree; however, those holding non-accounting degrees can also be permitted entry after additional requirements are met. If one does become a Chartered Accountant they must complete a total of 120 hours of Continuing Professional Education every three years. The ICAA is a founding member of the Global Accounting Alliance (GAA). Members of this alliance are part of the international accounting coalition of the world’s premier accounting bodies. Chartered Accountants audit 100 percent of the top ASX-listed companies in Australia. They are recognized by the international accounting bodies of the leading financial centers of the world. As of November 2013, the ICAA merged with the New Zealand Institute of Chartered Accountants and are now known as “Chartered Accountants Australia and New Zealand”(“News and Updates“).

Compared to the professional bodies in America the ones in Australia aren’t too different judging from the research. They each go off of the same principals in a sense but there are very few minimal things that are different.

Works Cited

“About Accountants.” Australian Accountants Directory / Australian Accountants Directory / Accountants. N.p., n.d. Web. 07 Apr. 2015.

“About Us.” CPA Australia -. N.p., n.d. Web. 03 Apr. 2015.

“Institute of Public Accountants.” Institute of Public Accountants. N.p., n.d. Web. 07 Apr. 2015.

“News and Updates.” Chartered Accountants Australia and New Zealand. N.p., n.d. Web. 05 Apr. 2015.

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