THE ACCOUNTING SOCIETY MAGAZINE

ALL ABOUT
ACCOUNTING
SPRING 2023
 CONTENTS

ABOUT US 2

FEATURED PROFESSOR 3

ACCOUNTING ALUMNI 4

AI IN ACCOUNTING 5

GREEN ACCOUNTING 6

COMPARISON BETWEEN CPA AND CMA 9

CORPORATE TAX 11

WHAT DO YOU MEME? 13

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 ABOUT US

The Accounting Society (TAS) is a student-run organization founded in 2011 by the

Department of Accounting. The society’s mission is to promote the accounting major in SBA
for business students. TAS also enlightens SBA students by giving them insight into the
opportunities and possible career paths this exciting field offers.

TAS organizes events that help students connect with executives in accounting firms. It
also collaborates with prominent organizations such as the Big Four (Deloitte and Touche,
KPMG, E&Y, PwC) and the IMA (Institute of Management Accountants), including initiating
an IMA chapter at the American University of Sharjah, all in view of empowering SBA
students to become future business leaders.

MEET OUR BOARD

President: Abdulla Dweik
Vice President: Ankita Rejith
Executive Assistant: Faaizah Zain
Activities Coordinator: Hamza Parvez & Hawraa Mahdi
Activities Trainees: Latisha Kumar & Joel George
Creative Director: Saraah Salman
Media Trainees: Aamna Masood & Fatima Hassim

Faculty Advisor: Dr. Abed Al-Nasser Abdallah

Admin Assistant: Ms. Nisha Gopalakrishnan

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 FEATURED
PROFESSOR
RAGHAD FALAH HUSSENAT

PROFESSOR'S NOTE

Miracles do happen, this is what I realized over time!

Sometimes, when we dream about something but find out
that this dream is not meant to happen, we start losing
faith and we just ignore the fact that maybe God delayed
that dream and preparing us to achieve something better.

In the year 2000, I saw an Egyptian comedy movie called (Saidi at the American University), it was
about a traditionally said guy who joins the American University in Cairo, where he met people from
different nationalities with diverse backgrounds, it was like discovering a new version of the
world. Since that time, I had the plan to finish high school and join an American University. But,
unfortunately, it did not work out as I had hoped. I got a scholarship from another university
(United Arab Emirates University) and started my accounting journey there.

Now after 12 years, I achieved that dream, I joined as a graduate student and then I got a chance to
be part of the AUS faculty, something I wouldn’t even dream about. I realized that God will prevent
something at some point in life, to bless us with something better than what we wished for. The
entire experience as a graduate student and as a faculty had a huge impact on me. I had the chance
to meet great professors who supported my development during the MSA program and then got the
opportunity to be part of the AUS faculty. Also, I had the chance to meet lovely friends who made
the MSA program unforgettable. I joined the program alongside my sister, and onwards we became
known as ‘the sisters.’ I am very fond of these memories and the many funny, sad, foody moments

Miracles do happen, this is what I realized overtime! Sometimes, when we dream about something
but we find out that this dream is not meant to happen, we start losing faith and we just ignore the
fact that maybe God delayed that dream and preparing us to achieve something better.

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ACCOUNTING
ALUMNI
DANAH AL
BABTAIN
HER EXPERIENCE
Fall of 2017 was my very first semester at the American
University of Sharjah. I recall the first day being
nothing short of a whirlwind, as I actually started out
as a CAAD student (didn't take me long to realize it
wasn't for me).
Between figuring out classes, getting lost on campus,
meeting new people (social anxiety takes a hit here),
and managing the workload, university life can become
demanding.
Though there is no secret to completely reduce the
stress and pressure students undergo, being in the
right major provides the clarity and ease one would
need.
The moment i realized Design management was not for
me, I started analyzing my options and capabilities,
which led me to Accounting, a blessing in disguise! From
faculty, to peers, my experience was unforgettable.

I am truly grateful for the professors and faculty that

made me enjoy my major and actually understand it,
which is why I went ahead and completed my Masters of
Science in accounting as well.
With the knowledge I garnered from my classes and
studying, I am currently part of the Mergers and
Acquisitions team at Rothschild&Co.

One last thing, don't worry too much, for things

have a way of working out on their own.

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 STUDENT
ARTICLE
BY JOEL GEORGE
SOPHMORE II
AI IN ACCOUNTING

In recent years, artificial intelligence (AI) has

made significant strides in the field of
accounting, revolutionizing the way financial
data is processed and analyzed.
AI can perform tasks that were traditionally
done by accountants, such as categorizing
transactions, reconciling accounts, and
generating financial statements. With AI,
businesses can automate their accounting
processes, reducing the workload and increasing
accuracy. Here are some of the ways AI is used
in accounting:
Audit support: AI can assist auditors by
Automating data entry: One of the most time- analyzing financial data and identifying
consuming tasks in accounting is data entry. AI potential issues. This can help auditors focus on
can automate this process, extracting high-risk areas and improve the accuracy of
information from invoices and receipts and their audits.
entering it into accounting software. This saves
time and reduces errors. While AI can automate many accounting
Fraud detection: AI can help detect fraudulent processes, it is important to note that it cannot
transactions by analyzing patterns and replace the expertise of a human accountant. AI
identifying anomalies. This can help prevent should be used as a tool to support accountants,
financial losses and protect a company's not to replace them.
reputation.
In conclusion, AI is transforming the field of
Predictive analytics: AI can analyze past accounting by automating processes, reducing
financial data to predict future trends, such as errors, and providing valuable insights. As AI
cash flow, revenue, and expenses. This can help continues to advance, we can expect to see even
businesses make informed decisions and plan for more benefits for businesses and accountants.
the future. However, it is important to remember that human
Financial reporting: AI can generate financial expertise is still crucial in accounting, and AI
statements and reports, reducing the time and should be used as a tool to support human
effort required by accountants. This can help accountants, not replace them.
businesses make better-informed decisions and
comply with regulatory requirements.

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 STUDENT
ARTICLE
GREEN ACCOUNTING
WHAT IS GREEN ACCOUNTING?
Green accounting, also known as environmental
accounting or ecological economics, is a field of
study that examines the financial costs and
benefits of environmental protection and
pollution prevention. It encompasses both
national and corporate accounting practices and
has emerged as a response to the growing
awareness of the need for sustainable
development.
Green accounting takes into account the full cost
of environmental degradation, including the
damage to human health, ecosystems, and natural
resources. It also factors in the benefits of
environmental protection, such as cleaner air and
water, reduced greenhouse gas emissions, and
improved quality of life. National green
accounting systems help countries assess their
progress towards sustainable development goals
and track their expenditure on environmental
protection. Corporate green accounting helps
businesses understand the financial impact of
their environmental performance and make
decisions that are financial and environmentally
sound.
There are many challenges associated with green
accounting, including data collection,
methodology development, and agreement on
standards. However, as awareness of the need
for sustainable development grows, so does the
commitment to finding ways to measure and value
our natural resources.
BY LATISHA KUMAR
FRESHMAN II
THE THREE PRINCIPLES OF GREEN
ACCOUNTING
1. Recognize the environmental costs of economic
activity and account for them appropriately.
2. Use resources efficiently and minimize waste.
3. Consider the environmental impact of business
decisions.
BENEFITS OF GREEN ACCOUNTING
Green accounting is a term that is used to refer
to the process of taking environmental factors
into account when making financial decisions. It
is also sometimes known as environmental
accounting or ecological economics.
The main aim of green accounting is to ensure
that the environment is taken into consideration
when economic decisions are being made. This
includes both the negative and positive impacts
that a decision may have on the environment. For
example, a company may decide to switch to using
more environmentally friendly products in order
to reduce its carbon footprint. This would be
considered a positive impact. However, if this
decision was made without considering the
financial implications, it could put the company
at a competitive disadvantage.
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The challenges of green accounting

Green accounting is the process of using financial

data to measure and report the environmental
performance of an organization. It can be used to
assess the financial risks and opportunities
associated with climate change and other
environmental issues. There are many challenges
associated with green accounting. One challenge
is that there is no standardization among
different reporting systems. This makes it
difficult to compare the environmental
performance of different organizations.
Another challenge is that many environmental
indicators, such as carbon emissions, are not yet
included in traditional financial reporting
take into account all human-caused
frameworks. This makes it difficult to assess the environmental impacts, while carbon
financial impacts of environmental issues. footprints only consider emissions of
Finally, green accounting requires a significant greenhouse gases.
investment in data collection and analysis. This
can be a challenge for small businesses with Second, you need to be familiar with the types of
limited resources. data that are used in Green Accounting. This
includes data on energy use, waste generation,
There are many benefits of green accounting.
and emissions of air pollutants and greenhouse
Perhaps the most important benefit is that it can
gases.
help to protect our environment from further
damage. By taking into account the environmental Third, you should understand the principles of
impacts of our actions, we can make sure that we sustainability accounting. This involves using
are not causing further harm than is necessary. accounting techniques to track progress towards
Another benefit of green accounting is that it environmental goals such as reducing greenhouse
can help businesses save money in the long run. gas emissions or increasing recycling rates. It
For example, by investing in energy efficiency can also involve using accounting to assess the
measures, a business can reduce its running financial risks and opportunities associated with
costs and become more profitable. climate change.

Finally, green accounting can help to create jobs
and boost economic growth. For example,
businesses may invest in renewable energy
technologies which will create new jobs in the
engineering and construction industries.
How to get started with green
accounting
If you're interested in Green Accounting, also
known as environmental accounting, there are a
few things you need to know to get started.
First, it's important to understand the concepts
of ecological footprints and carbon footprints.
These terms refer to the impact that humans
have on the environment. Ecological footprints
Fourth, you need to know about reporting
standards for Green Accounting. The most
important standard is the Global Reporting
Initiative (GRI) Sustainability Reporting
Guidelines. These guidelines provide a
framework for companies and organizations to
report their environmental performance. Other
important standards include the International
Organization for Standardization's (ISO) 26000
Guidance on Social Responsibility and the
Accounting for Sustainability Project's (A4S)
Integrated Reporting Framework. Finally, you
should be aware of some of the challenges
associated with Green Accounting.

7
Conclusion

Green accounting is a relatively new concept, but one that is gaining traction in businesses
around the world. By taking into account both economic and environmental factors when
making financial decisions, companies can ensure their operations are sustainable in the long
run. By utilizing green accounting standards, organizations can reduce their footprint on
the environment while continuing to be profitable and successful. With increasing awareness
of climate change, it's important for businesses to take measures now to ensure they are
doing their part for the planet.

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 COMPARISON
BETWEEN CPA AND
CMA
- LATISHA & JOEL

Basis Certified Management Accountants(CMA) Certified Public Accountants (CPA)

Recognition
of the Globally recognized certification A U.S. licence
certification

Individuals appropriate for professionals seeking

suitable for work in corporations, NFPs, government, appropriate for professionals seeking
education, and also partnerships and to work in public accounting.
other business entity forms

Regulatory IMA (Institute of Management AICPA (American Institute of

authorities Accountants) Certified Public Accountants).

Services Common service areas in the industry
included include:
· Performance management,
· Cost management,
· Risk management,
· Financial analysis,
· Decision-making support
have significant expertise in basic
financial accounting methodologies,
strategic management and business
decision-making.
Public accounting typically includes:
· Accounting and tax services
· Auditing and other attestation
services
· Consulting services
authorized to conduct audit levels
and can also sign tax and regulatory
filings.

Exam The CMA exam includes two parts: The four sections of the CPA Exam
patterns · Financial Planning, Performance, and are:
Analytics · Auditing & Attestation (AUD)
· Strategic Financial Management · Business Environment & Concepts
8 hours of testing. (BEC)
· Financial Accounting & Reporting
(FAR)
· Regulation (REG)
16 hours of testing

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Exam pass 45%
rate
Exam fees 1300$
Exam All CMA candidates have three years to
duration pass both parts of the exam. The time
period will begin with the date of your
entry into the CMA program.
Experience 2 years of Financial Management or Cost 1-2 years under licensed CPA
Requirement Accounting
Average $75,000
salary
Common job · Cost accountant
opportunities · Financial risk manager
· CFO
· Other C-suite executive positions
Impact on CMA certified professionals earn an
compensation additional 63% in compensation
requirement
s 1. Education
· Hold a bachelor’s degree from an
accredited college/university or a
related professional certification.
2. Exam
· Complete and pass Parts 1 and 2 of
the CMA exam.
3. Experience
· Have at least two continuous years of
professional experience in management
accounting or financial management.
4. Ethics
· Abide by the IMA’s Statement of
Ethical Professional Practice.
Finally, CMAs require 30 hours of
Continuing Education each year to
maintain certification.
50%
1500$
CPA, you have 18 months to pass all
four parts of the CPA exam. The clock
starts for the CPA exam on the date
you sit for and pass your first exam
part.
$68,724
· Public accountant
· Internal auditor
· Financial manager
· Controller
a CPA earns 15% more in average
salary than a non-CPA accountant.
1. Education
· Earn at least a 4-year bachelor’s
degree with a minimum number of
accounting and business credit hours
and a total of 150 higher education
credit hours.
2. Exam
· Pass all 4 parts of the Uniform
CPA Examination.
3. Experience
· Complete 1-2 years of relevant
and verified accounting experience.
And you may also be required to pass
an ethics exam depending on which
state you are getting certified in.
Also, after licensure, a CPA is
required to complete 40 hours of
Continuing Education each year.
10
 CORPORATE
TAX
UNDERSTANDING THE BASICS OF TAXATION FOR
BUSINESSES

Corporate tax is a complex area of taxation that applies to companies and other corporate
entities. It is based on the profits earned by these entities during a given tax year. The
corporate tax rate varies from country to country, and companies are required to comply
with the tax laws and regulations of the jurisdictions in which they operate.

Calculating Corporate Tax Liability

The calculation of corporate tax liability involves determining the

taxable income of the company, which is the difference between
its total revenue and deductible expenses. Taxable income is
subject to the applicable tax rate, which may be a flat rate or a
progressive rate based on the income level.

(Source: KPMG)

Some countries have much higher corporate tax rates than others.
For example, the corporate tax rate in Argentina is 30%, while in the
UAE it is 9%.

Did you know?

Corporate tax is a significant
source of revenue for
governments, with some
Did you know? estimates suggesting that it
The average accounts for around
corporate tax rate 10%
worldwide of total tax rev enue in OECD
countries.
(Source: OECD, 2021)

23.4%

(Source: Tax Foundation)

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Tax havens are countries or territories that provide individuals and
businesses with a low or zero tax environment. Businesses often use tax
havens to reduce their tax liability through transfer pricing. Transfer
pricing involves setting prices for goods or services between related
companies, allowing corporations to move profits from high-tax to low-tax
jurisdictions. Despite measures to combat tax evasion, the use of tax
havens remains controversial in international corporate tax policy debates
due to concerns over fairness and equity in the global tax system. Calls
for greater international cooperation and transparency have been made to
prevent tax avoidance and evasion through tax havens, which businesses
continue to use to reduce their tax payments.

Did you know?

up to $ 600 million per year in
lost revenue is
estimated to be caused by
some companies use tax
havens to avoid paying their
a fair share of taxes.
(Source: International Money Fund)

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WHAT DO YOU
MEME?

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