The ICAEW is the organization that governs that laws of accounting in the UK. If you are entering the profession, by the time you get done studying the laws, you are going to feel like a lawyer. In all seriousness, there are many rules and regulations surrounding accounting, so get ready to dive in. Study all about the regulation of financial reporting and all other aspects of accounting based on how you plan to enter this field.
Study the laws a little at a time, and get ready to take on an exciting career. Your understanding of the accounting laws in the UK will grow over time, even after you become an accountant. There are so many niches in this profession. You might start out working one branch, and who knows, you could be helping large corporations during some point in your career. Or you could even start out there and continue to work your way up.
It could be fun starting a private practice, too. Opening up your own business as an accountant would be like a two-fold strategy. You are helping others manage their finances, and you are taking on business finance yourself. Talk about continuously brushing up on the tax laws and other laws surrounding your profession. You can make substantially more money if you open up your own accounting practice and fine tune it for success, too.
It’s up to you and how you want to enter this profession. One thing for sure though is that you’re going to need to know the accounting laws and how they pertain to what you’re doing. The people you work for aren’t going to know the legalese surrounding the laws, and it is going to be up to you to get the job done. Large corporations, small businesses and individuals hire accountants for a reason. They don’t want to have to mess with every single financial aspect of their lives. It’s your job, something you enjoy and you’re going to do it well.
Are you familiar with SORP? What about the FRC Structure? There are going to be so many terms that you learn as you continue your education. Learn as much as you can before you get started. Set those goals, study those laws and be the best accountant you can be. You want to be the one that everyone calls. You want to have to refer clients to other professionals because you’re completely booked.
Speaking of that, you do want to network heavily with other accountants in your area. Use the online tools and resources available to help you familiarize yourself with all the laws out there. You will want to be sure that you do everything you can to fully understand the complexities of the accounting laws in the UK. Your adventure has just begun. You have so much available to you to help you grow. Get ready to start out as an accountant, one who strives to uphold the law and help others with their finances to the best of your ability.