International Approaches to Regulation of Accounting Profession

Based on systematization of main formal professional institutions within the elements of accountant profession, the prospective trends of its regulatory convergence have been outlined: conceptualization of professional activity common principles; increasing accountant's responsibility through applying professional opinion; extension of reporting information volume by intellectual, personality, social, communicative and natural indexes; imposing requirements of having technical skills in applying XBRL e-format for making and presenting statements with using Internet resources. Resulting from the grounding the concept of institutional succession in developing home accountant profession in the whole and in its agrarian segment, the definitions for 'accountant profession regulation' and 'accountant profession regulation convergence' and 'professional accountant' have been specified. Five types (state regulation, self-regulation, state regulation supervised by professional community, self-regulation supervised by the state, combination of self- and state regulation) and five principles (functional distribution, transparency, succession, resourcing, adaptability) of job regulation have been defined. Differentiation of functions between the state and professional organizations has been proposed.