What are the definitions of Accounting as proposed by American Institute of Certified Public Accountant?

The American Institute of Certified Public Accountants (AICPA) defines accounting as the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information. It encompasses recording financial transactions, summarizing and analyzing financial data, and preparing reports that reflect the financial position and performance of an entity. Essentially, accounting serves as the language of business, providing essential insights for stakeholders.