By Meliha Basic (auth.), Robert W. McGee (eds.)
Much has been written in regards to the fiscal and political difficulties of nations which are within the technique of altering from centrally deliberate platforms to marketplace structures. so much reports have all for the industrial, felony, political and sociological difficulties those economies have needed to face in the course of the transition interval. despite the fact that, no longer a lot has been written in regards to the dramatic adjustments that experience to be made to the accounting and monetary process of a transition financial system. This e-book used to be written to assist fill that hole.
Accounting Reform in Transition and constructing Economies is the fourth in a sequence to envision accounting and fiscal approach reform in transition and constructing economies. the 1st booklet used Russia as a case examine. the second one quantity tested a few extra elements of the reform in Russia and in addition checked out the accounting and fiscal procedure reform efforts which are being made in Ukraine, Bosnia and Herzegovina, Armenia, japanese Europe and significant Asia. The 3rd quantity tested taxation and public finance in transition and constructing economies.
The current quantity examines accounting reform in those economies. it really is divided into 5 components. half 1 comprises 14 reports that research numerous facets of accounting reform in numerous international locations. half 2 comprises 10 chapters on how accounting schooling has been reformed in a few former Soviet republics and international locations in important and jap Europe. half three examines contemporary advancements in accounting certification in vital Asia, the previous Soviet Union and significant and japanese Europe. half four contains 3 experiences on company governance. half five examines the perspectives on tax evasion in ten transition economies.
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Extra resources for Accounting Reform in Transition and Developing Economies
Another aspect of SRO development is professional certification. Certification of accountants and auditors is generally a governmental function in emerging economies, since centrally planned economies try to control everything. One aim of accounting reform projects is usually to shift at least a portion of that function to the private sector (McGee, 1999a, c) so that economic power will be less concentrated and so that a private sector institutional framework can be allowed to emerge and grow. In the USA, the AICPA, a private accounting organization, creates the certification exam and distributes it to the various state organizations, which administer the exam.
W. McGee Florida International University S. Pekmez KPMG, Bosnia R. W. ), Accounting Reform in Transition and Developing Economies, © Springer Science + Business Media LLC 2008 33 34 R. W. McGee and S. Pekmez The main reason why these countries perceive a need to reform their accounting systems is so that they can attract badly needed foreign capital. They have to compete for capital with more than 100 other countries, and it is correctly perceived that international investors will not seriously consider investing in their country if the financial statements their companies publish are not credible to an international audience.
More than half of the enterprises did not have any leases. Of those that did, there was a tendency not to recognize financing leases because of a lack of understanding of the present value of money concept. Accountants did not know how to calculate the value of a financing lease, which is understandable, since the accounting materials they had in their university program did not include this topic. The treatment of borrowing costs was also a problem, since accountants were not familiar with the concept.