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Article
Publication date: 27 July 2018

Pran Krishansing Boolaky, Kamil Omoteso, Masud Usman Ibrahim and Ismail Adelopo

The purpose of this paper is to examine the level of accounting development and the adoption of IFRS in the four foremost economies in the Middle East and North Africa…

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1039

Abstract

Purpose

The purpose of this paper is to examine the level of accounting development and the adoption of IFRS in the four foremost economies in the Middle East and North Africa (MENA)—Egypt, Jordan, Libya and UAE. Through the lens of institutional theory, the study investigates the impact of economic, political, legal and cultural institutions on the development of these countries’ accounting practices and their readiness to use IFRS.

Design/methodology/approach

This research uses accounting development indices obtained from current literature as well as recent World Economic Forum and UNCTAD reports to examine the development of accounting in these MENA countries and their inclination to adopt IFRS.

Findings

The study identifies a number of impediments to the development of accounting practices and adoption of IFRS in these countries. It also reveals that three of the four MENA countries (Egypt, Jordan and UAE) could be placed on a level playing field with their principal trading partners (the US, the UK, Germany and Italy) given the formers’ business environments, methods of raising finance and levels of professional accounting practices.

Research Implications/limitations

Although limited to only four jurisdictions, findings from the study have important implications for investors and parties that are interested in improving the value relevance of the information presented by firms especially in a globalised economy with increasing cross-listing.

Originality/value

This study extends the frontier of knowledge on the development of accounting and IFRS adoption by focusing on the MENA region. It is the first effort that the authors are aware of to adopt such a multifarious approach.

Details

Journal of Accounting in Emerging Economies, vol. 8 no. 3
Type: Research Article
ISSN: 2042-1168

Keywords

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Article
Publication date: 1 August 2018

Pran Krishansing Boolaky, Nitri Mirosea and Kishore Singh

The purpose of this paper is to inquire into the history of government accounting, using a well-grounded periodisation, in order to provide a chronology of government…

Abstract

Purpose

The purpose of this paper is to inquire into the history of government accounting, using a well-grounded periodisation, in order to provide a chronology of government accounting development (GAD) in Indonesia from 1845 to 2015 focusing on development on accounting regulations and systems and practices in local government in Indonesia.

Design/methodology/approach

It collects archival data and then uses a descriptive tradition of research to capture mainly regulatory changes affecting GAD from colonial to post-colonial period.

Findings

The paper reports major regulatory changes, evolution in local government accounting practice, development of government accounting standards (GASt) and converging GASs with international standards.

Research limitations/implications

This study is important to accounting historians and other academics because it provides a detailed chronicle of accounting regulatory changes in Indonesia which can be used for future research. The limitation(s) of this study is that is data collection which was not easily accessible and as results have to rely on various sources.

Practical implications

The study has an important practical implication. It has produced a time series register of regulatory changes affecting GAD in Indonesia. It can be used as a reference document in the National Library of Indonesia and also by academics for future research.

Originality/value

A times series register, for the first time, is produced which provides a comprehensive chronology of accounting development in Indonesia.

Details

Journal of Accounting in Emerging Economies, vol. 8 no. 3
Type: Research Article
ISSN: 2042-1168

Keywords

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Article
Publication date: 17 February 2012

Pran Krishansing Boolaky

The purpose of this paper is to examine the accounting development process and international financial reporting standards (IFRS) in small island economies (SIEs), with…

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2196

Abstract

Purpose

The purpose of this paper is to examine the accounting development process and international financial reporting standards (IFRS) in small island economies (SIEs), with particular reference to Mauritius. SIEs are different from large economies in terms of economic and political dependence, colonial influences and international pressures, as well as vulnerability to natural shocks.

Design/methodology/approach

This paper uses Briston's Accounting Evolutionary Theory (BAET) and the Transcendental Stage of Accounting Development (TSAD) proposed by Boolaky and adopts a descripto‐explanatory research tradition to explain accounting development and IFRS in Mauritius. Data on key development economic policies between 1960 and 2008 are collected and analysed using secondary sources, whereas data related to colonisation and basis of legal system are archived from the National Library.

Findings

Mauritius has experienced little difficulty compared to other countries in the African region such as Madagascar, Mozambique, Angola, Swaziland etc. in its accounting development process because it is used to the Anglo‐Saxon accounting system, has adopted the phase‐by‐phase development process, has an adequate supply of professionally qualified accountants and made IFRS compliance mandatory in 2001 through the revised Companies Act, 2001 and through the revision of other related legislations. As regards IFRS, Mauritius has a legal, political, business and economic environment conducive to sustain IFRS.

Research limitations/implications

This paper applies BAET to examine accounting development from basic book‐keeping to IFRS adoption in Mauritius. It also explains that there is a transcendental stage of accounting development which BAET has not taken into consideration.

Originality/value

There is no previous study which has used BAET and TSAD to examine accounting development and IFRS in small island jurisdictions. Previous studies have mostly focused on large economies. This paper also provides a basis for future research in similar jurisdictions.

Details

Journal of Accounting in Emerging Economies, vol. 2 no. 1
Type: Research Article
ISSN: 2042-1168

Keywords

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Article
Publication date: 1 December 2006

Pran Krishansing Boolaky

This paper uses content analysis to compare International Financial Reporting Standards (IFRS)1 with the Local Accounting Standards (LAS) of South Africa (SA), Mauritius…

Abstract

This paper uses content analysis to compare International Financial Reporting Standards (IFRS)1 with the Local Accounting Standards (LAS) of South Africa (SA), Mauritius and Tanzania. It begins by identifying the equivalence of the local accounting standards of these three countries with IFRS and follows with a content analysis of the definition of terms, accounting treatment and disclosure requirements in the standards. The contents of these three items in each of these countries’ standards are compared with those in the IFRS. A score card is used to record the level of harmony between the LAS and IFRS of each country and between the LAS of each country. The score is compared by running statistical test of significant difference using Wilcoxon Matched Paired test. The paper reports that, except for Tanzania, the local accounting standards of the two other countries are more or less similar to IFRS. As regards the level of harmony between the local accounting standards and IFRS, the score card reveals that the accounting standards of SA are more in harmony with IFRS, followed by Mauritius. A lead table is produced at the end.

Details

Journal of Applied Accounting Research, vol. 8 no. 2
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 1 January 2012

Pran Krishansing Boolaky

This paper aims to investigate the determinants of the strength of auditing and reporting standards (SARS) in 41 European countries. It posits that there are a number of…

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1738

Abstract

Purpose

This paper aims to investigate the determinants of the strength of auditing and reporting standards (SARS) in 41 European countries. It posits that there are a number of country‐level determinants for the SARS and these determinants are grouped into four main categories: legal framework, corporate governance, market and higher education. This study aims to expand the domain of auditing and reporting by using country‐level data than is usually found in the auditing literature.

Design/methodology/approach

Data were accessed from the World Economic Forum (WEF) Report (2009), World Bank Reports on Observation of Standards and Codes (ROSC) and the International Federation of Accountants (IFAC). The ROSC was used to synthesise the status of auditing in the 41 countries, whereas the IFAC report was used to determine the adoption of international standards on auditing. Data on SARS and its determinants were gathered from the WEF Report to empirically examine the validity of the hypotheses. The ranks of SARS were regressed on the ranks of its determinants.

Findings

This paper provides additional empirical evidence on SARS in Europe. It suggests that, in addition to extant literature, judicial independence and efficiency of the legal framework, ethical behaviour of firms, efficacy of corporate boards, strengths of the stock market and extent of staff training in the European countries impact on its SARS.

Research limitations/implications

Because the ROSC are not available for all the European countries, this study could not comment on the status of auditing for all the 41 countries. Second, had the countries been grouped into developed, emerging and developing, the determinants of SARS could be different.

Practical implications

This paper emphasises the importance of the efficiency of legal framework, corporate governance and the training of staff to maintain a reasonable SARS.

Originality/value

This study fills the research gap regarding the absence of an empirical cross‐country study on the determinants of the SARS in Europe

Details

Managerial Auditing Journal, vol. 27 no. 1
Type: Research Article
ISSN: 0268-6902

Keywords

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