Accounting in developing countries and emerging economies
It’s not an essay. name is a research project,theory-no case study and problem solving. talking about how accounting cause developing countries and economies,when,why,in past and what will happen in future. also in one part talk about Australia’s accounting that how cause to develop country.
Accounting is positioned well to make a major contribution to the sustained development in the economy. By definition, accounting is the whole process of recording transactions, preparing the financial statements and reporting the financial performance of an entity to the stakeholders in a true and fair way. The disciplines that are includes in the accounting are auditing, financial accounting, tax and managerial accounting, The participants in the economic development of the country, rate the performance of the economic sectors based on the accounting reports that have been prepared by the plays in these sectors. Information is a very vital tool in fostering economic development. This is because; investors rely on the financial information to make an investment in the economy (McGee, 2007). As such, accounting has played a major role in developing the economies of countries around the world.
Accounting techniques and concepts have been changing with time. The changes come from a change in the environment within which the business is run. The business surrounding factors that have led to a change in accounting practice include regulatory, conceptual, technological, social and cultural factors, legal and political environment. Changes are embraced differently in different economies. The state of the economic development that the country is in affects the accounting practice, that is, the accounting practices in the developing countries and developed countries differ slightly (Dunning & Lundan, 2008). This paper will look at the state of the accounting in the developing countries, and the way it has helped these countries to develop their economies. The paper shall also look at the advancement in the accounting practices, in the developing countries. This study endeavours to show the centrality of the accounting in the development of the country’s economy.