By Parmod Chand,Christopher Patel
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Extra info for Achieving Global Convergence of Financial Reporting Standards. Implications from the South Pacific Region
Equity ﬁnancing in the private sector has consistently remained low. In summary, this analysis of Papua New Guinea suggests that the following factors may be indicative of a country’s readiness and/or suitability to adopt the IFRS in their entirety: lack of a well-deﬁned and comprehensive set of accounting standards in the country; a reasonable number of experienced professional accountants; educational and professional training in line with the IFRS or similar standards; the presence of some of the Big 4 accounting ﬁrms; International Convergence of Financial Reporting Standards 19 legal backing for the country’s accounting standards and an ‘‘active’’ independent regulator to facilitate the implementation and enforcement of accounting standards; and an increasing portion of equity ﬁnancing in the private sector or an intention to move in that direction by attracting multinational enterprises.
3. 6 The political nature of accounting standards, the opportunistic lobbying of various stakeholders, and the struggle of the accounting profession to control the regulatory process have long been recognized (Rahman, 1988; Stoddart, 2000; Walker, 1987; Zeff, 1972). Some jurisdictions, notably the United States and Australia, have taken the regulatory process under the wing of a government agency, to avoid its being captured by the profession. For example, the United States has taken steps through the Sarbanes–Oxley legislation to strengthen the regulator’s independence (Herz, 2002; Schipper, 2003).
AAS are issued by the professional accounting bodies and members of the accounting bodies are required to comply with these standards. ’’ This concept operating in Australia and New Zealand binds all reporting entities by a single set of standards, irrespective of which sector they operate in and whether they are publicly or privately owned. When Australian paragraphs are included in the standard to accommodate Australian legislative requirements, the preﬁx ‘‘Aus’’ is added to the paragraph. For example, AASB 137 Provisions, Contingent Liabilities and Contingent Assets, while based on IAS 37, includes paragraphs dealing with issues unique to not-for-proﬁt entities.