Conclusion Firms and governments in the developing world have made strides

Conclusion firms and governments in the developing

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Conclusion Firms and governments in the developing world have made strides towards adopting standardised global accounting practices. Various drivers have spurred this development on both local and international scale. Adoption of these standards has been beneficial to these countries in various ways. It has helped boost investor confidence, which has seen increased investment in developing countries. It has also led to improvement in ease of doing business within these countries. Other benefits include integration into the global economy and improved governance. However, nations like India and China face many challenges when it comes to accounting reliability, effectiveness, and compliance. In both China and India, the successful adoption of IFRS is due to a mix of institutional incentives and capacity for the application of global auditing and accounting norms. Empirical evidence outlines that IFRS benefits are realised when a framework that includes legal safeguards, competent personnel, and regular enforcement and monitoring supports IFRS application.
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Accounting in Emerging Economies 10 Reference List Baaba Amanamah, Richmell. 2017. Benefits and Challenges of International Financial Reporting Standards Adoption in Ghana: Accounts and Business Managers’ Perspective . International Journal of Accounting and Financial Reporting . Vol. 7. . Barth, Mary E, Wayne R Landsman, and Mark H Lang. 2008. “International Accounting Standards and Accounting Quality.” Journal of Accounting Research 46 (3). John Wiley & Sons, Ltd (10.1111): 467–98. . Bhattacharjee, Sumon, and Muhammad Zahirul Islam. 2009. “Problems of Adoption and Application of International Financial Reporting Standards (IFRS) in Bangladesh.” International Journal of Business and Management 4 (12). . Cai, Francis, and Hannah Wong. 2010. The Effect of IFRS Adoption on Global Market Integration . International Business & Economics Research Journal (IBER) . Vol. 9. . Chen, Huifa, Qingliang Tang, Yihong Jiang, and Zhijun Lin. 2010. “The Role of International Financial Reporting Standards in Accounting Quality: Evidence from the European Union.” Journal of International Financial Management & Accounting 21 (20). Chua, Wai Fong, and Stephen L Taylor. 2008. “The Rise and Rise of IFRS: An Examination of IFRS Diffusion.” Journal of Accounting and Public Policy 27 (6): 462–73. . Cieslewicz, Joshua K. 2014. “Relationships between National Economic Culture, Institutions, and Accounting: Implications for IFRS.” Critical Perspectives on Accounting 25 (6). Academic Press: 511–28. . DiMaggio, Paul J, and Walter W Powell. 1983. “The Iron Cage Revisited: Institutional
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Accounting in Emerging Economies 11 Isomorphism and Collective Rationality in Organizational Fields.” American Sociological Review 48 (2). [American Sociological Association, Sage Publications, Inc.]: 147–60. .
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  • Spring '20
  • International Financial Reporting Standards, Developed country

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