Accounting rules 'fail developing countries'
Universal accounting rules inappropriate for developing world, says ICAEW.
The President of the Institute of Chartered Accountants in England and Wales, Paul Druckman, is to warn today that universal accounting rules may be inappropriate for developing countries. Link: Kingfisher’s wings clipped by standards
Universal accounting rules designed for listed companies in Western countries may hinder the growth of companies elsewhere, he is to tell an institute conference in Brussels today, The Times reports.
He said: ‘Financial regulation designed for listed companies operating in advanced economies is unsuitable for the vast majority of other businesses. Standards of thousands of pages impose costs that inhibit growth. International standards cannot be the preserve of an exclusive club.’