By Parmod Chand,Christopher Patel
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Additional resources for Achieving Global Convergence of Financial Reporting Standards. Implications from the South Pacific Region
In addition, individual-level factors, such as human judgment, can also affect convergence of accounting practices. Human judgment factors need further research to see how they affect accounting decisions in a single country and convergence across countries. The ﬁndings of such studies may assist national standard setters to identify the approach for adopting the IFRS most suitable to their context. NOTES 1. The distinction between accounting harmonization and accounting convergence has already been noted in Chapter 1.
The IASB cannot take cognizance of the individual national, cultural, and political factors of all its member nations while preparing IFRS. , 2005). Therefore, of critical importance is the fundamental question: Who gains the most from harmonization/convergence and their informal, discretionary, and spatially diverse modes of coordination, and what are the roles of other international organizations in this process? , 2003; Lehman, 2005). , Briston, 1978; Chandler, 1992; Haswell & McKinnon, 2003; Hove, 1986, 1990; Perera, 1985, 1989a, 1989b; Samuels & Oliga, 1982).
Given the political instability and the limited level of international investment in the country, adoption of the entire set of IFRS was advocated largely as a means to attract funds, especially from multinational enterprises (Joint Statement of PNGASB, 1998). In spite of this, the Port Moresby Stock Exchange currently has only 20 listed companies, having been unable to attract many multinational enterprises to register. 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.
Achieving Global Convergence of Financial Reporting Standards. Implications from the South Pacific Region by Parmod Chand,Christopher Patel