By Parmod Chand,Christopher Patel
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Sample text
989), even the needs of the country in which they operate. Hopwood (1994) explicitly illustrated that international accounting was the output of worldwide lobbying pressures by the audit industry. Large multinational accounting firms, he explained, have power to command accounting agendas, primarily to serve their own interests. , 1998, p. 531), but are also direct beneficiaries of this process. A standardized set of global standards enables the parent companies to monitor closely and provide highly structured training programs to train their professional accountants all over the world.
IFRS standardize corporate financial reporting across international boundaries and cultures. Users of financial reports of multinational enterprises from different jurisdictions are provided with the same financial information, offering the same insights into their operations. Multinational enterprises cannot be accused of ambiguity in their reporting or of confusing users by reporting different outcomes in different jurisdictions. However, in this process an important factor is overlooked, namely, that although the cost of information may be reduced due to the uniformity in financial reporting, this may not lead to improved quality in the information produced (Haswell & McKinnon, 2003, p.
The adoption of IFRS was seen as an incentive for multinationals and local enterprises to register on the local stock market. However, consistent with the Papua New Guinea experience, the adoption of IFRS has not attained this objective. For example, the SPSE currently has 17 listed companies, having attracted only 5 new listings since 2002 when IFRS were first adopted. Evidence shows that in Fiji less than 4% of equity in companies listed on the SPSE is held by individuals not directly involved in running the enterprises (Patel, 2002, p.