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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

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Globalization is ostensibly a process whereby multinational enterprises may enter developing countries. However, ‘‘[multinational] enterprises are still rare and capital mobility has not yet produced a massive shift of investment or shift in employment from the most to the least industrialized countries’’ (Everett, 2003, p. 418). Therefore, in this process of globalization, if multinational enterprises invest in developing countries, a critical notion of accountability is mediated through reformed accounting structures (Lehman, 2005; Robbins, 1993).

25). 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.

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. 46). In summary, this analysis of Fiji suggests that the following factors may be indicative of a country’s readiness and/or suitability to adopt the IFRS selectively or with a time lag:  a reasonably well-established set of accounting standards already prevailing in the country;  a reasonable number of experienced professional accountants;  education and professional training in line with the IFRS or similar standards;  the presence of some of the Big 4 accounting firms;  a general lack of both a legal backing for the country’s accounting standards and an 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.

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