accountants
To some extent, it can be summarized that regular application of an appropriate accounting system by accountants can help the corporations to minimize the lost and also make the company possible to focus direct available resources on more productive sections rather than continuing to spend money on items that are accomplishing little or nothing for the enterprise.
3.1 Overview of Modern Accounting Regulations in the World
In this market-oriented economy, organizations are striving to offer customers maximum value at minimum price. Since they have more control over cost than price, the obvious option is to turn towards accounting management to address the seemingly paradoxical situation of offering more value at lesser price and still maintain profitability. The accounting management requires an integrated approach, involving both strategic and operational areas. For the operational areas, corporate governance framework is considered to be the main thing included in it.
3.1.1 Accounting System and Corporate Governance in the Western Countries
The main characteristics of western accounting system is that it is highly dominated by organized accounting profession, which only relate to limited liability companies, no other such entity (Shields, Chow, Kato and Nakagawa, 1991). In most Western countries, a separate fiscal accounting has been developed entirely from commercial accounting.
3.1.2 Accounting System in Asian
Along with the rapid development of the scientific technologies, there has been a great change in the competitive environment faced by modern enterprises. The rise in the proportion of production expenses causes the accounting management methods unable to provide accurate cost information, therefore giving rise to the emergence of the activity-based management system (Wijewardena and De, 1999). The accounting management methods are traditional ways for the single cost drive allocation. As a new accounting management system created, it not only solves the distribution problems of the intermediate expense, more importantly it provide an advanced management concept and it makes use of the information from the
assignment accounting management, thus able to conduct the management and strategic decision (Mitchell, 1994).
3.1.3 Accounting System in Africa
In the West African countries, the OCAM (Organisation Commune des Afrique et Madagascar) accounting plan and the UDEAC (Union Douaniere des Economie de l'Afrique Centrale) accounting plan were created in 1970 and 1974 for the member countries (Briston, 1978). This kind of accounting method is neither a law nor a doctrine. Nevertheless, it is frequently edited so that the accounting profession conducts their duties properly. To some extent, referential
guidelines are provided for collection of the accounting thoughts and ideas across the country.
3.2 Factors Influence Accounting Practices
3.2.1 Political Factors
In general, corporations in some Asian countries give absolute power to the dominant shareholder of state-owned shares while the others in western areas approaches from outsider supervision to enhance insider supervision. What’s more, Chinese Confucian traditions encourage employees to show respect for superior and not challenge the managers
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