Rationale For Uniform Practices
The lack of transparent accounting standards in some nations has been cited as increasing the difficulty of doing business in them. In particular, the Asian financial meltdown in the late 1990s has been partially attributed due to the lack of detailed accounting standards. Giant firms in some Asian countries were able to take advantage of their poorly devised accounting standards to cover up immense debts and losses, which yielded a collective effect that eventually led the whole region into financial crisis.
Read more about this topic: Standard Accounting Practice
Famous quotes containing the words uniform and/or practices:
“An accent mark, perhaps, instead of a whole western accent—a point of punctuation rather than a uniform twang. That is how it should be worn: as a quiet point of character reference, an apt phrase of sartorial allusion—macho, sotto voce.”
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“To learn a vocation, you also have to learn the frauds it practices and the promises it breaks.”
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