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:
“We know, Mr. Weller—we, who are men of the world—that a good uniform must work its way with the women, sooner or later.”
—Charles Dickens (1812–1870)
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—H.L. (Henry Lewis)