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:
“He may be a very nice man. But I haven’t got the time to figure that out. All I know is, he’s got a uniform and a gun and I have to relate to him that way. That’s the only way to relate to him because one of us may have to die.”
—James Baldwin (1924–1987)
“They that have grown old in a single state are generally found to be morose, fretful and captious; tenacious of their own practices and maxims; soon offended by contradiction or negligence; and impatient of any association but with those that will watch their nod, and submit themselves to unlimited authority.”
—Samuel Johnson (1709–1784)