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:
“When a uniform exercise of kindness to prisoners on our part has been returned by as uniform severity on the part of our enemies, you must excuse me for saying it is high time, by other lessons, to teach respect to the dictates of humanity; in such a case, retaliation becomes an act of benevolence.”
—Thomas Jefferson (1743–1826)
“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)