A critique of the influence of globalization and convergence of accounting standards in Fiji |
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| Affiliation: | 1. Macquarie University, Sydney, NSW 2109, Australia;2. University of the South Pacific, Suva, Fiji;1. Adam Smith Business School, University of Glasgow, University Avenue, Glasgow, G12 8QQ, Scotland, UK;2. Sheffield University Management School, University of Sheffield, Crookesmoor Building, Conduit Road, Sheffield S10 1FL, England, UK;1. Department of Accounting and Management Control, ESSEC Business School, Singapore;2. Discipline of Accounting, The University of Sydney Business School, Australia;3. Department of Accounting, Faculty of Business and Economics, University of Melbourne, Australia;1. The Bucharest University of Economic Studies, Faculty of Accounting and Management Information Systems, 6 Piaţa Romană, Sector 1, Bucureşti 010374, Romania;2. University of Birmingham, Birmingham Business School, Edgbaston, Birmingham B15 2TT, United Kingdom;1. University of Dundee, United Kingdom;2. University of Strathclyde, United Kingdom;3. University of South Australia, Australia |
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| Abstract: | The globalization of the world's economies has inevitably brought with it moves to establish a single set of financial reporting standards. Prima facie, the formulation and promulgation of International Financial Reporting Standards (IFRSs) is concealed behind reified icons of ‘relevance’. This paper adds a new dimension to the international accounting debate by discussing themes of regulation, public and private interests, from a critical perspective. Specifically, this paper examines the reasons for the willingness to accept IFRSs in Fiji. A critical conception of ‘relevance’ and ‘accountability’ is developed to demonstrate how the needs of private interests’ are met in adopting the IFRSs. This paper demonstrates that in this process of convergence, the influence of these private interests – multinational enterprises and large international accounting firms – can lead to a transfer of economic resources in their favour, wherein the public interests are usually ignored. The paper offers suggestions on how public interest might be best served within the current financial reporting system and how, in principle, the needs to report both globally and locally can be reconciled. |
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