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影响会计的原因

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影响会计的原因 Ksenija Černe∗ UDK 675.012 Review Pregledni rad INFLUENTIAL FACTORS OF COUNTRY'S ACCOUNTING SYSTEM DEVELOPMENT ABSTRACT The accounting system of each country is affected by different influential factors. As there is a very sma...
影响会计的原因
Ksenija Černe∗ UDK 675.012 Review Pregledni rad INFLUENTIAL FACTORS OF COUNTRY'S ACCOUNTING SYSTEM DEVELOPMENT ABSTRACT The accounting system of each country is affected by different influential factors. As there is a very small possibility that influential factors of two countries will be equal, they can also be considered as generators of national specificities. The level of differences of each influential factor between countries implicates the intensity of accounting differences at the international level. The actuality of international accounting harmonization issues imposes the need of consideration and detailed examination of factors that influence the development and accounting system in one country. Considering the different classification of factors mentioned above, as well as factors which are extracted or specially emphasised in literature, some of them are described. JEL: M 41 Key words: accounting system, influential factor, classification 1. INTRODUCTION As a social science, accounting is affected by the environment in which it operates, but at the same time, it is one of the factors impacting on this same environment. This is a fact that points to the interdependency of accounting and its environment. A country’s accounting system is affected by a variety of historical, economic, socio – cultural, institutional, and other non – accounting factors, so it is highly unlikely for the influential factors of any two countries to be exactly the same. Therefore, it can be logically assumed that the factors affecting the development of a country’s accounting system are also the generators of special national traits and, thus, the generators of differences between accounting systems at the international level. After all, just as countries have different histories and political and legal order or even value systems, so will their accounting systems have more or less differing development and operating model. In the literature, affirming or refuting the importance of individual factors from the environment on the development of a country’s accounting system generally comes down to citing and describing impact factors, while few efforts have been made to quantifiably assert these factors or discern their interdependence that would account for the dissimilarities of accounting systems of countries based on the susceptibility of accounting to diverse business environments. Several comments on influential factors can be singled out from the literature. For example, Saudagaran (Saudagaran, 2004, 3 – 7) lists ten influential factors, while pointing out that this is not an exhaustive list, and that the intensity of differences in accounting at the international level depends upon the intensity of dissimilarities of individual factors between ∗ Sveučilište Jurja Dobrile u Puli, Odjel za ekonomiju i turizam «Dr. Mijo Mirković» Pula, Preradovićeva 1/1, 52100 Pula; e-mail: ksenija.cerne@efpu.hr Članak primljenu u uredništvo: 18.02.2009. countries. In this case, he lists the following factors that affect a country’s accounting development: 1) Type of capital market, 2) Financial reporting system, 3) Types of business entities, 4) Legislative system, 5) Application degree of legislation, 6) Inflation level, 7) Political and economic relations with other countries, 8) Status of the accounting profession, 9) Existence of a conceptual framework, 10) Quality of education in accounting. In addition to the above, influential factors can also be classified as (Choi, Mueller, 1992, 39 – 43): 1) Legal system, 2) Political system, 3) Nature of ownership, 4) Differences in the size and complexity of business entities, 5) Social climate, 6) Level of sophistication of administration and the financial community, 7) Level of legislative interference in the operations of entities, 8) Existence of specific accounting legislation, 9) Speed of business innovations, 10) Level of economic development, 11) Growth pattern of an economy, 12) Status of professional education and profession associations. Other factors of influence also mentioned in the literature include (Mueller, Gernon, Meek, 1987, 10 – 15) 1) Relationships between business entities and sources of capital, 2) Political and economic relations with other countries, 3) Legal system, 4) Level of inflation, 5) Size and complexity of business entities, level of sophistication of business management and the financial community, and the general level of education. Finally, it is interesting to point out the claim that, notwithstanding all the frequently cited influential factors, five factors are all that are needed to explain how different reporting objectives are the cause of international differences in financial and accounting reporting. Basic models have been established in which the major influential factors are expressed as the following model variables: 1) A country’s culture, 2) Strength of the system of external sources of funding, 3) Types of business entities, 4) A country’s level of cultural independence, 5) Financial reporting system (Nobes, 1998, 177 – 180). Based on the above classification of influential factors, on factors that repeatedly appear in individual classifications, as well as on factors that certain authors particularly emphasise, several influential factors have been singled out and are explained in detail in the following section. That this paper focuses more on some factors and less on others results from the fact that the literature reviewed does not deal equally with all factors. 2. CAPITAL MARKET The literature points to several factors affecting how an accounting system develops and is shaped that could be grouped under “capital market” as a common denominator1. Namely, although fundamentally different financing systems are involved, in this case the term “capital market” encompasses both the level of development of financial instruments and the globalisation level of a given capital market. Differences in financing systems Business entities within different accounting systems basically rely on earned capital; their external sources of funding, however, may differ. Therefore, depending on whether funds are raised by issuing securities or through credit loans from financial institutions, accounting systems can be characterised as those whose main source of funding is either the stock market (equity-oriented) (Saudagaran, 2004, 3) or a bank (debt-oriented) (Saudagaran, 2004, 3)2. In such a context, a capital market, through its attributes, impacts on a country’s 1 For example: Types of capital markets (Saudagaran, S.M., 2004.); The relation between business entities and capital sources (Mueller, Gernon, Meek, 1987.); Financing systems (Nobes, 1998.) 2 Alike mentioned in the text, Zysman (1983) also distinguishes three types of financing systems: a) Systems based on capital markets where prices are determined at the competitive markets; b) Credit based systems where financial reporting system. This impact primarily depends on who are the investors or creditors (individuals, banks, a state), who are the information users and what are their information needs, as well as how many of them there are and what is their association to business entities. Namely, financial reports and the accounting information they hold are an indispensable and vital source of data on the performance of business entities regardless of the financing system and its attributes. For example, in countries whose businesses raise funds by issuing securities, investors see financial reports as a very important source of information about the performance of these businesses because investors have limited access to alternative sources of information. Hence reporting is directed towards and focused at their information need, regardless of whether they are investors in stocks or bonds, as countries with this type of system also have developed proprietary securities markets as well as debt securities markets. Because of the large number of stockholders and the impossibility of contacting each one individually, financial reports should be transparent and contain a sufficient amount of information to indicate how a business is performing. In systems in which the major sources of funding are banks' credits, with usually a few very powerful banks meeting most financial needs, financial reports are based on the information needs of creditors and are focused on their protection. The information needs of banks are often met through personal contacts and/or direct access to reports, which is the difference when compared to transparent financial reports mentioned above. In a way, exclusive access to information diminishes the need for developing a more open and informative reporting system. Although these business entities are also obliged to make public their financial reports, these reports differ in their scope of information from the ones previously mentioned. Level of development of capital markets In addition to the mode of funding, the level of development of capital markets also influences a country’s financial reporting. Briefly, in systems with developed securities markets, new and more complex financial instruments emerge that need to be covered and monitored in terms of accounting, causing changes to the contents of financial reports. Conversely, in systems in which long-term indebtedness with banks and simple financial instruments prevail, there is no need for frequent changes to the method of accounting coverage and monitoring to keep abreast of any possible financial innovations. With regard to the importance and strength of the capital market as an influential factor, it is necessary to mention the proposal for classifying countries according to their financing system and, concurrently, to their reporting system. This is a classification system that classifies countries with regard to the relation between prevailing sources of funding (securities or loans) and information users who have either unlimited (“insiders”) or limited (“outsiders”) access to information. In this context, “outsiders” (Nobes, 1998, 166) refers to those information users who are not board members and do not enjoy preferential treatment within a business. “Outsiders” include stockholders as individuals and some of the institutions or other business entities that engage in investment. Likewise, “insiders” (Nobes, 1998, 166) enjoy close-knit and long term-focused relationships with businesses in which they have invested, and this gives them an exclusive right to frequent and timely financial information. By placing the types of information users in relation to the sources of funding, four systems emerge within which countries can be classified3, as illustrated in Table 1. companies are more reliant on grants credit. It usually means banks, whether under the influence of governments or not; and c) Credit based systems where financial institutions are dominant (according to Nobes, 1998, 166.) 3 The purpose of classification, or classifying accounting systems into classes or clusters, is grouping of accounting systems according to common characteristics. The classification should determine and demonstrate Table 1 Financing systems and financial – report users – Proposal for developing Zysman’s (1983) classification of financing systems according to Nobes (1998) Loan-based financing system Securities-based financing system “Insiders” prevail, i.e. information users with unlimited access to information I III “Outsiders” prevail, i.e. information users with limited access to information II IV Source: Nobes, C.: Towards a General Model of the Reasons for International Differences in Financial Reporting, ABACUS, Vol.34, 1998, No. 2, p. 166. If we were to disregard the fact that in any country there probably exist more than just one of the systems observed (for example, a small family business will be funded through bank loans, and a large joint-stock company, by issuing stocks) and to assume, in theory, that in each country only one financing system prevails, then the major portion of countries would belong to Group I (prevalence of insiders, and loan – based funding) and to Group IV (prevalence of outsiders, and securities – based funding). Accordingly, the accounting systems of Group I countries will be more heavily focused on protecting creditors, while the accounting systems of Group IV countries will be characterised by reporting that focuses on the owners of securities. The level of globalisation of capital markets Finally, accounting systems and financial reporting systems are also influenced by a capital market’s level of globalisation, viewed in the context of foreign businesses entering domestic capital markets. If such business entities are from countries whose accounting system is characterised by high standards in drawing up and publishing financial reports, then they will exert a direct influence on raising the general level of financial reporting in the country they are entering. Likewise, a country’s financial reporting systems will not be influenced by businesses coming from countries in which high standards are not set for making and publishing financial reports. 3. FINANCIAL REPORTING SYSTEM In explaining the preceding factor, we have explained its influence on financial reporting. On the other hand, considering a financial reporting system in the context of individual influential factor primarily implies the existence of singular or dual, that is, separate or joint reporting for business and taxation needs. In accounting systems in which rules are set based on individual decisions of precedence (Koletnik, 2001, 6) (Anglo-Saxon countries), tax reports are independent of financial reports that are external – user oriented, and are drawn up autonomously and independently of tax regulations. It is different in countries whose accounting systems are based on Roman law (Austria, Germany), that is, where accounting rules are stipulated and fixed by a country’s regulations, thus leaving them the main common attributes of accounting systems in clusters as well as characteristics which are crucial for their differentiation. Generally, classification is important for understanding and analysing significant facts and formulating relations between them. with little elasticity (Koletnik, 2001, 6). In this case, there is a single reporting system, with minor differences existing between reporting for tax purposes and reporting for business purposes. In other words, the association or non – association of accounting reporting with tax and business purposes will impact on and determine the attributes of the financial reporting system itself. 4. LEGAL SYSTEM The previously described influential factor implies an understanding of the legal system as a factor in how an accounting system is created and how it operates. The legal systems of most countries can be classified as systems marked by strict adherence to laws and regulations (Code law; legalistic; Roman law) (Saudagaran, 2004, 7; Mueller, Gernon, Meek, 1987, 13; Choi, Mueller, 1992, 40; Buchanan, 2003, 66 – 67), or as systems in which common law (Common law; non – legalistic) is predominant (Saudagaran, 2004, 7; Mueller, Gernon, Meek, 1987, 13; Choi, Mueller, 1992, 40; Buchanan, 2003, 66 – 67). Hence, in the relevant literature, this factor is very frequently mentioned in the context of classifying accounting systems either under the Anglo-Saxon cluster or the Continental Europe cluster. Characteristic of an accounting system influenced by Roman law is the legalisation of accounting standards and procedures. Prescribed by a country’s regulations, accounting rules are very detailed and comprehensive, leaving a very small margin for interpretation and no possibility for improvising. In this type of conservative and inadaptable system, the role of the accountant consists in literary applying prescribed and detailed legal requirements, with special emphasis on protecting creditors. Conversely, in accounting systems, which are under the influence of Anglo – Saxon rules and in which rules are set based on individual decisions, accounting rules and policies are set by professional organisations operating in the private sector. This type of legal system is more adaptable, more innovative and more topical than the system described above, and it focuses on transparent and timely financial reports, as well as on the information needs and protection of investors. 5. POLITICAL SYSTEM, POLITICAL AND ECONOMIC RELATIONS AMONG COUNTRIES The political system as an influential factor is often mentioned in the literature under the term of colonial inheritance (Nobes, 1998, 170) and as such, it is considered a major influential factor of accounting systems and reporting systems alike. The impact of this factor is also evident through history, with invading countries imposing their political, as well as their accounting system on the countries they have conquered and colonised. It is also a fact that many countries, upon gaining independence, have continued to use the same political and accounting system even though it no longer suits their current needs and economic situation, whereas others have opted for a different political and accounting system4. The influence of a political system is reflected in the strong effect of other cultures on certain countries because of their size (small), low level of their development or their previous colonial status. 4 Just as an example, Commonwealth nations’ accounting systems are under great influence of British accounting system (Saudagaran, 2004, 8). In fact, the accounting system of almost every former British colony has its roots in British accounting model (Australia, New Zealand, Malaysia, Pakistan, India, and South Africa). The influence of Dutch accounting system is also evident in the Indonesian accounting, as well as German and French in their former colonies, or American accounting system influence to Canada, Mexico or Filipinas. (Mueller, Gernon, Meek, 1987, 12) The influence of economic relations among countries on developing and designing an accounting system is the result of developed international exchange. Accordingly, a country’s accounting system can be affected by the accounting system of another country because its geographical position makes it a neighbour, and also because the former represents a large export market for the latter, with many of its businesses going over to the other’s securities market (Canada and the U.S., for example). 6. QUALITY OF ACCOUNTING EDUCATION AND THE STATUS OF THE ACCOUNTING PROFESSION In the literature, the quality of education in the field of accounting is often referred to as a factor in the development and design of an accounting system. Various authors agree that this factor, if lacking, can represent a constraining factor in accounting system development5. While the quality of accounting education is directly influenced by a society’s general level of knowledge, it is also affected by other factors such as the
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