Enforcement and compliance of mandatory accounting standards in emerging economies: the case of Pakistan

Monirul Alam Hossain and Mohammad Nurunnabi

International Journal of Managerial and Financial Accounting, 2011, vol. 3, issue 2, 200-218

Abstract: The objective of this study is to analyse the status of accounting standard in Pakistan as an example of an emerging economy. This paper proposed to set up a separate Accounting Standards Board of Pakistan (ASBP), a private sector organisation that includes a wider participation in the adoption and issuance of the Pakistan Accounting Standards (PASs), which in turn reflects the views of different user groups of Pakistan. The study concludes that the compliance of mandatory PASs can be ensured by ensuring highly monitoring and enforcing policy. If a company fails to comply with the PASs, the Securities and Exchange Commission of Pakistan (SECP) should take punitive measures or disciplinary actions (fine or expulsion from the respective institutes) against the directors of the respective companies in order to revise their financial statements.

Keywords: accounting standards; compliance; enforcement; International Financial Reporting Standards; IFRS; emerging economies; Pakistan; financial statements. (search for similar items in EconPapers)
Date: 2011
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