The Evolution of Accounting Practices in Lesotho: From Colonial Influences to Contemporary Standards

Matthew O. Omotoso, Francis A. Oni and Tilo Nteboheleng
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Matthew O. Omotoso: Department of Business Administration (Accounting), National University of Lesotho, Roma, Maseru
Francis A. Oni: Department of Business Administration (Accounting), National University of Lesotho, Roma, Maseru
Tilo Nteboheleng: Department of Business Administration (Accounting), National University of Lesotho, Roma, Maseru

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 10, 325-342

Abstract: This research explores the historical trajectory of accounting practices in Lesotho, from their origins during the colonial era to the adoption of current international standards. Adopting a qualitative historical analysis methodology, the study systematically examines governmental records, archival sources, early financial statements, and academic literature to trace the introduction of Western accounting systems by British colonial administrators. These systems gradually replaced the indigenous Basotho approaches to trade and record-keeping. Special attention is given to Lesotho’s adoption of International Financial Reporting Standards (IFRS) through the full adoption method, which was implemented to align the nation’s financial reporting with global practices. The research also assesses relevant financial laws and regulatory frameworks to highlight the significant changes shaping Lesotho’s accounting landscape. The findings reveal a nuanced interaction between colonial legacies, local traditions, and globalization, underscoring ongoing challenges in balancing cultural preservation with the demands of a modern economy. This study provides new insights into the evolution of accounting practices in Lesotho, reflecting the complex interplay between tradition and international accounting standards.

Date: 2024
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