Question 1. Regulation ( unit 3) Chapter 3 of the course text discusses several

Question

Question 1.

Regulation ( unit 3)
Chapter 3 of the course text discusses several approaches to setting accounting standards.
In relation to your own country ( for my case it would be Fiji), discuss whether accounting standards should be
set by:
a.) the government
b.) the accounting profession; or
c.) some other body / approach
Support your arguments using at least theory of regulation discussed in Chapter 3 of the course text.

Additional Note:

To answer the question, course text book chapter 3 have to be referred to.

link to access the text book chapter : http://www.sekoyen.com/Accounting%20Theory%207th%20edition%20Isi1118592712538.pd

Accounting standard setters in Fiji are Fiji Institute of Accountants, its url ------ www.fia.org.fj

Instructions and Guidelines

1. Word Limit
Write 400-500 words
Disclose the word count in your final submission
If your assignment exceeds the word limit, check that all your content is relevant, avoid repetition of the same ideas and

paraphrase lengthy quotes.
the word limit will test your ability to provide a concise argument which priorities the strongest points.

2. Style Guide
use a font size of 12 or larger
you may use tables, graphs, subheadings, color etc. However you may not use bullet points

3. Referencing
follow the APA referencing system
you may use a maximum of 3 reference including articles from peer- retrieved accounting journal.
The articles must have been published in the last 5 years i.e 2012 on wards
you may only use one direct quotation for the question

Explanation / Answer

Answer B:

In Fiji, Accounting standards are set by Fiji Institute of Accountants (FIA) is a statutory body established under the Fiji Institute of Accountants Act, for the accounting profession in Fiji.

Since its inception in 1972 FIA has achieved recognition as a premier accounting bodya not only in Fiji but also regionally, for its contribution in education, professional development and the maintenence of accounting, auditing and ethical standards.

The affairs of the institute are managed by the council in accordance with the provisions of the FIA Act and rules. The council consits of 9 council members representing both practicing accountants and commerce and elected by members.

The Institute Corporat ePlan describes the working environment of teh institue sets out the Vision, Mission and Valeus, as well as the objective and strategies to achieve them, and is a key part of teh Institute strategic management process.

As the 2007-12 Cororate plan nered its end, a review was under taken to set teh diection for the future. A three year plan period covering 2012 to 2015 was decided upon givne the rapid cahnges in the accounting profession globallhy and the need to undertake speedier reforms.

The objective of FIA is to adopt internationally recognised standards in accounting, auditing, assurance and quality control, ethicks, public sector accounting and accounting education.

As rgards with professinal development FIA implement high quality, timely and responsive professional programmes to meet members' and market needs.

The globalization of the worlds economies has inevitably brought with it moves to estalish a single set of financial reporting standards. Prime pacie, the formulation and promulgation of International Finncail Reporting Standards (IFRS) is concealed behind reified icones of 'relevance'

This chapter adds a new dimention to th einternational Accounting debate by discussing theries of regulatation, publci adn private intersts for a critical perspective. Specifically the chapter examines the reasons for the demonstrate how teh need of private interests are met in adopting the IFRS. This study demonstates that in this process of convergence, the influence of private - multinational enterpirses and large international accounting firms- can lead ot a transfer of economic resources in their favlur, whether in piblic interest ar eusually ignored. The institute emphasize in this chapter 3 how public interst must be best served with the current fjnancial reporting system and how in principle, teh needs to report both globallyand logically can be reconciled.

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