Pattern Analysis of Financial Reporting Practices in Developed and Emerging Nations
Author(s):
Tanisha Parvatikar
Keywords:
Banks, developed countries, Emerging countries, financial reporting practices
Abstract
In developing countries, a lack of advancement in financial reporting practices can have serious repercussions. It fosters corruption and fraud by promoting an environment devoid of openness and accountability. Due to this opacity, local and international investment is discouraged, which hinders economic progress. Doubts regarding the authenticity and dependability of financial information cause a decline in investor confidence, which in turn causes cash to be withheld and a lack of investments. A buildup of non-performing loans and concealed losses as a result of poor reporting practices that fail to recognize risks and vulnerabilities also puts the economy in danger of worsening economic hardship. Hence, this paper offers a thorough examination of the differences between developed and developing country financial reporting patterns. The research looks at the necessity for developing nations to raise their financial reporting standards and contrasts them with those in use in affluent nations. The research also looks at the need of harmonizing financial reporting procedures with global standards and standards of excellence. Also, it advances knowledge of the significance of sound financial reporting procedures for promoting stability and economic progress in developing nations.
Article Details
Unique Paper ID: 160126

Publication Volume & Issue: Volume 9, Issue 12

Page(s): 1215 - 1221
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