Tag Archives: Regulation

The Extent of Corporate Disclosure of Information by the Companies in CARs and Its Regulations: Implications in Bangladesh (Published)

The relative weight of developing countries regulations in CARs disclosures have been growing hurriedly over recent years. The study is an attempt to examine of disclosure of financial information upon adoption of International Accounting Standards (IASs) in Bangladesh. In international accounting arena disclosure is the key to understanding one country’s accounting system. As they continue integrating into the global trading and financial systems, they need to strengthen their respective national accounting infrastructures, essential to attract and provide services to international investments and institutional and technical capacities to be able to comply with international requirements, standards and codes. The accounting system of each country is affected by different influential factors. Issues concerning developing countries in relation to accounting, and in particular international accounting, have generated considerable interest among accounting scholars and practitioners in both developed and emerging countries. In this paper, the researcher has examined the impact of British colonial influence, regulation, and mandatory IASs/IFRSs on disclosure of Corporate Annual Reports (CARs) of Bangladesh. This study showed that the British colonial influence through the adopted the former British Laws is prevalent on the accounting systems of Bangladesh and has a greater impact on the financial reporting practices of the companies’ financial reporting practices. The Securities and Exchange Ordinance 1969, Bangladesh Bank Order 1972, Securities and Exchange Rules 1987, Bank Companies Act 1991, Financial Institutions Act 1993, Securities and Exchange Commission Act 1993, Companies Act 1994 and Bankruptcy Act 1997 are the most important legislations to govern the corporate financial reporting environment in Bangladesh. Since 1983, Bangladesh is trying to adopt the International Accounting Standards (IASs/IFRS) which has become mandatory from 2000 for the listed companies for preparation and auditing of financial statements. It has found that the Companies Act 1994 does not contain any provision for mandatory observance of the adopted IFRSs and ISAs in practice which has made the unlisted companies to follow IASss/IFRSs compulsorily. In addition, to ensure more transparency in accounting system and disclosure of important accounting policies of banks and financial institutions in Bangladesh, the Central Bank (Bangladesh Bank) issued a circular (BRPD) Circular No. 3/2000 dated 18/04/2000) for mandatory adoption of IAS-30. As a result, since 2000, all banks in Bangladesh are required to use the IAS-30 in the preparation of their corporate annual reports. Further, the Securities Exchange Commission (SEC) of Bangladesh has passed Corporate Governance Guidelines in February 2006 that expect to increase the level of disclosure made the listed companies in Bangladesh.

 

Keywords: Accounting Standards, Accounting Systems, Colonial Power International Accounting Standards, Disclosure, Financial Reporting, IFRS, Regulation, SEC

Financial Regulation: Budget deficit management in post-independence Uzbekistan (Published)

The paper aims to study the important macroeconomic financial regulation problems such as budget deficit management in post-independence years of Uzbekistan.  The factors of budget deficit, the ways of its reduction and the financing mechanisms were studied using documenary analysis, economic and statistical methods of research. The research revealed that high level of centralized investments, negative effect of existed exchange regime, high subsidies for Pensions fund, compensation of agricultural losses due to bad wheather conditions and geopolitical situation required voluminous expenses. At the same time, change in tax rules, sharp decline of the income base of enterprises reduced budget revenies in the studied period. The results of research can be used as a basis for further fundamental researchs and to improving public policy and increase the efficiency of measures of budget deficit management in emerging markets.

Keywords: Budget, Expenditure, Regulation, Revenue, Uzbekistan, deficit

The Political Economy of Oil Marketing In Developing Countries: An Analysis of the Politics of Petroleum and Petroleum Politics in Ghana. (Published)

This article probed the politics of subsidy in developing countries.  In spite of the adoption of neoliberal policies of capitalism where production, distribution and exchange of goods and services are supposed to be in the realm of the private sphere, most developing economies are still ingrained unrepentantly in sacrificing scarce national resources meant for infrastructural development on subsidies while scavenging for loans from the International Financial Institutions for development.  This paper focuses on Ghana’s experience of the unbridled subsidies on petroleum products in spite of the striking parallels that exist between the state’s economic resources and the sustainability of petroleum subsidies. This paper argue that Ghana’s economic challenges in recent times, and its indebtedness to Oil Marketing Companies (OMCs) are as a result of the unbridled subsidy and politicization of petroleum products since Ghana’s Fourth Republic.

Keywords: Deregulation, Marketing, Petroleum, Political Economy, Regulation, Subsidy

The Political Economy of Oil Marketing In Developing Countries: An Analysis of the Politics of Petroleum and Petroleum Politics in Ghana (Published)

This article probed the politics of subsidy in developing countries.  In spite of the adoption of neoliberal policies of capitalism where production, distribution and exchange of goods and services are supposed to be in the realm of the private sphere, most developing economies are still ingrained unrepentantly in sacrificing scarce national resources meant for infrastructural development on subsidies while scavenging for loans from the International Financial Institutions for development.  This paper focuses on Ghana’s experience of the unbridled subsidies on petroleum products in spite of the striking parallels that exist between the state’s economic resources and the sustainability of petroleum subsidies. This paper argue that Ghana’s economic challenges in recent times, and its indebtedness to Oil Marketing Companies (OMCs) are as a result of the unbridled subsidy and politicization of petroleum products since Ghana’s Fourth Republic.

Keywords: Deregulation, Marketing, Petroleum, Political Economy, Regulation, Subsidy

Regulatory Challenges in the Upgrading and Maintenance of Standards in Teachers’ Professionalism in Nigeria (Published)

The compliance with minimum regulatory standards in the practice of teaching is bound to promote a competent, dedicated and productive classroom teacher for character molding and qualitative education. In Nigeria, issues of professionalization of teaching have continued to suffer from setbacks resulting to poor remuneration, low self-esteem and quackery in the teaching profession. This scenario negates the promotion and achievement of functional educational system at all levels. This paper examined the challenges militating against the attainment of minimum regulatory standards in teaching despite its pioneering effort as the mother of all professions. It adopted the exporatory approach to examine the various trend analysis and used the institutional framework design through secondary literature and observation to justapose the structures of teaching with other professional bodies. Based on the challenges,it recommended the institutionalization of a professional body for the upgrading, coordination and enforcement of minimum regulations to benefit members in raising the status of the teaching profession to meet global competiveness.

Keywords: Code, Education, Ethics, Membership, Profession, Quality, Regulation, Standard, Teacher

NGO LAWS IN BANGLADESH: THE NEED TO HARMONIZE (Published)

In recent years, although the national Non-Government Organizations (NGO) have become vital items on the development agenda of the Bangladeshi government, however, there is still no single uniform law and authority for regulating and monitoring this sector. The current laws fail to regulate the operation of the sector and that is a big threat to the healthy growth of the organizations to serve the society. This paper will select, analyze and compare the existing statutory laws regarding the regulation of NGOs in Bangladesh. In addition, this paper will critically examine the inadequacies of the existing legal structure to specifically highlight the need to devise a legal framework that both facilitates the operational activities of an NGO and regulates its governance. Finally, the paper will recommend the framing of a modern uniform NGO law in Bangladesh that can commensurately serve the public. Qualitative and quantitative analytical research methods have been applied primarily; besides, a non-doctrinal method has also been applied in this paper

Keywords: Bangladesh, NGO, Non-Government, Organization, Regulation

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