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Development of accounting regulation in Jordan

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  • Al-Akra, Mahmoud
  • Jahangir Ali, Muhammad
  • Marashdeh, Omar
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    Abstract

    This study examines the development of accounting regulation in Jordan with emphasis on the dominant environmental factors that influence it. In order to have a better understanding of Jordan's present accounting practices, and its future development tendencies, we examine the path of accounting in Jordan since the early days of the nineteenth century, and analyze how Jordan's accounting environment -- political, economic, legal and cultural -- influenced the development of accounting in Jordan. We also examine Jordan's recent move towards full adoption of International Financial Reporting Standards (IFRS) and find that Jordan's colonial past has exerted a strong influence. In addition, we conclude that political and economic factors, through privatization and the resulting accounting reforms, contributed more to the development of accounting practices than other environmental factors. Privatization led to reforming Jordan's disclosure regulation and laying down of the corporate-governance policy framework. Our conclusions could be of interest to other countries, particularly developing countries, who want to improve the quality of their accounting disclosures and practices.

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    File URL: http://www.sciencedirect.com/science/article/B6W4P-4W4JR51-1/2/9c04968bba52726b2c5fe86b6353e80b
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    Bibliographic Info

    Article provided by Elsevier in its journal The International Journal of Accounting.

    Volume (Year): 44 (2009)
    Issue (Month): 2 (June)
    Pages: 163-186

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    Handle: RePEc:eee:accoun:v:44:y:2009:i:2:p:163-186

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    Web page: http://www.elsevier.com/locate/inca/620179

    Related research

    Keywords: Accounting regulation International Financial Reporting Standards Corporate governance Accounting practices Jordan;

    References

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    1. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02.
    2. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
    3. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
    4. Cooke, Terence E. & Wallace, R. S. Olusegun, 1990. "Financial disclosure regulation and its environment: A review and further analysis," Journal of Accounting and Public Policy, Elsevier, vol. 9(2), pages 79-110.
    5. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
    6. Beard, Victoria & Al-Rai, Ziad, 1999. "Collection and Transmission of Accounting Information Across Cultural Borders: The Case of US MNEs in Jordan," The International Journal of Accounting, Elsevier, vol. 34(1), pages 133-150.
    7. Belkaoui, Ahmed, 1983. "Economic, political, and civil indicators and reporting and disclosure adequacy: Empirical investigation," Journal of Accounting and Public Policy, Elsevier, vol. 2(3), pages 207-219.
    8. Aivazian, Varouj & Booth, Laurence & Cleary, Sean, 2003. "Dividend policy and the organization of capital markets," Journal of Multinational Financial Management, Elsevier, vol. 13(2), pages 101-121, April.
    9. Maria K. Boutchkova & William L. Megginson, 2000. "Privatization and the Rise of Global Capital Markets," Financial Management, Financial Management Association, vol. 29(4), Winter.
    10. Chau, Gerald K. & Gray, Sidney J., 2002. "Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore," The International Journal of Accounting, Elsevier, vol. 37(2), pages 247-265.
    11. Archambault, Jeffrey J. & Archambault, Marie E., 2003. "A multinational test of determinants of corporate disclosure," The International Journal of Accounting, Elsevier, vol. 38(2), pages 173-194.
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