Issue Information

• DOI: http://doi.org/10.1002/jcaf.22230
• Published date: 01 September 2017
• Date: 01 September 2017

VOLUME 28, NUMBER 6 • September/October 2017

The Journal of

Letter From the Editor

James B. Edwards

Features

Understanding the New International Ethics Standards

Steven A. Harrast and Amy Swaney

The new International Ethics Standards Board for Accountants (IESBA) standard on non-

compliance with laws and regulations (NOCLAR) has been adopted by over 100 countries,

including Canada and Mexico and is well on the way to becoming the global standard for

accounting ethics. U.S. accounting professionals may become subject to the IESBA standard

by working in a country or jurisdiction that has adopted the standard, working as part of a

professional network that has adopted the standard, or performing services for a company

that is part of a group governed by IESBA standards. While the IESBA standard resembles

U.S. standards, it is more inclusive. U.S. standards exclude from consideration illegal acts (simi-

lar to NOCLAR) that do not have a material effect on the financial statements, while IESBA

standards includes NOCLAR even when not material. Accounting professionals should

recognize that they may have broader responsibilities for resolving NOCLAR when working

under IESBA standards.

Development of Accounting Regulations and Practices in Kuwait: An Analytical Review

Hesham Almujamed, Yasean Tahat, Mohamed Omran, and Theresa Dunne

To provide an institutional insight into Kuwait’s current accounting practices and regulations

and their potential for advancement, this study addresses a number of key institutional issues

including economic and political influences, the legal system classification, and cultural settings.

The study adopts an institutional approach in order to facilitate an understanding of the role

institutional factors have played on accounting practices and regulations in Kuwait. Economic,

political, and legal factors are found to be directly linked to specific features of the account-

ing system. Kuwaiti Parliament is a key player in the formation of all economic and political

policies issued regarding business practices in general, and accounting ones in particular. The

professions need to assert themselves and make sure that their voices are not lost in a sea

of competing concerns regarding regulatory reform. Our analytical review brings together a

diverse body of knowledge and attempts to understand accounting environment in Kuwait

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