Issue Information

Published date01 September 2017
Date01 September 2017
VOLUME 28, NUMBER 6 • September/October 2017
The Journal of
Letter From the Editor
James B. Edwards
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

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT