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Third World Challenges in Accounting
Most of our world does not have the many resources that most industrialized countries, such as the United States, have. One of the many things they lack is the knowledge and practice of business models and processes. These countries have many problems such as low per capita income, poor living conditions and high unemployment. Today, the third world is divided into several groups: “Newly Industrialized Countries” (NICs), “More Developing Countries” (MDCs) and “Least Developed Countries” (LDCs). NICs describe countries that are surrounded by industrialized countries and the third world. Countries in this category have always experienced rapid economic growth driven by exports and migration of workers from rural areas to urban areas. They share many similarities between underdeveloped countries, but seem to be moving towards more developed countries. MDCs will be countries that are higher than LDCs, but lower than NICs in terms of national income per capita, economic growth and other measures. LDCs refer to countries that are less abundant in any area that helps create economic growth. These countries account for less than 2% of world GDP and 1% of global trade in goods (UN-OHRLLS). As mentioned before, the countries in each of these 3 groups have many things in common that classify them as some kind of third world.
In terms of accounting, these countries face many problems such as poor management, lack of financial control, incomplete/inaccurate information and more. A work report breaks down the problems of accounting in developing countries into 4 areas: Business, Government, Education and Employment. The product describes business problems for private companies in developing countries. This is mainly due to the lack of the necessary personnel to perform the tasks involved such as identification and storage. This problem adds to the lack of accounting fees needed to prepare financial statements and annual reports, which makes these companies seek external financial assistance. Government agencies relations in local and national governments of developed countries and they are weak in accounting. Their problems arise from the use of automatic means of payment, such as cash-flow. As with the problems with private companies, the government shows that there are no qualified workers to carry out financial responsibilities for the country. This will lead to bad management, ineffective management and ultimately will affect foreign trade if the country’s financial information is not well prepared. Bad information can also lead to incorrect information regarding the country’s economy. Educational resources explain the lack of resources to educate qualified students in countries seeking higher education. These materials include textbooks, curriculum content and, once again, lack of qualified staff to teach students. The last component deals with all the accounting profession in our world countries. Most of these countries do not have a working body or a working structure. If there is no advice and training for professional accounting, citizens in these countries working in the accounting field will not be suitable for an accounting job. As another result, this leads to a lack of qualified employees to teach accounting students and to do effective work for private and public companies. (Springer)
Some of the solutions to these accounting problems can be interpreted by first looking at the history of accounting in developing countries. Most of these countries used outdated accounting methods. In addition, we know from the 4 points explained above that the main reasons for poor business performance in developing countries are the lack of qualified accountants and poor management. correct, but other important reasons may not be important for this problem compared to other problems. the country can deal with. In order to find a solution to their problems with the correct accounting standards, developing countries must first give priority to solving these problems. Only then can these countries be willing to seek help from financial experts from developing countries. These professionals will have the skills and knowledge needed to effectively educate third world citizens who are seeking graduate finance. Taking these first 2 steps will open many opportunities for schools and businesses in developing countries to expand their programs for accounting and finance using modern business models and applications got better.
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