By V. Murinde
This sequence arose out of the idea that the foreign accounting literature should still commit extra awareness to the examine of the accounting difficulties and problems with rising economies (developing and newly industrialized countries). via an expanding knowledge of the genuine matters and the accounting practices encouraged in it, those works became suitable to the particular wishes of its readers, and is making genuine contributions to the accounting improvement means of rising economies. The volumes awarded objective to: increase the extent of curiosity within the particular difficulties of accounting in rising economies; and raise expertise of genuine concerns, in order that accounting in those nations won't simply be visible as a question of copying what's performed within the industrialized nations. It offers an authoritative review of the study and growth during this box.
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Additional info for Accounting, Banking and Corporate Financial Management in Emerging Economies, Volume 7
In well-developed market economies, it is usual for bundles of assets to change hands at a premium to their market or fair values, resulting in the need for consolidated ﬁnancial statements to accommodate the positive goodwill on consolidation that arises as a result of the transactions. This is the expectation at least in the United Kingdom (UK), for example, which may be seen from the attitude of the UK’s Accounting Standards Board (ASB) to negative goodwill on consolidation (ASB, 1997, App. III, para.
For example, the bundles of assets traded were encumbered with unrecorded liabilities representing the costs of modernisation or the restructuring required to transform the business into a viable market participant. In the light of such factors, in transition economies, bundles of assets may be acquired at a substantial discount to their market or fair values, resulting in the creation of material amounts of negative goodwill on consolidation. However, over time, and assuming the success of economic reform policies, the incidence and amount of negative goodwill on consolidation will decrease (and that of positive goodwill on consolidation increase) as the transition economy increasingly adheres to well-developed market economy conditions.
The detailed accounting rules that related to positive and negative goodwill on consolidation during this period were as follows. Both positive and negative goodwill on consolidation were required to be determined by reference to the group share of net assets acquired measured at market values (Art. 58(2)). This requirement is important for the purposes of this paper because it endows the resulting goodwill amounts with an economic signiﬁcance, which would otherwise be lacking were the amounts calculated with reference to unadjusted book values at the acquisition date.
Accounting, Banking and Corporate Financial Management in Emerging Economies, Volume 7 by V. Murinde