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Volume :14 Issue : 53 1988      Add To Cart                                                                    Download

SOME ASPECTS OF ACCOUNTING MEASUREMENT AND DISCLOSURE RELATED TO CORPORATE FINANCIAL REPORTING IN KUWAIT

Auther : SOME ASPECTS OF ACCOUNTING MEASUREMENT AND DISCLOSURE RELATED TO CORPORATE FINANCIAL REPORTING IN KUWABy: Mohammed Ahmed El-Azma andn Yousef Awad El-AdlyIT

 

           Bodies responsible for regulating accounting and auditing functions in Kuwait are increasingly becoming conscious of the importance of improving the information contents of financial reports published by corporations.  As a prerequisite to taking the necessary steps in that direction, adequate consideration should be given first to evaluating the current status of financial disclosure practice by Kuwaiti firms.  Only after deriving a profile of accounting measures currently disclosed in financial reports can regulatory accounting bodies be able to identify the proper avenues for improving current practice.

          The main objective of this paper is two fold:  First, to identify the main areas of deficiencies in the quantity and quality of accounting information disclosed by corporations in Kuwait.  Second, to offer suggestions to bodies charged with regulating accounting and auditing profession in Kuwait as to the possible remedy for any inadequacies, which may exist in current accounting practice.

           The paper is divided into six sections:

   Section I offers an overview of the financial reporting environment in Kuwait.

 Section II presents an account of the current practice of accounting for various sources of finance in accordance with commercial companies’ acts presently in force in Kuwait. This provides the necessary link between some accounting treatments practiced in Kuwait and the nature of regulation as exerted by legislation.

 Section III extends the discussion of the interactive effects of the legal aspects of accounting regulation by considering the main contents of financial statements prepared in accordance with companies’ acts.

 In section IV, a general descriptive methodology for evaluating the degree of disclosure and comprehensiveness of financial reporting outlined. 

 The task of applying such a methodology was taken up in section V, which offers some conclusions based on empirical observations of the contents of published financial reports.

 Section VI offers some suggestions for improving the quality of disclosure and accounting measurement methods to be adopted in the short-run as well as in the long run.

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