The Development of Accounting in the Franc Zone Countries in Africa

Charles Elad

51 citations0/0 files storedThe International Journal of Accounting

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

This paper develops a taxonomy of the different accounting systems that have evolved in Africa from the colonial era, through the early years of independence, to modern times. A preliminary test of the classification scheme for the current era of International Financial Reporting Standards (IFRS) was carried out using data from a PricewaterhouseCoopers (2011) survey. The results confirm Nobes' (2008) hypotheses on patterns of national reaction to IFRS. The results also show that a distinctive approach to financial accounting, which is alien to Anglo-American practitioners, and modeled on long-established French traditions, is still entrenched in Africa's franc zone countries in the 21st century, despite sustained pressure from the World Bank and the International Monetary Fund for large entities to adopt IFRS. These findings provide some evidence against Alexander and Archer's (2000) claim that the contemporary notion of “Anglo-Saxon accounting” is a myth.

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References

1998Towards a General Model of the Reasons for International Differences in Financial Reporting 1983A JUDGEMENTAL INTERNATIONAL CLASSIFICATION OF FINANCIAL REPORTING PRACTICES 2000The Relevance and Observance of the IASC Standards in Developing Countries and the Particular Case of Zimbabwe 2011IFRS Practices and the Persistence of Accounting System Classification 2005Public sector reforms and the public interest 2001Accounting classification and the international harmonisation debate — an empirical investigation 1993An Empirical test of a Judgemental International Classification of Financial Reporting Practices 2008Accounting Classification in the IFRS Era

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2016Have Canada, Japan and Switzerland Adopted IFRS?2020Accounting Regulations and IFRS Adoption in Francophone North African Countries: The Experience of Algeria, Morocco, and Tunisia 2019A review of literature on IFRS in Africa 2018The history of accounting standards in French-speaking African countries since independence 2019The state of IFRS in Africa

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