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Development of Accounting Regulations and Practices in Kuwait: An Analytical Review
Author(s) -
Almujamed Hesham,
Tahat Yasean,
Omran, Mohamed,
Dunne Theresa
Publication year - 2017
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.22295
Subject(s) - accounting , parliament , politics , order (exchange) , accounting information system , management accounting , business , public relations , political science , finance , law
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 accounting 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 as a coherent hole. Such a holistic approach should facilitate a clear understanding of current practices and serve to guide future accounting regulatory reform. This study should be of interest to academicians, practitioners and regulators, who seek to develop accounting practices, disclosures and regulations. © 2017 Wiley Periodicals, Inc.