Development of Accounting lead to development of Fiji or whether development of Fiji leads the development of accounting in Fiji is quite unclear. This study examines the development of accounting regulations in Fiji. The paper demonstrates how accounting emerged and the factors that influenced the development of accounting regulation in Fiji. The Development of accounting regulations in Fiji is divided into two major parts; these are the pre-independence period and the post-independence period. The pre-independence period shows how the indigenous people were organised to generate maximum wealth for the British which lead to the beginning of accounting standards in Fiji. The post-independence further looks at the effects of the capital market structure in the development of the accounting standards. This paper also looks at the recent development in the accounting regulation, namely IFRSs.
Keywords: Fiji, pre-independence, post-independence, social structure, capital market, international accounting standards, international financial reporting standards, and corporate governance.
Accounting is the systematic recording, reporting, and analysis of financial transactions of a business. The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the generally accepted accounting principles. Accounting allows a company to analyse the financial performance of the business, and look at statistics such as net profit. Accounting is often called "the language of business" because it provides much of the information that owners, managers and investors need to evaluate a company's financial performance. These accounting standards in a country are developed over time as per the need and requirements of the country and then revised and amended to best suit is changing needs. As the economy advances, the need for accounting regulations changes to best suit its economy.
This essay looks at the development of accounting...