Accounting is acknowledged to be a complex form of socio-economic activity whose historical evolution is co-extensive with that of human civilization. Indeed, it is argued that the rise of capitalism and the current hegemony of global capital would not have been possible without the existence of...

After the implementation of International Financial Reporting Standards (IFRS) in the European Union in 2005, many countries including Canada, United States and Mexico have now announced that they will adopt IFRSs for all listed entities from 2011, 2014 and 2012 respectively. Thus, the process...