THE
INSTITUTIONALIZATION OF ACCOUNTING: THE IMPACT OF NATIONAL STANDARDS ON THE
DEVELOPMENT OF ECONOMIES
Nataliia
Semenyshena
Ternopil
National Economic University
State
Agrarian and Engineering University in Podilya, Ukraine
E-mail: natviksem@gmail.com.br
Nadiya
Khorunzhak
Ternopil
National Economic University, Ukraine
E-mail: n.khorunzhak@ukr.net
Zenovii-Mykhailo
Zadorozhnyi
Ternopil
National Economic University, Ukraine
E-mail: zadoroznuyzenoviy@gmail.com
Submission: 12/28/2019
Accept: 1/7/2020
ABSTRACT
The
purpose of the study is to establish the essence and identification of the
components of institutional accounting theory and substantiate the role and
impact of these components on the national economy through the example of
standardization. The author's general scheme of the institutional paradigm of
institutional accounting and the approach to the development of his theory was
built in the study based on a theoretical, empirical generalization, taking
into account positive foreign experience, national scientific views and
traditions. The examples
of changes in GDP after the introduction of accounting standards (which are a
structural component of institutional accounting theory) in the 8
largest countries of the world are given as an argument for the positive impact
of institutional pragmatics on the national economy using the graphical method.
It is proved that the dynamics that can be used to identify the impact of accounting
standardization on a country's economy may be the dynamics of its GDP. The
expediency of taking into account the institutional environment of Ukraine in
the issues of formalization of the Institute of Accounting, as well as its
political, environmental and social situation is substantiated. The conducted
research confirms the influence of national peculiarities on the results of
activation of institutional accounting principles and the presence of
individual characteristics of values taken as arguments of indicators. It is
substantiated that it is important to find effective indicators to illustrate
the impact of each institutional component of accounting on the national
economy.
Keywords: institutionalization; accounting; institute; accounting standards.
1.
INTRODUCTION
Modern
economic transformations and challenges are changing the attitude of the
individual and society to the accounting system and its role in the activities
of economic entities. The reasons for this are a number of factors. They are
external and internal, weighty and less weighty. But in complex interaction,
these factors not only objectively affect the accounting system. They lead to
its radical restructuring and change. And it is not just about the structural
organization of accounting. The information content and digital interpretation
of the data generated by this unique system is of particular importance.
It
has long been known that information produced by the accounting system has long
been used to substantiate management decisions. The accounting system, without
exaggeration, is the information base that encourages one or another decision.
This is especially true when it comes to world economic development. The main
benefit of a quality accounting system is the promotion of investment
attractiveness, which leads to economic growth. This is explained by a number
of clearly identified and described in the scientific literature the results of
the impact of this system on world and national economic processes.
Accounting
is mega important for the economy, and therefore its improvement is a topical
area of scientific research. There are a number of factors involved in the need
to continue research and find ways to achieve quality accounting improvements.
The most significant of these are the change in managerial inquiries that
results from the genesis of economic systems, globalization, which requires
standardization and unification of accounting, as well as the development of
accounting national and international institutions that shape its current
conceptual framework.
2.
LITERATURE REVIEW
The
globalization of the economy, inherent in the modern stage of human
development, imposes its imprint on all important spheres of its life. There is
no exception to accounting, which is one of the most important management
functions. In the most general form, the changes occurring in the accounting
system are reflected in its targets and implemented through appropriate
transformation processes. The latter not only affect the methodology of
accounting data, but also lead to more dramatic and significant
transformations.
Obviously,
accounting in the current economic environment as a system, practice activity
or a process is not enough, because it is institutionalized, manifested in the
form of characteristic properties inherent in social and economic institutions
and institutional business discourse. In recent years there has been a growing
scientific interest in accounting as a social phenomenon and a specific type of
communication between institutional units (professional, social groups,
authorities). It is necessary to examine essence of accounting through the lens
of institutionalism in order to identify it in such a plane.
We
have to admit that Ukrainian accounting science institutional framework began
to be studied recently. However, the theory and concept of the institute in
world science has a long history. In particular, this trend has developed in
jurisprudence since ancient Rome. Later, in the appropriate adaptive form in
the Middle Ages, it was used in sociology and the doctrines of the state. The
scientific description of this phenomenon (including that of economics and
accounting as its important attribute) is probably made for the first time in
T. Veblen's scholarly monograph on the institutional approach to the study of
society and economics, The Theory of Leisure Class (VEBLEN, 1912).
Later, this direction was
developed by North (2013), who understood that the institute is the limitation
created by man, the “rules of the game” in society, which structure political,
economic and social interaction. These constraints create formal and informal
rules, mechanisms to enforce them, and norms of behaviour (NORTH, 1993).
In
the future, virtually all economists-researchers set themselves the task of
giving the most complete definition of the concept of “institute”, but each of
them focused on one of the most important side of the definition. Therefore,
the “institute” was considered as: a form of thinking, a system of ideas and
volitional manifestations; expectations, customs, behaviours; a set of rules
and regulations, etc. (GLOTOV, 2003).
An analysis of the available
literature sources
on institutional
accounting principles suggests that many Ukrainian authors have expressed the
view that an active component in this field is an institutional component. That
is, they include the determination of the degree of influence of external and
internal factors on the possibility of realization of a project into the tasks
of accounting.
Another example of subjective
consideration of institutionalism in the economy is the proposal to apply
institutional accounting theory to management accounting practices (VAILATTI;
ROSA; VICENTE, 2016). This approach is also based on the application of
institutional analysis methods to evaluate alternative development models, as
it provides guidance on the impact of external and internal factors on an
entity's activities.
It is often found that institutional
theory is used n the literature as the theoretical
framework to explain the development and application of accounting. It becomes
easier to understand accounting as a social and political activity by means of
these studies within itself and thus to be able to understand the economic,
institutional, political and social environment of the turnover of the
practices (particularly in the public sector) (ALDEMIR; UYSAL, 2017).
Scientific
discussions related to positioning the place and role of accounting in
contemporary economic development often move into the institutional line.
Scholars denying the exclusivity of accounting as a system that not only
develops itself but also contributes to the development of national economies
(PUSHKAR, 2007) argue that it does not have features of self-development. In
their opinion, a traditional accounting system is a system that only reflects
an already accomplished economic activity (operation, process) that can no
longer be influenced.
Scholars
who consider accounting as a system that is the basis of information and the
basis for strategic development make their case for not only self-development
but also expansion accounting functions, tasks and powers (KANTSUROV, 2013;
KHORUNZHAK; BENKO, 2002; Sopko,
2012).
At
the same time, both the first and second researchers emphasize the need for the
development of accounting theory, given the emergence of new accounting
objects, its globalization, the development of institutions and the importance
of this type of professional activity.
In
the present day world accounting has become a significant social and business
institution and its development in this capacity requires a brand new theory.
The height of the up-to-date economic thought is the institutional theory
(ZHUK, 2013).
The
relevant factors and institutional constituents of the accounting system are
established and investigated on this basis in Ukrainian accounting science,
their impact on economic indicators is substantiated, the place of each of them
in the management system is determined.
3.
DATA AND METHODOLOGY
Institutional changes that have
engulfed the global economy have certainly affected Ukraine as well. The focus
on European integration and the expansion of international cooperation have
left their mark on the economy of the country and, at the same time and have
led to a series of political events. In this context, innovations that have
been introduced to the accounting system and implemented over the past twenty
years in the neoliberal policy context have led to the fact that the Ukrainian
accounting system, despite its radical reform, does not live up to the
aspirations of institutional players.
There are various reasons for this,
but the lack of an unified concept and understanding of accounting as an
exceptional phenomenon with institutional foundations has a significant impact
on such processes. For a long historical period, accounting has been decided as
a source of information for management decisions. All of these were usually
about ensuring the effectiveness of the entity's activities. Moreover, they are
concerned mainly with internal processes that took place at the enterprise.
That is, a narrowed-down approach to
defining accounting, for which it is largely regarded as a system that serves
to control the use of resources, pay taxes and manage the production process,
has prevailed.
But it should be noted that the
performance of the modern economy depends more on the evolution of mankind,
rather than on the patterns that occur in a single economic entity or even in
the national economy.
At
this stage of development, the decline of the role of wealth and the increase
of the role of symbols (paper money and securities), i.e., the structure of the
resource provision is being followed. Particular attention is paid to the
traditions, which are a special form of transmission of information about rules
of conduct that are passed down from generation to generation. The influence of
the external economic environment, orientation of a particular country on
certain values or examples is always active.
In
spite of the need and importance of the internal levers of self-realization in
the issues of accounting development as the basic basis of stability of the
national economy, the interests of humanity are at the forefront of global
society. The achievement of the latter is largely determined by the political
component, as well as the position of the state in the international economic
market.
Not
all countries have strategically important resource reserves to be active
political players, which can influence their own social and political status,
to be protected from external international interference (including in internal
affairs). In this regard, each country should actively use its own
self-implementation mechanisms, including in such an important area of activity
as accounting.
Processes
of institutional change take place on the basis of self-realization mechanisms,
which take place continuously. The accounting system in the field of
institutionalism should be considered as an economic institution that is
constantly evolving and is a system of theoretical, methodological and
practical concepts of forming information about the activity of an entity. It
is possible to identify the main elements and build a scheme of the overall
institutional accounting paradigm that is implemented in Ukraine based on a
critical assessment of the theoretical concepts of Ukrainian scientists,
current accounting practices and the state of development of institutional
components of accounting (Figure 1).
In
accordance with the above paradigm, as well as the conclusions obtained on the
basis of a critical analysis of scientific publications of Ukrainian and
foreign authors, we can say that in recent years Ukraine has been focusing on
improving the accounting system, which is based on the position of its new
philosophy (Figure 2).
Social
institutions are based on the so-called “rules of the game”, which are the
centre of institutional theory that originated in the late nineteenth and early
twentieth centuries in the writings of North (1993), Veblen (1912), and other
well-known foreign scholars. In Ukraine, the state, which is the highest
institution for coordination of institutional relations, which forms universal
“rules of the game” and creates a base that is expected to balance the
competitive environment, is the guarantor of compliance with these rules.
Figure
1: General Institutional Accounting Paradigm
Source:
independently developed by Nataliia Semenyshena
Figure 2: Institutional approach to the development of accounting theory
Source: it is developed by Nataliia
Semenyshena
4.
RESULTS AND DISCUSSIONS
The
two main regulatory levels of the standards that determine the structure, organization,
methodology and techniques of accounting in the states are the Law of Ukraine
“On Accounting and Financial Reporting in Ukraine” (1996) and the national
accounting standards, which are presented for two sub-sectors of the Ukrainian
economy: production and public sector economy.
The
decision to standardize accounting is likely to be made in Ukraine for several
reasons.
The
first of these is the globalization of the economy and the orientation of the
state towards European integration.
The second
is the interest in creating reliable and comprehensible reports, which is the
basis for the growth of investment attractiveness of the Ukrainian economy.
We
believe that another reason for the standardization of accounting, which is
unrepresented and poorly researched, is economic development indicators that
confirm the appropriateness of such unification.
It
should be noted that in the manufacturing sector and in the public sector,
Ukrainian standards have been formed on the basis of maximum consideration of
the requirements of international financial reporting standards.
To
confirm, we have analysed the dynamics of GDP in several countries after
adopting accounting standards. It is worth acknowledging that as a benchmark of
such a plan may be the amount of profit received, the amount of taxes paid to
the budget, the number of economic entities in the country, and a number of
other important economic indicators.
We
have chosen the subject for investigation GDP as the most common and publicly state
indicator growth.
Everyone
knows that the specific and important regulations that characterize accounting
and form its basis in most countries of the world are accounting standards. It
should be noted that the standardization of accounting in different countries
is carried out in two ways:
1)
through the adoption of national standards based
on IFRS;
2)
through the legislative consolidation of the
adoption of IFRS as the main regulators of accounting by a separate state.
·
So,
example 1: Australia.
Figure 3: Australia: Gross Domestic Product (GDP) in current prices from
1984 to 2024 * (in billion US dollars)
Source: https://www.statista.com/statistics/263573/gross-domestic-product-gdp-of-australia/
·
Example 2: Brazil.
In
Brazil, Corporate Law 11,638, which was adopted in 2007 and came into force in
2008, requires all Brazilian companies to prepare their financial statements in
accordance with a new set of local standards now issued and based on IFRSs.
Figure 4: Brazil: Gross Domestic Product (GDP) per capita in current
prices from 1984 to 2018 (in U.S. dollars)
Source:
https://www.statista.com/statistics/263769/gross-domestic-product-gdp-in-brazil/
Figure 5: Canada: Gross Domestic
Product (GDP) in current prices from 1984 to 2024 (in billion U.S. dollars)
Source:
https://www.statista.com/statistics/263574/gross-domestic-product-gdp-in-canada/
·
Example 4: France.
Figure 6. France: Gross Domestic Product (GDP) in current prices from 1984
to 2024 (in billion U.S. dollars)
Source: https://www.statista.com/statistics/263575/gross-domestic-product-gdp-in-france/
Figure 7: India: Gross domestic product (GDP) in current prices from 1984
to 2024 (in billion US dollars)
Source: https://www.statista.com/statistics/263771/gross-domestic-product-gdp-in-india/
·
Example 6: Russia.
Figure 8: Russia: Gross Domestic Product (GDP) in current prices from 1994
to 2024 (in billion US dollars)
Source:
https://www.statista.com/statistics/263772/gross-domestic-product-gdp-in-russia/
·
Example 7: China
Figure 9: Real GDP, China and the U.S real GDP, 1980-2030
Source:
https://i.pinimg.com/originals/74/0d/9c/740d9ccdc7850d4c0bbc95d4fc1b867f.jpg
and https://www.statista.com/statistics/263770/gross-domestic-product-gdp-of-china/
Example
8: A country that topped the ranking of the best countries for doing business,
compiled by Forbes magazine – New Zealand.
This
year, it topped the rating thanks to a transparent and stable business climate
that encourages entrepreneurship (Figure 10).
Figure 10: New Zealand: Gross Domestic Product
(GDP) in current prices from 1984 to 2024 (in billion U.S. dollars)
Source:https://www.statista.com/statistics/375263/gross-domestic-product-gdp-in-new-zealand/
Similar
indicators can be traced in a number of other countries: Switzerland, Germany,
Norway, Sweden, etc.
As
for Ukraine, this example is not so vivid that it is an exception rather than
the rule (Figure 11 and 12).
But
there are reasons for this. Such reasons need to be explored in detail.
The
process of transforming the accounting system of Ukraine has begun, it can be
said with the approved Program of Accounting Reform December 1, 1998. Ministry
of Finance of Ukraine approved the "List of terms and statements and the
introduction of regulations (standards) of accounting (P(S)A).
On
March 31, 1999, by order of the Minister of Finance of Ukraine, the first 5
accounting standards were introduced: (P(S)A) 1 “General Requirements for
Financial Reporting”; (P(S)A) 2 “Balance”; (P(S)A) 3 “Statement of Financial
Results”; (P(S)A) 4 “Statement of Cash Flows”; P(P(S)A) 5 “Report on equity”.
Figure 11: Ukraine: Gross Domestic Product (GDP) from 1984 to 2021
(billion USD)
Note:
columns are the ratio of current real GDP to GDP in 1991; broken brown line – $
billion in GDP USA (2017 forecast); red line – while maintaining the current
positive difference between the IMF forecast and actual growth
Source:
https://wz.lviv.ua/blogs/368037-dolarovyi-vvp-ukrainy-vyris-za-2017-rik-na-20-5protsent
In
2001, the Audit Chamber of Ukraine adopted the International Standards on
Auditing (ISA) as national standards for Ukraine and approved the "Reform
of accounting and audit in Ukraine" envisages the development of training
programs for IAS and ISA. Ministry of Finance in its action plan to improve
financial control in Ukraine, developed by the Cabinet of Ministers of Ukraine
has proposed to implement 16 activities to bring the accounting system in
accordance with international practice. These measures are included into the
introduction of IAS, the revision of the certification program, adoption of
best practices, the introduction of ISAs and auditing standards to ensure the
introduction of the Audit Chamber and the Union of Auditors.
Thus,
the IAS and IFRS are the basis of national regulations (standards) of
accounting, however, despite having made significant strides in reforming the
accounting system, the state of Ukraine's Institute of Accounting and Reporting
in the public administration system is assessed as critical.
The
problem is in the imperfection of the constituent elements of the domestic
institutional environment and the manifestation of such rules legitimized in
the accounting system as coercive isomorphism. In this regard, it should be
noted that the policy of the state for accounting can both contribute to its
development, and hinder development. In Ukraine, the issue is given low
priority - regulation and accounting methodology, until recently, was held
under the slogan of convergence of national accounting systems with IAS and
IFRS, under the "patronage" of foreign consultants and are still not
perceived practice.
Among
the reasons are: a hasty implementation as a national of international
standards of accounting and financial reporting by government agencies to
impose the priority of tax accounting and statistical observations of the
system of accounting, the removal of sectoral ministries on the formation and
control compliance with the methodology of accounting and reporting, which in
fact led to a lack State control of compliance with accounting standards,
his conduct formal enterprises only to the financial statements of doubtful
validity.
In order to clarify how regulatory
preconditions accounting realizable in practice, it is necessary to analyze the conceptual framework of the accounting system
of Ukraine (Table 1).
Table 1: The conceptual basis of accounting in Ukraine
|
The
conceptual basis |
Accounting |
|
Determination |
Process of identifying, measuring, recording,
storage, collation, storage and transmission of information about the
activities of the enterprise internal and external users for decision-making. |
|
Objectives
(tasks) |
Provide full, accurate and unbiased information to
internal and external users to make certain decisions. |
|
Objects
of accounting |
for assets, liabilities, equity, revenues, expenses,
gains, losses and business-operations. |
|
Community
Information |
Internal users (managers, owners, participants and
property owners of the organization), external users (investors, creditors,
etc.) (Law of Ukraine "On Accounting and Financial
Reporting"). |
|
Accounting
Principles |
- Autonomy |
|
Qualitative characteristics of information included
in reports |
- clarity |
|
Indicators (elements) of financial reporting |
financial indicators and financial results at the microeconomic level: |
|
Toolkit
|
International Financial Reporting Standards, the Program of Accounting Reform Act of Ukraine
"On Accounting and Financial Reporting, Regulation (standards) of
accounting, strategy implementation of International Financial
Reporting Standards, the concept of accounting systems in the agrarian sector
of Ukraine, Guidance, other regulations. |
Analysis of the conceptual framework
of accounting in Ukraine can testify that the accounting - accounting system,
goals and objectives which are consistent with international standards, it is
defined tools and formalized, is available for study, but be aware that it
contains, in case of insufficient in-depth study of the conceptual foundations
of international accounting systems, the risks of distortion, incorrect
interpretation and undervaluation of information emerging in a particular
accounting system.
Figure 12: Ukraine: Gross Domestic Product (GDP) from 1984 to 2019
(billion USD) according to the Take-Profit.Org Exchange Portal
Source:
https://take-profit.org/statistics/gdp/ukraine/
Later
on, new standards were gradually adopted and the old ones improved. One of the
most characteristic trends in accounting development in Ukraine is the active
promotion of the ideas embodied in international accounting and reporting
standards.
Following
adoption of national standards (for the manufacturing sector), GDP growth in
Ukraine, as in other countries, continued until 2008. After 2008, GDP dynamics
were characterized by two recessions, which we associate with the political
situation and military action.
In
today's accounting school, the development of an institutional approach is
relevant, since accounting science in Ukraine was based on principles inherent
in the command and administration system, which adversely affected the strategy
of its development. Institutional accounting theory combines past experience
and current performance, and therefore there is a need to develop fundamental
frameworks that allow for identification of identified and potential impact
factors and help overcome problems in order to achieve the desired results.
From
the above analysis, we can conclude that accounting is an extremely important,
specific and integral part of global economic growth, which more dynamically
exerts its positive influence when guided by accounting standards. As a significant
institutional component, they have an impact on economic development
indicators, in particular on GDP.
Regarding
the analysed countries and their GDP, we can see some similarity in the fall of
GDP after 2012. Although there were no critical crashes, it can be concluded
that there were manifestations of crisis during this period. The exceptions are
India and China, in which GDP has grown steadily and dynamically.
5.
CONCLUSIONS AND RECOMMENDATIONS
The
basis for the development of accounting is institutional support, which allows
for the development of programmatic documents and amendments to the Law of
Ukraine “On Accounting and Financial Reporting in Ukraine”. Analysing domestic
reforms in accounting, we see that today many important points are ignored. In
particular, the philosophy of institutional support, which is an indicator of
the effectiveness of the national accounting system, is not sufficiently taken
into account. Clarification of the institutional paradigm of accounting makes
it possible to emphasize the importance of philosophical thinking in it and to
form an institutional approach to the development of his theory.
It is
clear that to consider the axiom of the arguments given is a rather debatable
proposition. However, we believe that the role of standardization in the
development of national economies can be proved in this way. More detailed
research is needed for more detailed estimates and other factors influencing
such an indicator as GDP. It is equally important to substantiate and propose
other approaches and criteria for assessing the impact of the
institutionalization of accounting (in our case, such component as
standardization) on the country's economy.
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