this is because, while these international accounting standards promote the use of
fair value in measuring and reporting all financial instruments, the EU Company
Directive on the other hand does not allow full fair valuation of all liabilities.
Similarly, due to the still existing thin market, it may also be challenging if not
difficult to implement and incorporate the fair value approach as advocated by
the international accounting standard No. 39 in developing countries such as
Uganda which have low or no accounting standards. This is because not all
financial instruments may have easily measurable value. Thus, the notion that a
uniform standard may be applied to all financial reporting may seem too
ambitious and may be naïve simply because the accounting standards such as
fair value accounting may ignore the inherent political and economic influences of
financial reporting.
Furthermore,