A reliable and efficient accounting system plays a vital role in the economics
of a country. This has never been truer than it is today, as markets are becoming
more and more global allowing for business, investment, knowledge and
transactions to take place across many borders. There is increased pressure on
corporations and countries for reliable, relevant and accurate data. According to a
study conducted by the United Nations (UNO 2008), the benefits of a reliable
financial reporting framework for a country include greater economic growth, more
efficient allocation of resources, lower cost of capital, greater comparability of
financial information for investors, and a greater willingness on the part of investors
to invest cross border.