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International Accounting and Reporting Issues - 2013 Review

image of International Accounting and Reporting Issues - 2013 Review
This volume is dedicated to the topic of human capacity development in relation to meeting the requirements for high-quality corporate reporting. Over the past four years, ISAR has been developing and refining a comprehensive approach to achieving high-quality corporate reporting: the Accounting Development Tool (ADT). The ADT dedicates one of its four pillars to the human capacity for achieving high-quality corporate reporting. There are a number of human capacity related challenges that countries face when implementing corporate reporting standards and codes developed at a global level. It also highlights trends such as the adoption and implementation of international standards and codes, the increasing regional and international cooperation among regulators of the accounting profession, and the emergence of education initiatives.

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Case study of the United Republic of Tanzania

The United Republic of Tanzania is a developing country located on the eastern coast of Africa. With a population of 44.92 million (NBS, 2013) its economy is largely dependent on agriculture which accounts for about 25 per cent of the estimated GDP per capita of US$1,700. The Dar es Salaam Stock Exchange (DSE) is the only stock exchange in the country and is located in Dar es Salaam, the capital city. There are 17 companies, of which 11 companies (about 65 per cent) are domestic, listed on the exchange. The total market capitalization is US$8,876.62 million (Dar es Salaam Stock Exchange). The United Republic of Tanzania has a sizable small and medium enterprise sector. It is estimated that there are more than three million SMEs in the country (UNIDO, 2012) with a large proportion of businesses considered to be informal. SMEs and the informal sector in general are considered to be an important source of employment, absorbing about 62.5 per cent of yearly urban labour force compared to 8.5 per cent absorbed by the formal sector.

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