Chapter 2 enrironmental influence on accounting development

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2.3.3 Economic Factors

Economic environment is important to the development of accounting. The economic environment includes two macro and micro aspects. For the macro aspect, factors such as the type of economic system chosen, the level and growth rate of income, the extent of government intervention and expenditures, inflation, and the level of exports, etc. may imply a specific impact on accounting development, which needs to be investigated. For the micro aspect, factors, such as the source of funds, differences in size and complexity of business firms, level of sophistication of business management and the financial community etc. may also influence accounting’s development. Other factors such as ties to other countries, and degree of international activity may also exert influence on accounting development.

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