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The new international financial architecture: Lessons and experiences from Africa

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  • Erick R. Outa

Abstract

The purpose of this paper is to examine the requirements and successes of the New International Financial Architecture (NIFA) on transparency and corporate governance from a global perspective with a special focus on Africa. In recent years, transparency, accountability and governance have become key topics with many countries around the world having adopted International Financial Reporting Standards (IFRS) and corporate governance codes. The outcomes of these initiatives have been unconvincing. Desktop research was used to gather literature and data on compliance with corporate governance codes and International Financial Reporting Standards (IFRS) and other NIFA requirements. This study established that in spite of many regional and global initiatives by the World Bank and relevant regulators, compliance with IFRS and governance in parts of Africa has yet to reach its best level and guidelines are not fully followed leading to opportunities for improvement and policy adjustments. This research has implications and uses for both global and local institutions and regulators concerned with economic stability and growth including the World Bank, central banks, capital markets and boards of companies and the government in general. The findings contribute to governance debates by providing additional perspectives from Africa on compliance with accounting standards and codes in a region where research and corporate governance and reporting issues are still confusing.

Suggested Citation

  • Erick R. Outa, 2014. "The new international financial architecture: Lessons and experiences from Africa," Revista Ad-Minister, Universidad EAFIT, November.
    • Handle: RePEc:col:000475:012690
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    File URL: http://publicaciones.eafit.edu.co/index.php/administer/article/view/2506
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    References listed on IDEAS

    as
    1. Mary E. Barth & Wayne R. Landsman & Mark H. Lang, 2008. "International Accounting Standards and Accounting Quality," Journal of Accounting Research, Wiley Blackwell, vol. 46(3), pages 467-498, June.
    2. World Bank, 2005. "Poland : Report on the Observance of Standards and Codes (ROSC), Corporate Governance Country Assessment," World Bank Publications - Reports 8763, The World Bank Group.
    3. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    4. World Bank, 2010. "West Bank and Gaza : Report on the Observance of Standards and Codes - Accounting and Auditing," World Bank Publications - Reports 2898, The World Bank Group.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Corporate governance; International Financial Reporting Standards (IFRS); New International Financial Architecture (NIFA); transparency.;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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