ACCA is well known for advancing
imperialism and subjugation of developing countries. It believes that the
world's accounting, from Afghanistan to America, should be the same. The
market model of accounting and auditing has failed, as evidenced by numerous
scandals. But ACCA's leaders don't seem to be able to reflect on this.
Islamic ethics and accounting cannot easily be reconciled with concepts
such as the shareholder's funds, historical cost , prudence and many other
western accounting concepts. None of this bothers ACCA. Its main concerns
are money and indoctrination of future accountants. It does not want the
local populations to develop their own practices and live good lives according
to their own principles. Instead, it encourages dependency.
ACCA does not support the idea of international accounting rules being developed
by the United Nations (UN). Instead, it wants to hand over public policy
making to an unaccountable body, the International Accounting Standards Board
(IASB). The IASB is funded by big accountancy firms and big business. It
even asked Enron for money. Big business does not give money away. It makes
investment. The return is weak accounting policies. The IASB is not accountable
to anyone. It does not owe a 'duty of care' to anyone. It is not under the
control of any sovereign state or democratic politics. It has no mandate
from the people to make decisions on matters such as the distribution of
income, wealth and risks.
The result of shifting rule making to the IASB would be that at times of
major crisis, the nation states would be at the mercy of organisations, such
as the IASB. This is a recipe for domestic strife and international conflict.
As always, ACCA's masters have shown inability to think about the issues.