Mr. A. Jallow: I want to take a moment in congratulating you for the "Finance/Accounting Discussing List" initiative. This is well overdue. Accounting is a social science that every institution must make an effort in promulgating standards that can vividly illustrate valuation and measurement. Accounting is a branch of applied economics and it provides information and financial transactions for users of that information. As multinational companies are increasing their market share, international accounting is vital for all the stakeholders who are directly or indirectly affected by national borders. Accounting in reality, has many amounts that may differ very substantially according to the principles that govern them. Differences in culture, business practices, political, regulatory structures, currency values, foreign exchange rate, local inflation rates, business risks, and tax codes must be considered in deciding where and how to do business. Financial statements and other disclosures are impossible to understand without an awareness of the underlying accounting principles and business culture. Accounting has been successful in its ability to be transplanted from one national setting to another. Increase developments in telecommunications and computer technology allow information to be recorded, transmitted, and reviewed with a speed of accuracy that was unthinkable just few years ago. Another dimension is the increase in international trade that has made it possible for accounting to serve the interests of business managers and owners. Governments, labor, consumer groups, environmentalists, social activists, and creditors all have interests in the business activities. Accounting is service oriented and has such, remains technically and socially useful. It must respond to ever-changing needs of society and must reflect the cultural, economic, legal, social, and political conditions within which it operates. In the area of international accounting, accountants pay attention to classification. Classification of financial accounting systems permits users to investigate why and how a given system differs. It also helps them in analyzing whether systems are converging or diverging through time. The primary goal of classification is to group countries according to the common elements and distinctive characteristics of their financial accounting systems. This illustration further groups countries as common-law or code law. To be continued. Comrade, Muhammad Lamine Jassey-Conteh ---------------------------------------------------------------------------- To unsubscribe/subscribe or view archives of postings, go to the Gambia-L Web interface at: http://maelstrom.stjohns.edu/archives/gambia-l.html ----------------------------------------------------------------------------