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The Role of Accounting in the Developing Economy of the Kingdom of Tonga

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The Role of Accounting in the Developing Economy of the Kingdom of Tonga University of Wollongong Research Online University of Wollongong Thesis Collection University of Wollongong Thesis Collections 1996 The oler of accounting in the developing economy of the Kingdom of Tonga Sione Leimoni Taufu'i University of Wollongong Recommended Citation Taufu'i, Sione Leimoni, The or le of accounting in the developing economy of the Kingdom of Tonga, Doctor of Philosophy thesis, Department of Accounting and Finance, University of Wollongong, 1996. http://ro.uow.edu.au/theses/1030 Research Online is the open access institutional repository for the University of Wollongong. For further information contact the UOW Library: [email protected] THE ROLE OF ACCOUNTING IN THE DEVELOPING ECONOMY OF THE KINGDOM OF TONGA A thesis submitted in fulfilment of the requirements for the award of the degree Doctor of Philosophy from UNIVERSITY OF WOLLONGONG by Sione Leimoni Taufu'i BA in Accounting/Economics (USP, Fiji); MCom (Honours) in Accountancy Department of Accounting and Finance January 1996 Declaration I hereby declare that this thesis has never previously been submitted for any other degree and is the result of my own independent research. Sione Leimoni Taufu'i ii Acknowledgements At completion, the study bears this author's name. However, it is more than customary, it is an obligation to acknowledge those whose sincere efforts and cooperation made this study possible. Realising that words can only partially express my gratitude to many individuals who have helped to make it possible, I wish to extend my appreciation to: Professor Michael J. Gaffikin for his continued interest, support and advice throughout the conception, research and writing of this thesis, and for the effort and constructive supervision he has provided. I owe an immeasurable debt, and it is impossible to convey fully the extent of his patient, guidance and encouragement throughout the preparation of my thesis. Professor Laughlin, Professor Tony Tinker, Dr Mary Day and all the staff of the Department of Accounting and Finance at the University of Wollongong and the University of the South Pacific in Suva for their time, interest and valuable suggestions during the writing of this thesis. Prime Minister for Tonga, Hon Baron Vaea for his gracious interest, support and invaluable help in this work. I was deeply privileged and greatly honoured to be nominated and granted the approval for the undertaking of this study. Minister for Labour, Commerce and Industries, Hon Kinikinilau Fakafanua for his continued interest, support and valuable contribution in this work. Secretary for Labour, Commerce and Industries, William Bill Harris and his staff for their valuable contribution and assistance in gathering the necessary data for this study that made my research easier and enjoyable. My parents, sisters and brothers for their prayers, constant support and encouragement I needed in the face of adversity, for their care, love and affection, which make the completion of this task all the more worthwhile. My wife, Meleane Fulivai I express my deepest and sincerest gratitude for her help, support, patient, understanding and encouragement during the entire PhD program. She shared with me many moments of frustration, disappointment, and rejoicing. Without her support, this study could have never been possible. My daughters, 'Emeli Lolohea (Jnr) and Taufa Popaofehi, and my son, Sione Moala (Jnr) for keeping the place alive and enjoyable. I would like to express my gratitude to all those who, in one way or another, kindly assisted me both in my research and the preparation of this thesis. I feel indebted to so many that it is impossible to acknowledge everyone by name, but I would ask those whose names do not appear on these pages to accept my smcere thanks for their help. iii Abstract The island Kingdom of Tonga has been facing a difficult problem in trying to achieve sustained economic growth through the formulation and implementation of development plans. Such development plans are dependent, among other things, upon the availability of relevant and reliable economic information. However, the availability of accounting information to help implement economic decisions have been widely criticised as deficient, irrelevant and often lacking credibility. This has been due to the absence of well-defined reporting practices and procedures whereby such requirements, whether statutory or legal are strictly followed and enforced. Accounting and auditing practices are not formalised in Tonga nor is the role of accounting and accountants in providing the data necessary for decisions relevant to economic development well defined. As a result financial reporting of firms provides little information needed for allocation of resources and investment decisions. As a consequence, investors are disinclined to provide the capital necessary to expanding economies. These allegations have prompted this research study. Therefore, an attempt at improving the quality of accounting in Tonga, as a source of information function, would require a research study to accurately determine the country's needs, and the role of accounting in the country's economic development process. This is very important because there is a lack of awareness in all sectors of the economy of the role and the potential contribution that accounting can offer in the economic development effort. The purpose of this study is to explore the role of accounting and accountants in the economic development process of Tonga. This analysis will not prove that accounting is the most important element, however, it will show that accounting has a positive role to play in this process. An ethnographic approach was used for this research which involved participant-observation. Interviews were conducted with accountants, managers, executives, and public officials in Tonga. Documentations and financial reports were also collected from businesses, statutory boards and government departments. The study revealed that accounting development in Tonga is a direct product of its environment with cultural influences as the major contribution to the prolonged non-existence of any accounting and auditing standards. It was also revealed that accounting has a positive role to play in the economic development of Tonga which is evident in the need for reliable and timely data for the preparation of financial statements, allocation of resources, and improvement in the use of existing resources. Full realisation of this role is dependent upon the ability of the government and accountants to develop accepted national accounting and auditing standards that are fully recognised and enforce by law. iv Table of Contents Acknowledgments m Abstract 1v Chapter One: Introduction Introduction 1 Research Problem 3 Objective of the Study 4 Significant of the Study 5 Concept of Role 6 Definition of Accounting 8 The Significance of Economic Development in Developing Economies 10 Research Methodology 13 Scope and Limitations 16 Presentation of the Study 17 Chapter Two: Accounting in Developing Economies: An Overview Introduction 19 A Literature Search 20 Developing Countries Defined 27 Accounting and its Environmental Factors 29 Historical influences 31 Government involvement 32 Economic conditions 33 Sociocultural factors 35 Educational influences 38 Accounting profession 40 The Accounting Function in Developing Countries 41 Accounting and Economic Development 44 Accounting and economic planning 49 Capital formation 52 Taxation 54 Summary 57 v Chapter Three: The Economic and Business Environment in Tonga Introduction 59 Geographic and Historical Background 60 Political Framework 62 Population and Labour 63 Economic and Business Environment 65 Agricultural sector 67 Manufacturing and tourism 69 Development plans 71 Financial sector 75 Summary 77 Chapter Four: Doing Research at Home: An ethnographic Reconstruction of the Research Settings Introduction 79 The Research Settings 80 Gaining entry and acceptance of the church and school establishments into Tonga 82 History and Modern Tongan Society 84 Social System 86 The Ministry of Labour, Commerce and Industries 89 The Research Task 92 Getting Access 97 Summary 103 Chapter Five: Accounting Regulation and the Profession Introduction 106 Accounting Education llO Regulation of Accounting l12 Audit Law 118 Company Audit 119 Public Audit 123 Tax Law 126 Accounting Profession 129 Summary 134 Vl Chapter Six: Cultural Determinism in Accounting Introduction 136 Culture and Accounting 138 Culture and Accounting in Tonga 141 Language 141 Attitudinal behaviour and perception 143 Religion 146 Traditional functions and gift-giving' s 151 Hofstede' s Theoretical Framework 153 Summary 162 Chapter Seven: Accounting and the Private Sector Introduction 164 Investor 166 Investment requirements in Tonga 167 Creditor-Capital Market 181 Financial Information and Capital Markets in Tonga 183 Users of Financial Reports in Tonga 187 Summary 192 Chapter Eight: Conclusions and Recommendations Introduction 194 Summary 195 Recommendations 207 Directions for Further Research 210 Appendix 1 211 Appendix 2 215 Bibliography 222 vii CHAPTER ONE INTRODUCTION Abstract Progress is a temporal notion. The claim for progress necessitates comparison over time. Moreover, it requires some acceptable basis for evaluation: on what basis can progress be claimed? Nevertheless, it probably is safe to claim that progress has been the rationale for a considerable part of all human action: what would life be like without the wheel? (Gaffikin 1984, 7)
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