oa Comparative and International Law Journal of Southern Africa - Company reporting - a comparison between a developing and developed country situation

Volume 17, Issue 2
  • ISSN : 0010-4051



There would seem to be no necessity to have a complicated Companies Act in a developing country. Where secondary financial markets and stock exchanges do not exist, the disclosure requirements may not need the same emphasis as a company operating in a developed economy where share movements and dealings are entered into by a large proportion of the community. However with the advent of the multi-national company there is need for safe-guards and detailed reports to be prepared and made available to government in the developing country. This requirement should be specifically incorporated into the companies legislation of the developing country particularly as although such companies are small in number their economic influence, both actual and potential, may be very significant. Also it is considered that even the private companies should be required to report on activities such as training and manpower utilisation which are significant in a developing country situation. Although some reliance may be placed on self regulation by the accountancy profession, this is only possible if the accountants and auditors within the country can be regulated by a forceful and internationally acceptable society. As a professional society does not exist regulation must be imposed through a Companies Act. This paper should be taken into account when formulating and updating company legislation in Swaziland.

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