International Trade in Services.pdf - DSpace at Khazar University

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264 International Trade in Services The accounting profession is highly integrated internationally. The “big four” accounting firms (Deloitte Touche Tomatsu, Ernst & Young, KPMG, and Price - waterhouseCoopers) play a dominant role globally and account for more than three-quarters of the profession’s revenues in many countries. 1 Moreover, the growing implementation of internationally recognized accounting standards and laws helps countries instill confidence in commercial transactions and facilitates trade and investment. This credibility-enhancing effect is particularly important for developing countries that are striving to attract foreign capital. This chapter synthesizes background information on the accounting profession and discusses policy initiatives that decision makers interested in developing the profession can undertake to improve regulatory conditions at home and gain access to potential export markets. The first section provides an overview of the accounting profession and illustrates the extent and benefits of trade in accounting services. Initiatives to pursue a policy dialogue at the national and regional levels to identify trade-related issues and constraints are then discussed, and potential policy initiatives to build professional value and improve market access abroad are presented. What Is the Situation of and What Are the Prospects for Trade in Accounting Services While it is difficult to obtain comprehensive data for developed and developing countries, it can be seen in figure 8.1 that, in 2006, total revenue generated in the global accounting market amounted to US$215 billion, with annual growth rates Figure 8.1. The Rising Global Revenues of Accounting Firms 250 5.4% average annual growth 200 US$, billions 150 100 50 Source: Datamonitor (2007). 0 2002 2003 2004 2005 2006
Accounting Services 265 exceeding 5 percent. Privatization programs, increased attention to accurate financial statements, and the adoption of international accounting standards can be expected to continue to propel growth in the sector, which will entail expanded employment and offer new opportunities for professionals and university graduates with the appropriate credentials. A good example is Tunisia, which experienced a 50 percent increase in employment in the accounting profession between 1997 and 2004 after the country had established a well-defined accounting framework requiring professionals to ensure that public and corporate reports accurately reflected the economic situation of the organizations examined (World Bank 2008). While detailed data on the exports of accounting services are scarce, the available information suggests that a broad range of countries participate in the trade in accounting services. Some middle-income countries, such as Cyprus, the Czech Republic, and Hungary, generate substantial income from accounting service exports (table 8.1). Table 8.1. Exports of Accounting and Consulting Services, 2007 Country Exports (US$ millions) Country Exports (US$ millions) Albania 0.309 Latvia 14.400 Armenia 1.561 Lithuania 14.291 Austria 81.248 Macedonia, FYR a 20.369 Azerbaijan 1.630 Madagascar b 0.090 Bangladesh 1.046 Moldova 1.350 Belarus b 1.000 Mozambique b 8.505 Bulgaria 18.702 Netherlands Antilles 15.497 Cyprus 475.351 Norway 125.279 Czech Republic 203.909 Pakistan 12.000 Estonia 9.381 Portugal 581.341 Finland 35.213 Romania 45.000 Georgia 0.521 Russia 232.900 Guinea 0.150 Serbia 33.716 Hungary 333.658 Sierra Leone c 0.018 India a 194.812 Slovak Republic 40.700 Italy 381.259 Sweden 485.584 Jamaica 0.240 Tajikistan 1.208 Kazakhstan 24.258 Tonga 0.287 Korea, Rep. 69.600 Source: International Monetary Fund balance of payments statistics, http://www.imf.org/external/np/sta/bop/bop.htm. a. 2006. b. 2005. c. 2003.
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Public Disclosure Authorized Public
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International Trade in Services New
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CONTENTS About the Editors and Cont
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Contents vii Boxes 2.1 Extent of Te
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Contents ix 1.4 Worker Remittances
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Contents xi 6.6 A Checklist of Ques
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xiv About the Editors and Contribut
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xvi Foreword Beyond describing the
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xviii Acknowledgments Finally, this
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1 Assessing the Potential of Servic
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Assessing the Potential of Services
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2 Increasing Labor Mobility: Option
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Increasing Labor Mobility 31 unders
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Table 2.2. Quantitative Estimates o
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Borjas, George “Heaven’s Doors:
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Increasing Labor Mobility 37 contri
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Increasing Labor Mobility 39 must h
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Worker categories covered Specifica
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Provisions on professionals Annex o
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Increasing Labor Mobility 45 The EU
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Table 2.7. Agreements between Austr
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Specified quotas n.a. Entry subject
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Increasing Labor Mobility 55 Figure
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Increasing Labor Mobility 57 Bilate
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Increasing Labor Mobility 59 Jamaic
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Increasing Labor Mobility 61 factor
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Increasing Labor Mobility 63 indivi
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Increasing Labor Mobility 65 that a
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3 Legal Services: Does More Trade R
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Legal Services: Does More Trade Rhy
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Table 3.3. Trade in Legal Services:
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Table 3.8. Uruguay Round Commitment
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Page 241 and 242: 7 Exporting Information Technology
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Page 275 and 276: Brunei Darussalam 48.2 2.9 2,954 66
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Page 279 and 280: Norway 85.0 30.6 31,726 82.0 78.0 5
Page 281 and 282: Uganda 3.6 — 306 5.1 — 170.0 41
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Page 291 and 292: Accounting Services 269 The account
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Page 303 and 304: Accounting Services 281 Table 8.6.
Page 305 and 306: Accounting Services 283 Restriction
Page 307 and 308: Accounting Services 285 Commercial
Page 309 and 310: Accounting Services 287 Colleges of
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Page 313: Accounting Services 291 IESBA (Inte
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350 Index Association of Certified
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352 Index Convention on Combating B
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354 Index Former Yugoslav Republic
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356 Index International Public Sect
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358 Index migrants. See labor mobil
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360 Index public-private partnershi
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362 Index Thailand construction ser
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ECO-AUDIT Environmental Benefits St
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