Introduction
The last decade has been one of constant changes in theory and practice in the economic sphere. The decade has also been one where significant changes in the thinking and organization of control structure in the financial sector have taken place, where regulatory functions hitherto exercised by the State have been gradually but certainly passed on to statutory supervisory bodies which have been established as independent operators. All these have brought about exciting times with new and fresh research in the financial sector leading to the adoption of new structures and products. It is the financial sector that has, in the recent years, shown phenomenal growth. This has led to very important changes in the thinking and adoption of practices in the commercial world.
Changes in accounting theory and practices have not been ignored by these developments. Globalization which has led to a breakdown in the geographical barriers has led to a free movement of resources, capital, manpower and ideas. Such measures have brought about a serious relook at aligning the accounting theory and practices to global prescriptions and practices, though there are still some areas of discussion pending even amongst the western experts on principles.
The unprecedented growth in the financial sector has called for not only an adoption of changed accounting standards and principles but also has brought about the creation and adoption of financial instruments that are continuously appraised ...
