Abstract The economic aspirations of the less-developed nations are a present and significant fact of the contemporary economic scene. No longer are they willing to remain as mere exporters of primary products to industrialized nations. A professor has correctly indicated that, from a historical viewpoint, accounting development is an evolutionary process dependent upon, and interwoven with, economic development. The social function of accounting, to measure and to communicate economic data, cannot be considered simply as the effect of economic development, but should be considered a valuable tool for promoting the development process. Accounting education, however, does exist in Latin America. All countries in the area with the exception of Honduras have specialized or university education in accounting. There is also an increasing tendency to incorporate accounting education in university curricula. With the exception of Honduras, Paraguay and Venezuela, independent professional practice is controlled by law. Individuals without a license are prohibited from practicing independently. Professional organizations exist in all of countries and, with the exception of Brazil, Guatemala, Paraguay and Venezuela, each country has issued official codes of professional ethics.
Elliott et al. (Tue,) studied this question.