Chapter 3:
Regulatory Framework of Accounting

Chapter Learning Objectives

The learning objectives of the chapter are:

• Explain to the participants the regulatory framework in Malawi.
• Outline to participants on the role of International Accounting Standards Board (IASB).
• Explaining to the role of IASB on harmonization of accounting regulations.

Learning Outcome

At the end of chapter the participants will be able to explain the responsibilities and the role of SOCAM and IASB in the regulation of financial accounting but also understand the process involved in standard setting process.

Learning Activities

Individual activities

• Learners to produce an essay on how activities of an enterprise may be affected if accounting information is not produced.
• The participant to give a brief statement of their prior knowledge in accounting field.

Group activities

• Group discussion on the advantages of following International Accounting standards for developing countries like Malawi and some barriers which may prevent strict adherence to the standards requirements.
• Attended a lecturer by a member of SOCAM.

Sessions and Time Allocated

3. The Society of accountants in Malawi. 30 minutes
4. International Accounting Standards Board 1 hour 30 minutes.