Lifting the veil of GDP and re-defining the concept of development in the context of accounting

Abstract

The paper entitled 'Lifting the Veil of GNP and Redefining Developing Countries in the Context of Accounting' discusses that the level of GDP per head or other general economic indicators may not be the most relevant factors to define a developing economy. 29 countries are redefined in the accounting context and then ranked. This study reveals that a few countries, which are developing countries in the eyes of economists, are in fact classified as developed countries in the context of accounting and financial reporting. Further accounting indicators provide more relevant and specific indicators for the purpose of accounting.