Abstract: The past decade has been marked by significant changes in accounting standards and procedures. Most of the changes have been inspired by massive corporate failures and financial scandals that have rocked the global economy and perceived loopholes in practice. In all cases, the origins of the changes are traceable to developed countries. Nonetheless, less developed economies find themselves having to adopt standards and regulations developed indirectly to solve problems in developed economies. The objective of this paper is to explore how these changes in international accounting standards and practices are affecting companies in developing economies and adopts Botswana as a case country. This paper explores changes in four standards (IAS 16, IAS 36, IAS 32 and IAS 39). The study focuses on understanding the challenges faced by Accountants in implementing the changes and also the impacts that these changes have on the perceived quality of financial reports. The study adopted middle range thinking methodology which utilized cross sectional data. Data were collected through semi-structured questionnaires supplemented by interviews. The paper concludes that while the changes are perceived a welcome development, the challenges they pose to Accountants in developing economies are a reflection of the fact that international accounting standard setting is dominated by developed countries.

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