ACCA believes there are four key tenets or principals of business law that underpin a good environment for doing business these are:
1. Simplicity - the laws that govern businesses should be stringent but not complex.
2. Openness and transparency - Lawmakers should be open and transparent with businesses when designing and implementing business law
3. Fairness - business law must be applied consistently and equally among business enterprises.
4. Accountability - business law should facilitate the accountability of business, fostering trust in businesses.
To ensure that these principles have real meaning in practice, the law must:
- Provide dispute resolution mechanisms
- Provide encouragement for business enterprises
- Support an ethical approach to business
- Maintain stability and confidence
- Enable business to drive society’s prosperity.