Tenets of business law

This report sets out the four key business law principles that ACCA believes underpin a good environment for doing business, and the five mechanisms to put meaning into practice.

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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‚Äôs prosperity.