Competition Among Accounting Standard Setters PDF Download
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Author: Paul J. M. Klumpes
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 48
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Book Description
Author: Paul J. M. Klumpes
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 48
Get Book Here
Book Description
Author: Shyam Sunder
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Most financial reporting jurisdictions across the world allow a local monopoly in financial reporting standards for publicly held corporation. In the United States, for example, the statutory authority over these standards is vested in the Securities and Exchange Commission, who delegates the task of writing standards to the Financial Accounting Standards Board, retaining an oversight function for itself. In some countries these standards are specified through statutes in varying levels of detail. Few countries permit their corporations to choose among two or more sets of competing standards; monopoly is the reigning norm.This paper examines regulatory competition as a model for writing and implementing corporate financial standards. Under this model, two or more approved standard-setting bodies are allowed to compete for the allegiance of the reporting entities. Each corporation can choose which of the two or more sets of competing standards it wishes to use in preparing its financial reports. Corporations must choose an entire set of standards in toto, clearly mark the reports with the set of standards used to prepare them, and pay a fee to the body who wrote the standards. We examine the consequences of such regulatory competition for the quality and efficiency of standards, quality of information provided to shareholders and other interested parties, and the efficiency of corporate governance and managerial actions. A debate on the merits of monopoly versus competitive standards may help direct the formation of national and international regimes for setting accounting standards.
Author: Panagiotis Papadopoulos
Publisher: GRIN Verlag
ISBN: 3656064970
Category : Business & Economics
Languages : en
Pages : 17
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Book Description
Essay from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 64, University of Westminster (Westminster Business School), course: Financial Accounting and Policy, language: English, abstract: Since the financial crisis in 2008 the topic regulation of the markets at all revived. The world was looking for guilty parties in Rating agencies, financial institutions, governments and lastly audit firms and institutions which gave them their working framework – the accounting standards. On the one hand the scream for more regulation in the private sector to protect the public good became louder and on the other hand scientists were warning of such overbearing steps because they would be damaging the economy. This issue provides the basis for this paper where accounting is seen as an eco-nomic good. Accounting information is not costless to produce for the corporations and it raises compliance costs. On the one hand managers are using accounting rules that minimize information costs and on the other hand shareholders want ac-counting rules that improve their ability to control and monitor the manager’s action. Theoretically, financial accounting and reporting should be objective, neutral and apolitical. However, the standard setting process can be influenced by external groups with different interests.
Author: Sebastian Botzem
Publisher: Edward Elgar Publishing
ISBN: 1781001065
Category : Law
Languages : en
Pages : 233
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Book Description
'How and why do transnational regulatory bodies emerge? How do they acquire the authority and confidence to be actors in their own right? These questions preoccupy scholars in many disciplines and Sebastian Botzem's The Politics of Accounting Regulation makes an important contribution to the debates. Focusing on the case of the International Accounting Standards Board over a critical period of its development including the financial crisis Botzem addresses its evolution as an organization which produces accounting standards and whose efforts to be outside politics are inevitably and irredeemably political in nature. This book is essential reading for sociologists, political scientists, accountants and anyone else interested in the organization of global governance.' Michael Power, London School of Economics, UK The financial crisis underlines the relevance of accounting standards as much more than instrumental rules for corporate reporting. This important book outlines the accounting standards that embody societal and professional values and contribute to the distribution of financial benefits that put international harmonization of standards into the limelight. Sebastian Botzem reveals that international standards have emerged after decades of contest and political bargaining which resulted in closely aligned standards, voluntary consultation procedures and a network structure comprising actors mainly stemming from global auditing firms, regulators and international organizations.
Author: Karim Jamal
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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Book Description
Financial accounting standards are set by organizations granted a significant degree of monopoly power by various governments. While there has been considerable debate on the merits of national (e.g., US FASB) versus international (IASB) monopolies, little attention has been paid to the merits of using competing standard setting organizations (SSOs) for setting accounting standards. We compare the standard setting processes of the FASB/IASB to the processes of four technology-oriented SSOs to assess the role of competition. We also provide a case study of monopoly and competitive standards in telephony. Both telephony and accounting yield some gains from coordination, and similar arguments are used (under the labels of comparability and consistency of accounting) in debates about granting a monopoly to their respective SSOs. Our results show that a group of volunteers competing with the government-sanctioned monopoly of International Telecommunications Union transformed the telephone industry. Thanks to this standards competition, we enjoy free video internet calling and massive cost savings. Implications for accounting standard setting are discussed.
Author: George J. Benston
Publisher: Oxford University Press
ISBN: 0198041691
Category : Business & Economics
Languages : en
Pages : 333
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Book Description
International accounting standards tend to converge, as do auditing, enforcement and corporate governance, whereas trading of equity shares remains essentially national. The book provides a thorough analysis of what information investors really need, how financial accounting systems developed and their current requirements in major commercial countries, and examines current issues, particularly the benefits and costs a single or multiple accounting standards, the bases for accounting standards, and limitations to accounting disclosure in financial statements.
Author: Karim Jamal
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
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Book Description
Financial accounting standards in the U.S. are developed by private standard setting organizations (SSOs) that operate under the oversight of a government agency. The primary accounting SSO (FASB) has been criticized for writing too many standards (standards overload), the complexity of its standards, the processes by which its standards are set, and the absence of a competitive mechanism to help set standards. The present study seeks to assess the validity of these concerns by looking at standard setting processes in the broader economy.The study consists of three parts. In Section 1, we present some historical data on standard setting activity and document standards set by 604 private and 80 government SSOs in the U.S. We find that there is a time trend in favour of greater reliance on private rather than government SSOs. Accounting standard setters are late entrants in the field of setting standards and appear to be relatively slow in developing new standards. However, accounting standards are relatively long and complex, thus possibly justifying complaints of standards overload. In Section 2, we propose a framework for analysis of the types of standards (quality versus co-ordination) and the processes by which standards are set (monopoly versus competition). We present some data on how standards are set by Government SSOs and provide a detailed comparison of the standard setting processes of four competing technology oriented SSOs relative to the FASB. The comparison highlights a number of features where the FASB differs from other SSOs. These include: the use of sanctions, the threshold of agreement required for standards adoption, and standards competition. In Section 3, we provide data on standards competition in the economy. This includes a case study of internet telephony where competing SSOs have fundamentally transformed the telecommunications industry. Implications for accounting standard setting are discussed.
Author: Mary E. Barth
Publisher: Now Publishers Inc
ISBN: 1601980086
Category : Business & Economics
Languages : en
Pages : 109
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Book Description
Research, Standard Setting, and Global Financial Reporting aids researchers in conducting research relevant to global financial reporting issues, particularly those of interest to financial reporting standard setters. Research, Standard Setting, and Global Financial Reporting describes the relation between research and standard-setting issues; explains how a variety of research designs can be used to address questions motivated by standard-setting issues, including valuation research and event studies; offers examples of research addressing a specific global standard-setting issue - use of fair value in measuring accounting amounts; offers further opportunities for future research on specific standard-setting topics by providing motivating questions relating to the major topics on the agendas of the FASB and IASB; explains how the IASB aims to achieve its mission of developing a single set of high quality accounting standards that are accepted worldwide; summarizes extant evidence on the relative quality of accounting amounts across global standard-setting regimes and whether global financial reporting is achievable or even desirable. Research, Standard Setting, and Global Financial Reporting examines opportunities for future research on issues related to globalization of financial reporting by identifying motivating questions that are potentially avenues for future research.
Author: David Roderic Myddelton
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 92
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Book Description
In this book the author argues persuasively that the ' ... "authority" claimed for accounting standards, especially those dealing with measurement, is unwise in intellectual and commercial matters.' Section I begins with a brief history of accounting standards, Section II reviews the arguments for and against standards, Section III discusses the purpose of company accounts, Section IV discusses the setting and enforcing of standards, and the problems which have arisen both in Britain and the United States from political interference in standard setting and Section V assesses the case for and against compulsory standards.
Author: Shyam Sunder
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Book Description
Most financial reporting jurisdictions across the world allow a local monopoly in financial reporting standards for publicly held corporations. In the U.S., for example, the statutory authority over these standards is vested in the Securities and Exchange Commission (SEC), who delegates the task of writing standards to the Financial Accounting Standards Board, retaining an oversight function for itself. In some countries these standards are specified through statutes in varying levels of detail. Few countries permit their corporations to choose among two or more sets of competing standards; monopoly is the reigning norm. This paper examines regulatory competition as a model for writing and implementing corporate financial standards. Under this model, two or more approved standard setting bodies are allowed to compete for the allegiance of the reporting entities. Each corporation can choose which of the two or more sets of competing standards it wishes to use in preparing its financial reports. Corporations must choose an entire set of standards in toto, and clearly mark the reports with the set of standards used to prepare them. We examine the consequences of such regulatory competition for the quality and efficiency of standards, quality of information provided to shareholders and other interested parties, and the efficiency of corporate governance and managerial actions. A debate on the merits of monopoly versus competitive standards may help direct the formation of national and international regimes for setting accounting standards.
