The ‘Public Interest’ in the Context of Accounting Regulation

Day, Robert

doi:10.1007/978-1-4615-4589-7_4

Cited by 5 publications

(3 citation statements)

References 3 publications

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“…Effective communication underpins many uses for published accounts of public companies such as: defining and applying contracts (Whittington, 1993); reducing search costs (Meeks and Meeks, 2002); and countering information asymmetry between owners and managers of companies and between buyers and sellers of shares. Information asymmetry may inhibit smooth running of capital markets, so the provision of reliable standard information to capital providers could be expected to reduce the cost of capital (Healy et al, 1999;Shaomin and Pinsker, 2005) and serve stakeholder interests (Day, 2001). However, this model of listed company accounting has limited relevance to non-listed entities where shares are not publicly traded.…”

Section: Destabilised Financial Reportingmentioning

confidence: 99%

How IFRS has destabilised financial reporting for UK non‐listed entities

Fearnley

Hines

2007

Journal of Financial Regulation and Compliance

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Purpose -The paper aims to trace the development of attitudes towards financial reporting solutions for entities not subject to the European Union (EU) Regulation. This Regulation mandated application of IFRS for the group accounts of listed companies for financial years beginning 1 January 2005. It seeks to evaluate the alternatives in the light of changing attitudes to IFRS, and the accounting model being adopted, particularly focusing on the problems facing smaller companies. Design/methodology/approach -The paper employs qualitative analysis of data from two main sources: first, a series of interviews with financially literate individuals before IFRS was implemented in the UK; and second, from responses to ASB's consultations on the future of financial reporting for non-listed entities. Findings -The increasing perception is that IFRS is overly complex and is complicating the search for appropriate form of financial reporting for entities not covered by the EU Regulation. In particular, there is a difficulty in knowing the correct dividing point between large and small company accounting, and views on this have evolved over time. The needs of small and medium enterprises appear to have been ignored in the debates dominated by the requirements of global players.Research limitations/implications -The implications are that further, possibly more radical policy options need to be considered for smaller companies to ensure that the costs of financial reporting remain in proportion to the benefits. Originality/value -The paper identifies the changing views in the UK of the suitability of IFRS for non-listed entities.

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Section: Destabilised Financial Reportingmentioning

confidence: 99%

How IFRS has destabilised financial reporting for UK non‐listed entities

Fearnley

Hines

2007

Journal of Financial Regulation and Compliance

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“…Anzia and Moe, 2019;Moe, 2016, 2020). Examples of this include regulatory bodies, such as the SEC or entities that have delegated authority such as accounting standard setting bodies (Day, 2001;Mattli and Büthe, 2005). As detailed later, the SEC played an active role in influencing the accounting content of the FCPA.…”

Section: Methodology and Methodsmentioning

confidence: 99%

The Foreign Corrupt Practices Act: A giant leap or baby steps to reform?

Roudaki

Cooper

2022

Accounting History

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The 1972 break-in to the Watergate Democratic headquarters resulted in the first-ever resignation from the office of American President. It also uncovered the use of corporate funds by many US multinational companies, including some of its most prominent, to make illicit payments to domestic and foreign governments and companies. These payments went unreported by auditors and management. Senators Proxmire and Church and others sought to address this by strengthening the disclosure and accountability requirements of the Securities and Exchange Act by the passing of the Foreign Corrupt Practices Act (FCPA). This article traces the legislative path of the FCPA by analysing the Congressional hearing transcripts using Moe's theory of political institutions and the theory of bureaucracies by Howell and Moe. The analysis demonstrates exertions of interests to maintain the status quo leading reformers to compromise and accept ‘baby steps’ rather than making ‘giant steps’ in order to achieve some regulatory reform.

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“…Accounting standards are recognized internationally as a way of ensuring the reliability of financial statements (AlHashim 1980;Buckley and Weston 1980;Day 2001;Riahi-Belkaoui 2002). For example, the IFRS comprise a comprehensive set of neutral principles that ensure comparable, consistent, relevant, and reliable financial information that is useful for investors who make decisions about the allocation of scarce resources in capital markets.…”

Section: Areas Of Accounting Regulationmentioning

confidence: 99%

Accounting Regulation, Financial Development, and Economic Growth

Akisik

2013

Emerging Markets Finance and Trade

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This paper examines the relationship between accounting regulation, financial development, and economic growth in fifty-one developed and emerging market economies over the period 1997-2009. Accounting regulation has been the center of long-lasting debates in the accounting profession. The debates came to the forefront after several spectacular financial reporting frauds and scandals in the early 2000s damaged public confidence in capital markets. Using generalized method of moments estimation techniques, this study provides evidence that accounting regulation has a strong effect on economic growth even after controlling for a number of macroeconomic and socioeconomic variables.

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The ‘Public Interest’ in the Context of Accounting Regulation

Cited by 5 publications

References 3 publications

How IFRS has destabilised financial reporting for UK non‐listed entities

How IFRS has destabilised financial reporting for UK non‐listed entities

The Foreign Corrupt Practices Act: A giant leap or baby steps to reform?

Accounting Regulation, Financial Development, and Economic Growth

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