Skip navigation
Skip navigation

Regulatory capture in the globalisation of accounting standards

Godfrey , Jayne; Langfield-Smith, Ian

Description

The Australian Financial Reporting Council recently shocked the world business community by unexpectedly announcing a change in the nation's approach to global-accounting-standards development. The change involved switching from ensuring consistency of Australian accounting standards with International Financial Reporting Standards (IFRSs) developed by the International Accounting Standards Board to outright adoption of IFRSs by 2005. At the time of the announcement, Australia had the most...[Show more]

dc.contributor.authorGodfrey , Jayne
dc.contributor.authorLangfield-Smith, Ian
dc.date.accessioned2015-12-07T22:41:43Z
dc.identifier.issn0308-518X
dc.identifier.urihttp://hdl.handle.net/1885/24450
dc.description.abstractThe Australian Financial Reporting Council recently shocked the world business community by unexpectedly announcing a change in the nation's approach to global-accounting-standards development. The change involved switching from ensuring consistency of Australian accounting standards with International Financial Reporting Standards (IFRSs) developed by the International Accounting Standards Board to outright adoption of IFRSs by 2005. At the time of the announcement, Australia had the most developed international harmonisation programme of any country with a well-developed financial reporting system. Events surrounding the change demonstrate how political the accounting standard-setting process can be as it continues to receive front-page media attention, and as it provides a platform in parliamentary and electoral debate. In the meantime, the US role in the global accounting standard-setting arena has moved through phases of indifference to potential active dominance, and European influences have waxed and waned. We examine whether swings in political and regulatory influences that occur when globalisation becomes a national and international goal are explained by regulatory capture theory. We also address the extent to which a subset of a single nation's regulatory system plays a key role in a series of larger national and international games. Drawing upon experiences in Australia, the United States, and the European Union, we identify political influences on initiatives to reform accounting-standard-setting environments, policies, and processes.
dc.publisherPion Ltd
dc.sourceEnvironment and Planning A
dc.subjectKeywords: financial system; globalization; regulatory approach; standard (reference); Australasia; Australia
dc.titleRegulatory capture in the globalisation of accounting standards
dc.typeJournal article
local.description.notesImported from ARIES
local.identifier.citationvolume37
dc.date.issued2005
local.identifier.absfor150101 - Accounting Theory and Standards
local.identifier.ariespublicationu4602557xPUB32
local.type.statusPublished Version
local.contributor.affiliationGodfrey , Jayne , College of Business and Economics, ANU
local.contributor.affiliationLangfield-Smith, Ian, Monash University
local.description.embargo2037-12-31
local.bibliographicCitation.issue11
local.bibliographicCitation.startpage1975
local.bibliographicCitation.lastpage1993
local.identifier.doi10.1068/a3790
local.identifier.absseo900199 - Financial Services not elsewhere classified
dc.date.updated2015-12-07T11:04:10Z
local.identifier.scopusID2-s2.0-28144463959
CollectionsANU Research Publications

Download

File Description SizeFormat Image
01_Godfrey _Regulatory_capture_in_the_2005.pdf244.71 kBAdobe PDF    Request a copy


Items in Open Research are protected by copyright, with all rights reserved, unless otherwise indicated.

Updated:  19 May 2020/ Responsible Officer:  University Librarian/ Page Contact:  Library Systems & Web Coordinator