2019-01-25T10:09:54+00:00

FINANCIAL ACCOUNTING REPORT

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FINANCIAL ACCOUNTING REPORT

FINANCIAL ACCOUNTING REPORT

What is the purpose of your report?

This report will endeavor to make a case for Anderson, Demic and Associates (ADA) to contribute directly to the development of the accounting profession by submitting letters of comment on significant new proposals made by the IASB. In particular, this report will aim to tackle two questions from the Exposure Draft on Conceptual Framework for Financial Reporting, one on whether the firm supports the proposal and the other one will shed light on the problems and criticisms of the current version of the framework or the existing state of affairs. The report will address the question of whether the firm should or should not participate in developing the conceptual framework, by demystifying its position on lobbying activities and discussing in details the pros and cons of writing comment letters in response to IASB proposal. Given that part of the report will also form the basis for the comment letters that will be submitted to IASB, the primarily target audience will be the firm’s partners and secondary target audience will be the IASB committee, its membership and the public at large; since the comment letters will be published publicly on their website. Thus the research borrows some insights that offer invaluable information to not only other researchers but from practical example to lay its claim.

To make the decision on the firm’s participation in this type of lobbying activities the report will scrutinize precedence, best practices and future trends in international standard-setting processes in Australia the United States. The report will derive its authority from sources on accounting standard setting from journals, working papers and other such documents with the following keywords: International, Accounting, Standard setting, and Lobbying.

Sources of Information

Allen, A., Ramanna, K., & Roychowdhury, S. (2013, February 15). The Auditing Oligopoly and Lobbying on Accounting Standards. Retrieved from Harvard Business School: http://www.hbs.edu/faculty/conferences/2013-imo/Documents/Audit%20Oligopoly%20Lobbying%20_%20Allen%20Ramanna%20Roychowdhury%20_%20Feb%202013.pdf

Ang, N., Gallery, N., & Sidhu, B. K. (2000). The Incentives of Australia Public Companies Lobbying Against Proposed Superannuation Accounting Standards. Abacus, 36(1), 40-70.

Burnett, B., Chen, H., & Gunny, K. (2013, August). Auditor Lobbying and Audit Quality. Retrieved from Miami School of Business Administration: http://bus.miami.edu/_assets/files/faculty-and-research/academic-departments/accounting/seminars/Hui_Chen_BCG_14AUGUST2013.pdf

Chalmers, K., Godfrey, J. M., & Lynch, B. (2012). Regulatory Theory Insights into the Past, Present and Future of General Purpose Water Accounting Standard Setting. Accounting, Auditing and Accountability Journal, 25(6), 1001-1024.

Cortese, C. (2013). Politicisation of the International Accounting Standard Setting Process; Evidence from the Extractive Industries. Journal of New Business Ideas and Trends, 11(2), 1-57.

Cortese, C. L., & Irvine, H. J. (2010). Investigating International Accounting Standard Setting: The Black Box of IFRS 6. Research in Accounting Regulation, 22(2), 87-95.

Cortese, C. L., Irvine, H. J., & Kaidonis, M. A. (2010). Powerful Players: How Constituents Captured the Setting of IFRS 6 an Accounting Standard for the Extractive Industries. Accounting Forum, 34, 76-88.

McKee, A. J., Williams, P. F., & Frazier, K. B. (1991). A Case Study of Accounting Firm Lobbying: Advice or Consent. Critical Perspectives on Accounting, 2(3), 273-294.

Puro, M. (1984). Audit Firm Lobbying Before the Financial Accounting Standards Boards: An Empirical Study. Journal of Accounting Research, 22(2), 624-646.

Tutticci, I., Dunstan, K., & Holmes, S. (1994). Respondent Lobbying in the Australian Accounting Standard-setting Process: ED49 – A Case Study. Accounting, Auditing & Accountability Journal, 7(2), 86 -104.

 

Source Analysis

Cortese, C. L., & Irvine, H. J. (2010). Investigating International Accounting Standard Setting: The Black Box of IFRS 6. Research in Accounting Regulation, 22(2), 87-95.

This journal article looks at the role played by powerful coalitions and entities in influencing international accounting standards. The authors look at the process through which IASB developed International Financial Reporting Standards (IFRS – 6) regarding the Exploration for and Evaluation of Mineral Resources. According to the authors, the article gives a special focus on how nothing changed in the outcome and status quo was maintained despite the support it got from those who were in favor of the propositions and had given positive responses. The paper also makes recommendations of ways in which IASB can make pre-production costs while eliminating the choices available on the full costs.

 

Chalmers, K., Godfrey, J. M., & Lynch, B. (2012). Regulatory Theory Insights into the Past, Present and Future of General Purpose Water Accounting Standard Setting. Accounting, Auditing and Accountability Journal, 25(6), 1001-1024.

The authors of this journal article capture the standard setting process in the Water Accounting field by doing an early study on the impact of regulatory influences. The article’s findings paint an optimistic picture of water industries dominating the standards development process early on but without any conflict of interest between the public and water industry professionals, further speculating on how stakeholders may stand to benefit from lessons to be learnt from this process. Also of interest to my report, is the new standards, which are more likely to affect investment, management, pricing, and policies, relating to water and the relationship between these changes to auditing and accounting firms who receive the financial returns. The article addresses the role that will be played by the accounting profession among other players in overseeing the standards. Other issues that have been covered in the paper are the existing researchers in the same industry with special focus on the existing standards frameworks and the role of water to the various industries. Opting to investigate on standards in the water industry as the research presents allows individuals to comprehend how other natural resources can best be accounted since the financial approach that water applies tends to connect to those of other resources.

 

McKee, A. J., Williams, P. F., & Frazier, K. B. (1991). A Case Study of Accounting Firm Lobbying: Advice or Consent. Critical Perspectives on Accounting, 2(3), 273-294.

According to this journal article, there is insufficient evidence to support the claim that a firm’s clients may have preferences that would otherwise affect whether a firm opposes or supports proposed accounting standards. The paper however, points to a strong connection between the positions held by firms and their clients especially if the client’s stand is to be measured in terms of the effort they put into the lobbying process. The authors argue that, in as much as the client’s and their respective firm’s letters of comment differed both in argument and in structure, the behavior they both exhibited after lobbying indicated that there was some level of inspiration emanating from the clients end directed towards the accounting firms.


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