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Erschienen in:
01.08.2014
Special issue in governance and accounting regulation
Changes in standards setting and in the governance of standard setting: are they adequate responses to recurring financial crises and accounting scandals?
Erschienen in: Journal of Management and Governance | Ausgabe 3/2014
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Excerpt
In 2010, when the previous Special Issue on Governance and Accounting Regulation was published, we commented on the likely impact of a number of notable events on international accounting and its forms of regulation—not only developments in the institutional configuration of accounting but also market failures that possibly could stem from accounting shortcomings.1 In this latter respect, we emphasized the seemingly intensifying interaction between corporate governance and regulatory action in constraining accounting discretion. Briefly, we summarised the situation in terms of the following:
1.
The immediate effects of the financial crisis, which placed the spotlight on opaque financial reporting systems arising from regulatory structures that are not fit for purpose;
2.
The ongoing fallout from high-profile corporate accounting scandals, which pushed lawmakers to further accelerate regulatory reform at the national level, and to increase participation in international, indeed extraterritorial, resolution of the accounting gridlock in the EU, and also the standoff between the IASB and FASB;
3.
The quest underway for more effective regulation, to be linked more closely to corporate governance, and to be sufficiently dynamic to cater for the varying and changing characteristics of firms.