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Article
Publication date: 31 July 2014

Paul Gillis, Richard Petty and Roy Suddaby

The authors expect major shifts in thinking about the transnational regulation of accounting and how it will develop. This is a time for ideas as well as action. The…

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Abstract

Purpose

The authors expect major shifts in thinking about the transnational regulation of accounting and how it will develop. This is a time for ideas as well as action. The global accounting profession must take a leading role in developing and presenting the case for the transnational regulation of accounting, in identifying new regulations, new ways of regulating, and new compacts between regulators and other stakeholders, and in framing the debate on the transnational regulation of accounting into the future. The academic community must bring intellectual rigor to thinking on the issues. The purpose of this paper is to put the case that there is a new research agenda to be formed by taking a view that combines existing work on the transnational regulation of accounting with a contemporaneous understanding of the forces for regulatory and professional change, and insight into the roles that various actors have assumed historically and will likely play going forward, so as to develop workable and sustainable models for the transnational regulation of accounting into the future.

Design/methodology/approach

This paper presents a view on why the transnational regulation of accounting is increasingly becoming more important and more relevant. The paper identifies several possible work streams and research questions, and also comments on the papers appearing in this AAAJ special issue.

Findings

The authors find that the transnational regulation of accounting is becoming more important and relevant and identify drivers of this. The authors also suggest that self-regulation comes from professionalization, that systems of professional self-regulation (or co-regulation) at the national level have been transformed into the systems of global self-regulation. Also there is a growing level of scholarly engagement with transnational regimes of accounting regulation and the emerging portrayal of such regimes as arenas characterized by multiple actors, agendas, and strategies of influence.

Originality/value

Promotes a greater awareness and understanding of the importance of the transnational regulation of accounting, showcases recent work that demonstrates the breadth and depth of what is being done and of what needs to be done in the transnational regulation of accounting, identifies some of the key issues and imperatives for the transnational regulation of accounting.

Details

Accounting, Auditing & Accountability Journal, vol. 27 no. 6
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 25 February 2014

Essa El-Firjani, Karim Menacere and Roger Pegum

– The purpose of this paper is to examine the nature and development of corporate accounting regulation in Libya.

Abstract

Purpose

The purpose of this paper is to examine the nature and development of corporate accounting regulation in Libya.

Design/methodology/approach

Questionnaire survey and semi-structured interview methods were used to collect data. Semi-structured interviews were conducted with external auditors, financial managers, accounting academics and regulators.

Findings

This paper found general agreement that the accounting regulation of public corporations and banks is strongly influenced by the Libyan Commercial Code and the Income Tax Law. Although listed companies and the banking sector in Libya are required to comply with International Accounting Standards (IASs), the majority of them still comply with the US Generally Accepted Accounting Principles (US GAAP). Moreover, the conclusion that can be drawn from this study is that the enforcement of IASs through the Libyan Accountants and Auditors Association (LAAA), local auditors and the Libyan Stock Market has not achieved its purpose. The results also indicate that the accounting profession in Libya is still in its infancy and still lacks clear structure in order to develop corporate accounting practice and it appears to play only an important role in retaining external influences on the accounting practice. The empirical results of this research show that the Salter and Niswander (1995) criteria (longevity, setting exam and auditors’ opinion on companies’ financial reports) found that the level of professionalism in Libya is below the required standard.

Originality/value

This paper focuses on corporate accounting regulation and practices and the role of the LAAA in the development of corporate accounting in Libya. This paper, therefore, aims to contribute to the literature by examining the corporate accounting regulation in Libya and fills a gap in international accounting research.

Details

Journal of Accounting in Emerging Economies, vol. 4 no. 1
Type: Research Article
ISSN: 2042-1168

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Book part
Publication date: 1 December 2009

Dumitru Matiş, Jirí Strouhal and Carmen Giorgiana Bonaci

Purpose – Focusing on reporting for financial instruments, the paper tries to capture the role that regulations play within the complex mechanism of capital markets. The…

Abstract

Purpose – Focusing on reporting for financial instruments, the paper tries to capture the role that regulations play within the complex mechanism of capital markets. The outcome of financial reporting represents useful information for decision making. Meanwhile the mechanisms of the capital markets determine reactions on behalf of accounting regulatory bodies who take action through standard setting. It is these standards that will have a big influence on the aforementioned outcome of financial reporting. Beside, there are other influential factors such as accounting practices, the accounting profession, national history, culture, and economy acting at different levels. It was this reasoning that motivated this research demarche of achieving a complete diagnosis of two emergent capital markets, shaped into a SWOT analysis for financial instruments’ reporting and the current financial crisis.

Design/methodology/approach – A special emphasize is put on analyzing formal harmonization on issues related to financial instruments by performing an empirical study. Moreover, the analysis is completed by a descriptive approach of the influential factors such as economic, cultural, and political background of the two nations. The paper also comparatively positions the foresights of the national, European, and international referential. Statistical indicators help quantifying the similarity and dissimilarity degree.

Findings – In times of financial crisis, when everybody is trying to point his finger on somebody else, an empirical analysis of national accounting regulations proving a high level of formal harmonization with and among the international referential and European directives proves an interesting point. The results make us think twice before designating a scapegoat.

Research limitations/implications – The paper only creates the framework proving that individual experiences should be put into good use especially in an area that is continuously exposed to financial engineering. Further developments completing the study focusing on accounting regulations with accounting practices should indicate more precise actions to be taken.

Practical implications – Findings show a significant similarity level between the two national accounting standards, and most importantly between the international referential and the European accounting regulations, and should determine us to furthermore rationally approach the accounting regulation process instead of impulsive reacting to the current financial crisis.

Original aspects – The originality of the paper consists in offering insights on the specific case of Romania and Czech Republic, correlating the state of facts with the foresights of national accounting regulations, by reference to the international referential and the current financial crisis.

Details

Accounting in Emerging Economies
Type: Book
ISBN: 978-1-84950-626-7

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Article
Publication date: 1 March 2017

Tri Jatmiko Wahyu Prabowo, Philomena Leung and James Guthrie

This paper examines whether public sector reforms in a developing country is consistent with the principles of new public management (NPM). It examines whether Indonesian…

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1906

Abstract

This paper examines whether public sector reforms in a developing country is consistent with the principles of new public management (NPM). It examines whether Indonesian public sector reforms from the late 1990s to 2015, specifically the adoption of accrual accounting, are motivated by NPM philosophy. Reviewing and analysing Government regulations and reports, the study finds that the reforms are an attempt to implement NPM, specifically in relation to five financial management aspects (i.e. market-oriented, budgeting, performance management, financial reporting and auditing systems). However, the reforms are inconsistent with the NPM philosophy of efficiency and effectiveness in public service provisions. By requiring the use of the existing system, the reforms actually created inefficiency. This research is novel in investigating the gap between 'ideal concepts' and examining practices in an emerging country context.

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Journal of Public Budgeting, Accounting & Financial Management, vol. 29 no. 1
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 19 September 2008

Mostafa Kamal Hassan

This paper seeks to understand the role of financial accounting regulations in a less developed country in transition, Egypt. It explores the social, political as well as…

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5027

Abstract

Purpose

This paper seeks to understand the role of financial accounting regulations in a less developed country in transition, Egypt. It explores the social, political as well as economic contexts that underlie the processes of setting the Egyptian Financial Accounting Regulations (EFAR) in a harmony with International Accounting Standards (IASs).

Design/methodology/approach

The paper is based on in‐depth interviews and an analysis of documents. It relies on Habermas' notions of society's lifeworld, institutional steering mechanisms and systems in order to link the changes in EFAR to the changes in the wider social, political and economic contexts wherein organizations operate. The paper also explores the role of EFAR, as “regulative” or “constitutive” steering mechanisms, throughout two longitudinal episodes; starting with the beginning of socialism and extending to liberalism.

Findings

The paper finds that the EFAR have had a constitutive tendency during the Egyptian transformation towards a market‐based economy. Although there are remarkable changes in political philosophy in Egypt, the regulators' motivations and the processes of the accountancy profession that mobilized the formulation of EFAR in harmony with IASs, those regulations were acted upon to constitute organizational members' values, norms and knowledge in order to overcome the persistence of the socialist accounting practices. The regulations were also aimed at enhancing professional conduct and, at same time, increasing organizational members' adherence to the processes of privatization as a part of a wider movement towards transparency, democracy, full disclosure and liberalisation.

Research limitations/implications

The paper emphasises the interface between a macro social transformation and micro organizational responses in order to understand the role of EFAR. However, it does not stress how the actual implementation of those regulations is implicated at a micro organizational change level. Furthermore, the paper covers a timeframe – 1952 to 2000 – that extends from the start of socialism extending to liberalism. Although the IASs are now known as International Financial Reporting Standards (IFRS), the paper covers a period in which such IFRS were not applicable in Egypt.

Originality/value

The paper contributes to the understanding of the social, political as well as economic role(s) of financial accounting regulations in a transitional country during that country's transformation towards the market economy.

Details

Journal of Accounting & Organizational Change, vol. 4 no. 3
Type: Research Article
ISSN: 1832-5912

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Article
Publication date: 10 June 2020

Juliette Senn and Sophie Giordano-Spring

The objective of this study is to provide insights into insiders' perspectives on environmental accounting disclosures, which is relatively under-investigated. Based on…

Abstract

Purpose

The objective of this study is to provide insights into insiders' perspectives on environmental accounting disclosures, which is relatively under-investigated. Based on insights from key managers, we provide information on company decisions and practices related to the data disclosed in annual reports. More specifically, we explore how regulation guidance affects and shapes disclosure strategies.

Design/methodology/approach

Drawing on the normativity framework, our research design involves a multiple-case study focusing on eight French listed firms in sensitive industries. We primarily build our investigation on the analysis of annual reports. Semi-structured interviews with 20 key managers belonging to these same firms provide interpretative explanations of the disclosed (and un-disclosed) figures.

Findings

Our main findings show that the disclosure of environmental accounting information (EAI) is still in its infancy. Weak definitions and poor guidance in regulations explain the limitations in disclosure and induce interpretative strategies depending on the type of data to be disclosed in the companies' annual reports. We document that separate logics drive environmental expenditure and environmental liability disclosures in many respects.

Practical implications

This study should be useful for regulators because environmental accounting standards are currently subject to change and helpful for users because of the careful consideration of disclosures.

Originality/value

Our research is timely and adds to the growing body of research on regulation. We document how a common regulation may lead to interpretative strategies by different actors and networks of actors, thereby contributing to shaping EAI norms.

Details

Accounting, Auditing & Accountability Journal, vol. 33 no. 6
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 26 August 2014

Mattias Haraldsson and Torbjörn Tagesson

The aim of this paper is to describe, analyze and explain the level of compliance of accounting practices with legislation and generally accepted accounting principles…

Abstract

Purpose

The aim of this paper is to describe, analyze and explain the level of compliance of accounting practices with legislation and generally accepted accounting principles (GAAP) within the Swedish water and sewerage sector.

Design/methodology/approach

The empirical data are based on a document study of the annual full cost accounting reports for the financial year 2010. We obtained complete data from 250 of Sweden's 290 municipalities. The data are analyzed by statistical methods. The explanations are based on an institutional theory.

Findings

Most of the organizations surveyed in this study had taken measures in line with the new regulations, but none of them had adapted fully to the new requirements. Thus, we suggest that the industry has responded to the new regulation by compromise and avoidance. The statistical analyses show that compliance with legislation and GAAP is associated with legal form, minority governance, fee, tax base, population growth and audit firm.

Research limitations/implications

This paper provides insight into the factors that explain compliance with accounting regulation. Future research would benefit from researching the decision process when organizations choose to comply or not to comply with specific accounting regulations in the public sector.

Originality/value

Few prior studies focus on the actual compliance of accounting practices at the municipal level in relation to accounting regulation and the factors that explain the level of compliance. Knowledge of the factors that explain compliance to accounting regulation will benefit from future policy decisions on regulation and auditing of public sector accounting.

Details

Journal of Accounting & Organizational Change, vol. 10 no. 3
Type: Research Article
ISSN: 1832-5912

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Article
Publication date: 1 March 2006

A. Salama, A. Cathcart, M. Andrews and R. Hall

This paper was motivated by the current debate over the voluntary approach to environmental disclosures in corporate annual reports and assesses the effectiveness of the…

Abstract

This paper was motivated by the current debate over the voluntary approach to environmental disclosures in corporate annual reports and assesses the effectiveness of the current policy of voluntarism in the UK. A brief review of the relevant theories, which explain why managers might choose to voluntarily provide environmental responsibility information to parties outside the organisation, is presented. With this background, the paper then questions whether the UK government’s faith in voluntarism and the pursuit of best practice will be enough to generate any real change in current environmental reporting practices. We argue that voluntarism is not effective and that there is an urgent need to introduce strict governmental regulations on the information that must be disclosed and the form in which it should be presented in corporate annual reports as have been established in several other countries. In addition, further consideration is needed to achieve reforms in academic accounting education in order to improve corporate accountability and transparency in corporate annual reports. Organisations need to respond to the growing demands for corporate social and environmental responsibility and this will be possible with the support of an accounting profession that takes a more proactive approach to engaging with stakeholders. For this to happen, we need to rethink the focus of accounting and business education. We must move away from the dominant model, which treats accountancy as a set of techniques, towards a more holistic approach which recognises the social and environmental impacts of organisational activity.

Details

Social Responsibility Journal, vol. 2 no. 3/4
Type: Research Article
ISSN: 1747-1117

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Article
Publication date: 29 April 2014

N. Rowbottom and M.A.S. Schroeder

The purpose of this paper is to analyse the controversial repeal of legislation requiring UK companies to disclose an Operating and Financial Review (OFR). After a lengthy…

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1522

Abstract

Purpose

The purpose of this paper is to analyse the controversial repeal of legislation requiring UK companies to disclose an Operating and Financial Review (OFR). After a lengthy period of consultation and the preparation of a reporting standard, legislation was passed in March 2005 requiring UK listed companies to disclose a separate statement of management commentary, an OFR. In November 2005 the Chancellor unexpectedly and controversially announced the repeal of the OFR during a speech to the largest business lobbying group in the UK.

Design/methodology/approach

The analysis draws upon internal, private governmental documents prepared by the Treasury ministry to brief the Chancellor, publicly disclosed as a result of a legal challenge against the repeal decision.

Findings

The paper describes how Treasury officials were motivated to seek deregulatory opportunities in order to gain political support for their head, Prime Minister-in-waiting, Gordon Brown. The analysis reveals how the repeal of the OFR was identified as an example of corporate deregulation, and how this perception proved to be misplaced following the reaction to the repeal decision which led to the government reinstating many OFR requirements in an enhanced Business Review in 2006.

Originality/value

The paper draws on the conception of “3-D” power to analyse how a political ideology prevalent in the pre-financial crisis environment came to influence accounting technology with unexpected consequences. Using data rarely disclosed in the public domain, it illuminates the “black boxed” processes underlying regulatory decision making. The paper details how the Treasury were politically motivated to influence corporate reporting policy in the absence of concerted political lobbying, and why this episode of government intervention led to an unanticipated regulatory outcome.

Details

Accounting, Auditing & Accountability Journal, vol. 27 no. 4
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 1 August 1999

Maria Cadiz Dyball and Lina J. Valcarcel

The efficacy of the “rational” corporatist regulatory framework of Philippine financial reporting and, in particular, accounting has generally been questioned. We will…

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2680

Abstract

The efficacy of the “rational” corporatist regulatory framework of Philippine financial reporting and, in particular, accounting has generally been questioned. We will show that the regulation of accounting in the Philippines is not corporatist at all in its implementation. A “traditionalist”/familial culture mediates the “rationalist”/legalistic regulatory process of Philippine accounting regulation. Two cases of apparent ethical misconduct in the practice of public accounting are examined to illustrate the process of mediation.

Details

Accounting, Auditing & Accountability Journal, vol. 12 no. 3
Type: Research Article
ISSN: 0951-3574

Keywords

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