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Politics, Processes and the Future of Australian Accounting Standards

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  • Philip Brown
  • Ann Tarca

Abstract

The perspective of public interest and interest group theories of regulation is adopted to consider the future of Australian accounting standards following major reforms proposed by the Australian Commonwealth government as part of its 1997 Corporate Law Economic Reform Program (CLERP). Interest groups in the Australian environment are identified. Their lobbying had influenced the initial proposals; and their reactions when the CLERP proposals were published resulted in substantial modifications to the CLERP proposals, which had initially recommendedthat International Accounting Standards (IASs) be adopted as national standards from 1 January 1999. The role of accounting standards and the structure of standard setting are explored. The political nature of standard setting is illustrated through a review of the CLERP proposals, submissions of various interest groups and the government’s responses to them. The central arguments are that key assumptions underlying the CLERP proposals are flawed, and that the CLERP proposals could not achieve the outcomes desired of them. It seems inevitable, however, that international standards eventually will supplant domestic standards. In the longer term, Australian standard setters seem destined to have a diminished role in the international standard setting arena.

Suggested Citation

  • Philip Brown & Ann Tarca, 2001. "Politics, Processes and the Future of Australian Accounting Standards," Abacus, Accounting Foundation, University of Sydney, vol. 37(3), pages 267-296, October.
    • Handle: RePEc:bla:abacus:v:37:y:2001:i:3:p:267-296
    DOI: 10.1111/1467-6281.00088
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    Cited by:

    1. Michael Bradbury & Tony Zijl, 2006. "Due Process and the Adoption of IFRS IN New Zealand," Australian Accounting Review, CPA Australia, vol. 16(39), pages 86-94, July.
    2. Moy, Melissa & Heaney, Richard & Tarca, Ann & van Zyl, Warrick, 2020. "Conditional accounting conservatism: Exploring the impact of changes in institutional frameworks in four countries," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(3).
    3. Steven Dellaportas & P.W. Senarath Yapa & Sivakaran Sivanantham, 2008. "Internationalising auditing standards: stakeholder views on Australia's strategic directions," Managerial Auditing Journal, Emerald Group Publishing, vol. 23(7), pages 663-684, July.
    4. Renata Stenka & Peter Taylor, 2010. "Setting UK standards on the concept of control: An analysis of lobbying behaviour," Accounting and Business Research, Taylor & Francis Journals, vol. 40(2), pages 109-130.
    5. Parmod Chand & Lorne Cummings, 2008. "The Political and Unstable Nature of the IASB's ‘Stable Platform’: Post-Convergence Australian Experience," Australian Accounting Review, CPA Australia, vol. 18(3), pages 175-184, September.
    6. Stewart Jones & Peter W. Wolnizer, 2003. "Harmonization and the Conceptual Framework: An International Perspective," Abacus, Accounting Foundation, University of Sydney, vol. 39(3), pages 375-387, October.
    7. Philip D. Palmer, 2013. "Exploring attitudes to financial reporting in the Australian not-for-profit sector," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(1), pages 217-241, March.
    8. Stewart Jones & Alison D. Higgins, 2006. "Australia's switch to international financial reporting standards: a perspective from account preparers," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 46(4), pages 629-652, December.
    9. Muhammad Shahin Miah & Haiyan Jiang & Asheq Rahman & Warwick Stent, 2023. "The impact of IFRS complexity on analyst forecast properties: The moderating role of high quality audit," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 902-928, January.
    10. Millicent Chang & Andrew B. Jackson & Marvin Wee, 2018. "A review of research on regulation changes in the Asia‐Pacific region," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 635-667, September.
    11. Saeed Askary & Marc Olynyk, 2006. "Public Interest, Ethics, and the Balanced Scorecard: Implications for the Accounting Profession," Australian Accounting Review, CPA Australia, vol. 16(38), pages 51-58, March.
    12. Angela Hecimovic & Nonna Martinov-Bennie & Peter Roebuck, 2009. "The Force of Law: Australian Auditing Standards and Their Impact on the Auditing Profession," Australian Accounting Review, CPA Australia, vol. 19(1), pages 1-10, March.
    13. Philip Brown & Ann Tarca, 2005. "2005 — It's Here, Ready or Not: A Review of the Australian Financial Reporting Framework," Australian Accounting Review, CPA Australia, vol. 15(36), pages 68-78, July.
    14. Stewart Jones & Sheikh F. Rahman & Peter W. Wolnizer, 2004. "Accounting Reform in Australia: Contrasting Cases of Agenda Building," Abacus, Accounting Foundation, University of Sydney, vol. 40(3), pages 379-404, October.

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