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Ireland

In: Accounting Regulation in Europe

Author

Listed:
  • Edward Cahill

Abstract

In the context of financial reporting, regulation is concerned with the formal production of financial statements and their audit in accordance with requirements and criteria established outside the firm (Dyckman, 1988). Scholars recognise two theories of regulation, self interest theory and public interest theory, which operate in a linked fashion as regards accounting rules (that is, standards, laws and guidelines) and their implementation; see Sunden (1988) and Shipper (1994), for example. The rules of accounting focus on financial reporting, including recognition and disclosure. Self interest theory recognises that the reporting firms, along with the auditing profession and those who use the information reported, have an interest in the regulatory structure and in minimising the influence of outside bodies on the regulatory process. Public interest theory, on the other hand, is underpinned by issues offairness, risk and imperfect information and the need for interventionby the state or an independent body to ensure credible rulesand their enforcement.

Suggested Citation

  • Edward Cahill, 1999. "Ireland," Palgrave Macmillan Books, in: Stuart McLeay (ed.), Accounting Regulation in Europe, chapter 7, pages 177-203, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51201-6_7
    DOI: 10.1057/9780230512016_7
    as

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