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Organizing Question 1

Organizing Question 1. WHY accounting? historical factors in an age of market capitalism Why REGULATE accounting? Conflicting interests, whose agenda chosen? Accounting too important to be left to the accountants. Accounting as Conflict Resolution. Investors. Suppliers. Intermediaries:

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Organizing Question 1

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  1. Organizing Question 1 • WHY accounting? • historical factors • in an age of market capitalism • Why REGULATE accounting? • Conflicting interests, whose agenda chosen? • Accounting too important to be left to the accountants.

  2. Accounting as Conflict Resolution Investors Suppliers Intermediaries: Advisors, Analysts Investment Opportunity Managers Auditors Solid = resources; dots = information Customers

  3. Congress: Securities Acts of 1933 & 1934 Organizing Question 2 HOW is accounting regulated in the United States? Red = Public; Green = Private • Professional Organizations (AICPA) FASB SEC Standards • Preparers/Assurers (Clients and firms) Solid = legal; dots = influence

  4. Organizing Question 3 • How is INTERNATIONAL accounting regulated? • Stock Exchanges, IOSCO • International Accounting Bodies • IASC • IFAC • Global Trading Networks: Ix, GEM etc..

  5. Organizing Question 4 • How is the US Profession organized and regulated? • What key economic and political challenges does the profession face today? • Homework …. What did you find??

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