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Understanding Accounting Regulation: Historical Context and Global Implications

This exploration examines the significance of accounting in market capitalism, discussing the need for regulation in light of conflicting interests among stakeholders such as investors, suppliers, and auditors. It further investigates how accounting is regulated in the United States through organizations like the SEC, FASB, and AICPA, as well as the challenges faced by the profession. Lastly, the international regulation of accounting standards is analyzed, highlighting the roles of global accounting bodies and stock exchanges in ensuring transparency and consistency in financial reporting.

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Understanding Accounting Regulation: Historical Context and Global Implications

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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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