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Question: Is there a future for one global set of generally accepted accounting principles?
Answer: Why accounting regulation?
This essay will discuss the opportunities and possibilities of global accounting standards, which will most likely take the form of regulations as in EU directives. Therefore we will give a basic outline why accounting regulation exists.
Although there are authors in favour of the free – market perspective, arguing that there will be private incentives to provide accounting information and therefore there is no need for accounting regulation (Deegan, 2004), we will assume that the accounting practice at the current moment is based upon extensive regulation. Deegan (2004) argues, in the context of the pro – regulation perspective, that the main argument for legislating accounting practices is to create a level playing – field, where everybody has access to the same information and insider trading is prohibited. The needed level of legislation will b...(short extract)
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- Subject: Business and Management
- Course: Accountancy and Finance
- Level: Degree
- Year: 2nd/3rd
- Mark: 64%
- Words: 7460
- Date submitted: March 21, 2009
- Date written: March, 2004
- References: Yes
- Document type: Essay*
- Essay ID: 1069
