Regulation Standardising Accounting Practice

University of Wollongong

Research Online
Faculty of Business - Accounting & Finance
Working Papers

Faculty of Business

2006

Regulation: Standardising Accounting Practice
M. Gaffikin
University of Wollongong, [e-mail]

Publication Details
This working paper was originally published as Gaffikin, M, Regulation: Standardising Accounting Practice, Accounting & Finance
Working Paper 06/22, School of Accounting & Finance, University of Wollongong, 2006.

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06/22
University of Wollongong
School of Accounting & Finance

Regulation: Standardising Accounting Practice

Working Papers Series

Michael Gaffikin

School of Accounting & Finance
University of Wollongong
Wollongong NSW 2522
Australia
Tel
[phone]
Fax [phone] eMail [e-mail] www.uow.edu.au/commerce/accy/ Regulation: Standardising Accounting Practice
Michael Gaffikin
School of Accounting and Finance, University of Wollongong, NSW 2522, Australia

This is the practical extension of a previous paper (Gaffikin, 2005) in which the actual attempts to regulate accounting are described and discussed. A most important element of this is the attempts to establish a conceptual framework by the professional bodies. In
Australia much of the thrust for regulation has been captured by the law – CLERP. To date there has been an attempt to integrate professional and legal regulation of the discipline with considerable cooperation between those involved.

There was, in the United States in the 1920s, in keeping with the spirit of the times, tremendous optimism leading to the widespread purchasing of shares (stock) in companies. Shares were purchased like many other commodities rather than as a result of careful investment planning. As a result, in the Stock Market Crash that precipitated the
“Great Economic Depression” of the

References: Gaffikin, M J R (2005), “Regulation as Accounting Theory”, Working Paper (wps9), School of Accounting and Finance, University of Wollongong. Kenley, J (1970), A Statement of Australian Accounting Principles, Melbourne, AARF. Kenley, J & G J Staubus (1972), Objectives and Concepts of Financial Statements, Melbourne, AARF. Macdonald, K M, 1995, The Sociology of the Professions, London, Sage Publications. Nobes, Christopher (1998), “Towards a General Model of the Reasons for International Differences in Financial Reporting”, Abacus, v 34, 00 162 – 187. Roshan, Sepi and Jessie Wong (technical editors) (2006), Accounting Handbook 2006 (Volume 1 of The Accounting and Auditing Handbook 2006), Melbourne Pearson Chapter 5, p18 Stamp, E (1984), “Accounting regulation in the US: The Growing Debate”, Keynote interviews by Professor Edward Stamp, International Accounting Bulletin (Special Report: January 1984). Stevenson, K M (1986), “The Role and Nature of a Conceptual Framework”, AAA/KMG Conference on Standard-Setting for Financial Reporting, Princeton, USA. Walker, R G (1987) “Australia’s ASRB: A Case Study of Political Activity and Regulatory ‘Capture’ ”, Accounting & Business Research, vol 17 Zeff, Stephen A (1971), Forging Accounting Principles in Five Countries: A history and an analysis of trends, Illinois, Stipes Publishing Company.