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Is it appropriate for accounting standard-setting bodies toconsider ‘culture’ and ‘religion’ when devising accountingregulations, particularly given that the output of financialreporting is expected to be objective and unbiased? Explain andsupport your view.

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Beverley Smith
Beverley SmithLv2
28 Sep 2019

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Some accountants have said that politicalization in the development and
acceptance of generally accepted accounting principles (i.e., standard setting) is
taking place. Some use the term politicalization in a narrow sense to mean the
infl uence by governmental agencies, particularly the SEC, on the development of
generally accepted accounting principles. Others use it more broadly to mean the
compromising that takes place in bodies responsible for developing these principles
because of the infl uence and pressure of interested groups (SEC, American
Accounting Association, businesses through their various organizations, Institute
of Management Accountants, fi nancial analysts, bankers, lawyers, etc.).
Required:
b. What arguments can be raised to support the politicalization of accounting
standard setting?
c. What arguments can be raised against the politicalization of accounting
standard setting? (CMA adapted)

Some accountants have said that politicalization in the development and acceptance of generally accepted accounting principles (i.e., standard setting) is taking place. Some use the term politicalization in a narrow sense to mean the infl uence by governmental agencies, particularly the SEC, on the development of generally accepted accounting principles. Others use it more broadly to mean the compromising that takes place in bodies responsible for developing these principles because of the infl uence and pressure of interested groups (SEC, American Accounting Association, businesses through their various organizations, Institute of Management Accountants, fi nancial analysts, bankers, lawyers, etc.). Required:

b. What arguments can be raised to support the politicalization of accounting standard setting?

c. What arguments can be raised against the politicalization of accounting standard setting? (CMA adapted)

he Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes.

Firstly, you are required to find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing “IASB exposure draft and comment letters”/”FASB exposure draft and comment letters” into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments letters then contact your subject coordinator.

In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report.

An outline of the major issues covered in the exposure draft (what is the exposure draft introducing or changing?).

An assessment as to whether (or not) the behaviour of the regulator in introducing the exposure draft can be explained by public interest theory.

An outline of the views presented in the comments letters which highlights the areas of agreement and disagreement with the exposure draft.

An assessment as to whether the comments letters can be interpreted as being 'for' or 'against' which provides relevant examples.

An application of each of the theories of regulation (public interest, private interest and capture) to the comments letters and a justification as to which theory best explains the comments.

Please note: you need to attach the comment letters you selected for your report (there is no need to attach the exposure draft)

Academic Writing and Referencing - 6 marks

Content assessed: Accounting regulation, current financial reporting issues and topics(s) that your research is related to.
Key generic skills: Research, critical thinking and written communication.

Rationale

This assessment is designed to test your ability to:

communicate your understanding of the topic areas; and

be able to critically evaluate selected current financial reporting and management accounting issues (SLO4).

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