Evolution of U.S. Regulation and the Standard-Setting Process for Financial Reporting: 1930s to the Present

2021 ◽  
Vol 15 (3) ◽  
pp. 263-372
Author(s):  
Stephen A. Zeff
Keyword(s):  
Financial Reporting ◽  
Standard Setting ◽  
Setting Process

IFRS and convergence in China and the USA

2014 ◽  
Vol 9 (1) ◽  
pp. 56-66 ◽  
Author(s):  
Randy Moser
Keyword(s):  
Financial Reporting ◽  
Economic Indicator ◽  
Standard Setting ◽  
Global Scale ◽  
Securities And Exchange Commission ◽  
Current Status ◽  
Content Type ◽  
Financial Reporting Standards ◽  
Setting Process ◽  
The Usa

Purpose – The purpose of this paper is to perform a brief examination of International Financial Reporting Standards (IFRS) and the progress towards IFRS convergence in the accounting environments of China and the USA, providing useful information on the current status and future of IFRS convergence in these countries. Design/methodology/approach – A range of IFRS-related literature from 1993 to 2013 was analyzed to provide the current status of IFRS and to determine the past, present and future of IFRS convergence in the country examinations. Findings – IFRS convergence and adoption has occurred on a global scale due to the call for a single set of standards. China's most significant obstacles include training accounting professionals and becoming more involved in the International Accounting Standards Board (IASB) standard setting process. The USA's most significant obstacle is completing the Securities and Exchange Commission roadmap milestones, which will progressively move the accounting industry towards IFRS convergence. Research limitations/implications – These findings have been limited to an overview of IFRS convergence and adoption within China and the USA. Additional research opportunities exist by examining how successful countries have been in protecting individual economic interests by working with the IASB in the standard setting process for the IFRS, as opposed to being passive in the process. One economic indicator that should be examined is foreign direct investment, which has major impacts on country development and can be influenced by financial standards such as IFRS. Practical implications – China and the USA both have milestones identified in this paper that will need to be reached before benefits may be reaped from the converging to IFRS. Originality/value – These findings show that IFRS standards are being implemented globally in many nations, providing a common set of reporting tools to businesses and investors. Through these standards, China and the USA are working to be even more competitive forces in financial markets.

Acid-Causing Emission Standards in Alberta: The Standard-Setting Process, Enforcement and Forums

1985 ◽  
Vol 23 (1) ◽  
pp. 1
Author(s):  
Shelley N. Phillips ◽  
Gale L. Pretash
Keyword(s):  
Standard Setting ◽  
The Public ◽  
Public Input ◽  
Emission Standards ◽  
Setting Process ◽  
Scientific Analysis

The implementation and enforcement of standards regulating acid-causing emissions in Alberta are examined in this paper. Also addressed are the available forums for public input, the need for further scientific analysis and better communication between government, industry and the public.

The Development of Auditing Standards at the PCAOB and Related Audit Practitioner Input

2020 ◽  
Author(s):  
L. Tyler Williams ◽  
W. Mark Wilder
Keyword(s):  
Standard Setting ◽  
The Public ◽  
Setting Process ◽  
Public Company ◽  
Auditing Standards ◽  
Audit Standard ◽  
Comment Letters ◽  
Feedback Responses

The Public Company Accounting Oversight Board (PCAOB; Board) maintains that constituent feedback plays an essential and dynamic role in its audit standard-setting process. We examine a major source of constituent feedback, responses to standard-setting questions, using a sample drawn from the original proposals of fourteen PCAOB auditing standards. We find that after receiving comment letter feedback to the standard-setting questions, the Board revises approximately half of its guidance tied to those questions before it finalizes auditing standards-a finding consistent with the Board's assertion that it carefully considers constituent perspectives as it develops new regulation. We also explore the related comment letters of eight professional auditing firms subject to the PCAOB's annual inspection program and discover varying levels of opposition to and support for the PCAOB's proposed authoritative guidance. We observe PCAOB revision to authoritative guidance highly contested by the firms in more than three-fourths of cases of standard-setting questions and PCAOB non-revision to guidance highly supported by the firms in more than ninety percent of cases.

The domain expert perspective: A qualitative study into the views expressed in a standard-setting exercise on a language for specific purposes (LSP) test for health professionals

2021 ◽  
pp. 026553222110107
Author(s):  
Simon Davidson
Keyword(s):  
Qualitative Data ◽  
Proficiency Test ◽  
Standard Setting ◽  
Domain Expert ◽  
Verbal Reports ◽  
Domain Experts ◽  
Language For Specific Purposes ◽  
Setting Process ◽  
Test Criteria ◽  
Textual Features

This paper investigates what matters to medical domain experts when setting standards on a language for specific purposes (LSP) English proficiency test: the Occupational English Test’s (OET) writing sub-test. The study explores what standard-setting participants value when making performance judgements about test candidates’ writing responses, and the extent to which their decisions are language-based and align with the OET writing sub-test criteria. Qualitative data is a relatively under-utilized component of standard setting and this type of commentary was garnered to gain a better understanding of the basis for performance decisions. Eighteen doctors were recruited for standard-setting workshops. To gain further insight, verbal reports in the form of a think-aloud protocol (TAP) were employed with five of the 18 participants. The doctors’ comments were thematically coded and the analysis showed that participants’ standard-setting judgements often aligned with the OET writing sub-test criteria. An overarching theme, ‘Audience Recognition’, was also identified as valuable to participants. A minority of decisions were swayed by features outside the OET’s communicative construct (e.g., clinical competency). Yet, overall, findings indicated that domain experts were undeniably focused on textual features associated with what the test is designed to assess and their views were vitally important in the standard-setting process.

Articulating accounting principles

2016 ◽  
Vol 17 (2) ◽  
pp. 118-135 ◽  
Author(s):  
Brian A. Rutherford
Keyword(s):  
Financial Reporting ◽  
Standard Setting ◽  
Financial Accounting ◽  
Accounting Standard ◽  
Content Type ◽  
Accounting Research ◽  
Accounting Principles ◽  
Accounting Theory ◽  
Social Scientific ◽  
Accounting Standard Setting

Purpose – The purpose of this paper is to provide a soundly based epistemological underpinning for the kind of theorisation in which many classical financial accounting researchers engaged and thus to support a renewal of this programme. Design/methodology/approach – The paper draws on pragmatist philosophy and, in particular, on Jules Coleman’s theory of “explanation by embodiment”. The applicability of this theory to the world of financial reporting is discussed. Various theorists and schools within classical accounting theory are examined from the perspective of Coleman’s ideas, focusing particularly on A.C. Littleton’s Structure of Accounting Theory. Findings – The paper finds that classical accounting research works such as Structure of Accounting Theory can be interpreted as the search for Colemanian explanation by embodiment and that this provides them with a soundly based pragmatist underpinning for their theorisation. Research limitations/implications – This paper supports the resumption by academics, qua academics, of work to contribute to accounting standard-setting by offering argumentation that addresses accounting principles and methods directly, rather than only via the social scientific investigation of behaviour in the accounting arena. Practical implications – Such a resumption would contribute positively to future standard-setting. Originality/value – This paper contributes to the defence of classical financial accounting research from the charge of lacking theoretical rigour.

Sign in / Sign up

Export Citation Format

Share Document