Accounting Standards and Global Convergence Revisited : Social Norms and Economic Concepts
書誌事項
- タイトル別名
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- <b>Accounting Standards and Global Convergence Revisited: </b><b>Social Norms and Economic Concepts</b>
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The leitmotifs underlying accounting standards setting have undergone changes over time, from best practices to a normative approach and then to global convergence. In the process, accounting standards have gradually lost their character as a set of informal social norms based on market practices. This trend, combined with the pursuit of a formal framework not amenable to adjustment through feedback from market tests, has unavoidably brought about a top-down approach. Under this approach, the uniformity of standards from the viewpoint of regulators has been given priority over the usefulness of income information for users of financial statements. Consequently income information, which plays an essential role in the valuation of companies in capital markets, has been affected by a mechanical application of the asset-liability approach and fair value measurement with scant attention to a marked difference in business transactions. Because investors today almost disregard national borders, the homogenization of accounting information is certainly an important goal. To achieve this goal, however, it is necessary to facilitate the spontaneous homogenization of norms based on an evolutionary market process which enables standards setters to incorporate vox populi into accounting standards themselves rather than decide on the direction and degree of convergence on an a priori basis.
収録刊行物
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- The Japanese Accounting Review
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The Japanese Accounting Review 1 (2011), 105-117, 2011
国立大学法人 神戸大学経済経営研究所
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詳細情報 詳細情報について
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- CRID
- 1390282680399958272
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- NII論文ID
- 130004974735
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- NII書誌ID
- AA1254905X
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- ISSN
- 21854793
- 21854785
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- NDL書誌ID
- 024476407
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- 本文言語コード
- en
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- データソース種別
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- JaLC
- NDL
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