Essay: Influence on Accounting Standards

Sample Essay

A range of parties can be seen to be interested in influencing the standard setting process and for diverse purposes. Georgieu and Robert (2004) have pointed out that argue that stakeholders act based on the financial data that managers provide to them which leads to particular actions of the market.

If this is distorted, it leads to changes in the way market behaves. In this regard, researchers have suggested that standards governing the preparation and reporting of accounting information should be according to the needs of the market. This suggestion is indifferent to those given by prolific groups which expect information to meet their own needs. This lobbying does not always result in the best results for the public. As Mitchell (2004) pointed out, the asbestos lobby forced the Australian government to bring about regulation that favored them which led to citizens coming to harm because of asbestos which was an outright failure on part of the government to protect its citizens.

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