The Impact of Lobbying on Standard Setting in Accounting - Essay Example

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The Impact of Lobbying on Standard Setting in Accounting

The essay "The Impact of Lobbying on Standard Setting in Accounting" discusses and critically evaluates the impact of lobbying on standard setting in accounting. Also, in the evaluation of the impact of lobbying on standard setting in accounting, various examples have been used to support the inferences that have been made. According to Frattini, lobbying on standard setting in accounting ensures that there are assurance and legitimacy among standard setters. The process of standard setting should be characterized by the provision of financial information, which will be acceptable and useful to all parties. Therefore, if a standard setter, especially a government body formulates measurement rules that are designated to support government policies, the integrity and credibility of the standard setter would be threatened, regardless of the fiscal merits of the measurement rules.
As lobbyists pressure standard setters over the credibility of standards, the standard setters will seek to formulate accounting standards in an innovative manner. Since the parties that are affected by various accounting standards are diversified and there are no adequate conditions for guaranteeing the legitimacy and credibility of a standard, lobbying on standard setting in accounting becomes necessary. This is because ensuring procedural safeguards and inclusiveness in standard setting may be difficult. Standard setters they develop the best, possible accounting standards to secure acceptance of the standards by stakeholders. ...Show more

Summary

This essay discusses and critically evaluates the impact of lobbying on standard setting in accounting. Also, in the evaluation of the impact of lobbying on standard setting in accounting, various examples have been used to support the inferences that have been made…
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