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Accounting and Society - Essay Example
Author : smithamproviden
Finance & Accounting
Pages 18 (4518 words)
It often provides a perspective that accounting information should be treated like other goods, and demand and supply forces should be allowed to operate so as to generate an optimal supply of information about an entity. …
However, no such conclusion was provided within the video as to which perspective is better of the two. This creates a knowledge gap and thus provides the researchers with the opportunity to bridge the gap by setting forth an in depth research regarding the best perspective that should be implemented in accounting practices. Previous literatures have suggested that the arguments in favour of implementing the pro regulation perspective of accounting and arguments against the utilization of free market perspective have been influenced by political, social, economic and research consequences. Thus the primary objective of this research is to do a critical evaluation providing evidence regarding the implementation of the above mentioned approaches. The paper will also highlight the political, social, economic and research influences that have historically impacted on the level of accounting regulation in a developed economy with established security markets. Following the in-depth analysis of the factors, remarks will be put forward as to which accounting standard should be implemented. In order to carry on the research efficiently and effectively specific set of tasks will be divided between the two members. One member of the group will be primarily responsible for doing a critical evaluation of the pro-regulation perspective whereas the other member will be assigned with the responsibility of analyzing the free market perspective. ...