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Real-Life Relevance anf Contribution to the Development of Accounting and Finance Regulation - Essay Example

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Real-Life Relevance anf Contribution to the Development of Accounting and Finance Regulation

Secretary of the Treasury Timothy Geithner, Chairman of the Fed in the U.S. Ben Bernanke, the U.S. debt ceiling crisis, and the key players and instigators in the European financial crisis of 2011 (but mainly the UK, Greece, Spain, Italy, Germany, and France). As one can see, there are a plethora of areas which are going to be plumbed in this research, and it is hoped that it will be beneficial to both academics and those working in the financial sector in real-time on the ground. II. How Academic Research Can Have Real-Life Relevance and Make a Contribution to Accounting and Finance Regulation Academic research has made significant contributions to the real-life relevance of accounting and finance regulation, which will be supported here by research that demonstrates this fact. Many times, people ask, what is the real-world application of academics to accounting and finance regulation. The answer is, many of the real-world applications are entities that spurs infighting within the academic world. “[T]he interests of accountants in what we sometimes call the ‘real world’ have broadened…With regard to academic research…this is driven by the choices of academics themselves…” (Whittington, 2007, pp. 420). Without a doubt, academia is definitely spurred on by what interests people who are studying these fields. If it were not for them, probably the field of academic research in finance and accounting would not necessarily be as prolific. So, that is one view. “[B]oth of the 2008 US presidential candidates, Barack Obama and John McCain, promised greater regulation of the finance industry and to rein in ‘self-interest, greed, irresponsibility and corruption’ “ (Bratton, Denham, & Deutschmann, 2009, pp. 301). Unquestionably, the academic world is—although some may argue to the contrary—concerned about real-world applications of their findings to the world of finance and accounting. It may be difficult to do, but many academics are in favor of trying to extract the lessons that can be learned from real-life scenarios, instead of just working on case studies. Alan Greenspan did just that. Alan Greenspan was the former chairman of the U.S. Federal Reserve (a.k.a. “The Fed”) for a numerous amount of years. At any rate, his outlook on the U.S.’s future, and the country’s ability to pay back its enormous debt to its debtors—are both waning. Alan Greenspan was replaced in the Bush ’43 Presidency with Ben Bernanke—who stayed on after President Barack Obama was elected in 2008. “A large body of academic research has investigated the extent to which financial accounting information is used…” (Solomon, 2007, pp. 146). Apparently this did not apply to Mr. Bernanke—who, within the span of Bush’s eight-year Presidency and the beginning of Barack Obama’s—did little if nothing to interest rates while in his post as Federal Reserve chairman. Unfortunately, Mr. Bernanke’s extensive academic background did little, and has still done so little for, Obama’s Administration. What the Fed needs is to perhaps have the government start something similar to what Franklin Roosevelt ...Show more

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Academic Research: Does It Have Any Real-Life Relevance and Make a Contribution To The Development of Accounting and Finance Regulation? Word Count: 2,531 (10 pages) I. Introduction Academic research: has made great strides in the realms of real-life relevance to accounting and finance regulation; is generally good for finance; and also, at the same time, can be irrelevant to accounting and finance regulation in real-life situations…
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Real-Life Relevance anf Contribution to the Development of Accounting and Finance Regulation essay example
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