Rethinking Financial Reporting: Standards, Norms, and Institutions
Explore the complexities of financial reporting standards, norms, and institutions in this insightful discussion. Delve into the attributes, goals, mechanisms, and social norms shaping the landscape of financial reporting. Discover the evolution of institutions and ways forward for ensuring effective financial reporting practices.
Uploaded on | 0 Views
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Rethinking Financial Reporting: Standards, Norms and Institutions Shyam Sunder Yonsei University Dec. 1, 2017
Introduction Attributes, Goals and Practice Rules and Institutions Social Norms Learning and Development Ways Forward
What Is Good Financial Reporting? Attributes: True and Fair Other Qualitative Attributes Disclosures Data with Specific Statistical Attributes Goals and Objectives Financial Reporting as an emergent practice Summary
Mechanisms for Choosing Financial Reporting Mechanisms and processes for collective choice in accounting Social Norms Popular vote or referendum Statutes or legislation Courts Administrative or regulatory agency Self-regulation Markets Summary
Standards and Rules Economics of standardization Problems of identifying the social optimal Monopoly or competition in standard-setting Standard-setting in the U.S.
Social Norms Nature of social norms Accounting norm: An example How do norms work? Courts and juries Insider trading Constitutions Norms in accounting Conflict of interest Final authority for decision A dictionary and an inventory of accounting Norms or standards Beliefs about enforcement and effectiveness Norms versus standards in e-commerce Limits of standards and rules Engineering of social norms Possible reforms
Institutions Evolution US Corporate Accounting Accounting rules Auditing Competition vs. independence Unintended consequences of pursuit of competition Summary
