This book focuses on the recent transformations of national accounting systems. It extends comparative accounting literature using a new comprehensive framework, which embeds a governance perspective throughout the financial reporting process. The authors track transformations in standard setting, enforcement and disclosure regulation over time in three typical OECD countries. Modes and degrees of convergence illustrate where "global governance" in accounting has already been achieved and where national regulators still dominate the accounting agenda.
Author(s): Jochen Zimmermann, Jorg Werner, Philipp Volmer
Series: Transformations of the State
Edition: First Edition
Publisher: Palgrave Macmillan
Year: 2008
Language: English
Pages: 260
Contents......Page 6
List of Exhibits......Page 9
List of Abbreviations......Page 11
Acknowledgements......Page 17
Series Editor's Preface......Page 18
Part I: Transformations of Statehood in Accounting: The Framework......Page 20
1.1 The localization of accounting: Business and regulatory contexts......Page 24
1.2 The policy fields of financial reporting......Page 29
1.3 The function of accounting within the varieties of capitalism......Page 31
1.4 Governance modes and the role of the state......Page 36
2 Transformation of Role Models: Germany, the UK and the US......Page 41
2.1 UK accounting: Diversity, professions and 'fair presentation'......Page 42
2.2 German accounting: Commercial Code, jurisprudence and taxation......Page 45
2.3 US accounting: Financial markets, interstate commerce and dominance of the SEC......Page 48
2.4 Conclusion......Page 51
Part II: New Governance Arrangements in Disclosure......Page 52
3.1 Standard-setting in the US: Not quite Europe's precursor......Page 54
3.2 Standard-setting in Europe: National developments and early European interventions......Page 61
3.3 Conclusion......Page 73
4 The New Accounting Procedures in Europe: Combining Transnational Standard-setting and Supranational Rule-making......Page 76
4.1 The emerging framework: The IAS......Page 77
4.2 The European use of the framework......Page 80
4.3 Shifting responsibilities from the nation state: The legitimacy issue......Page 83
4.4 Conclusion......Page 87
5 The Struggle between Private and Public: The Case of Stock Exchanges......Page 88
5.1 The business model and organizational form of stock exchanges......Page 90
5.2 Germany: An active role for the private sector......Page 92
5.3 The UK: The shift to state control......Page 103
5.4 The US: Crowding out the private sector......Page 109
5.5 Conclusion......Page 116
Part III: The Role of the Nation State in Enforcement......Page 120
6 Dawn and Dusk of the Nation State in Auditing: From Supervising Private Arrangements to Transnational Governance......Page 122
6.1 Auditing: A supply and demand analysis......Page 123
6.2 Audit governance: Institutions and procedures......Page 127
6.3 The emerging global framework: The IFAC......Page 135
6.4 Conclusion......Page 136
7 The Stronghold of the Nation State: Enforcement Agencies......Page 139
7.1 The US case: A comprehensive policing role for the SEC......Page 140
7.2 The UK case: Coexisting variations of the private–public mix......Page 145
7.3 The German case: A public–private mix with low sanctioning powers......Page 150
7.4 Financial regulation of listed firms: Europe vs the US......Page 156
7.5 Conclusion......Page 159
Part IV: Forces of Transformation and Convergence: Potency and Impotence of the Nation State......Page 162
8 The Weakened Nation State: Economic Globalization and Regime Convergence......Page 164
8.1 Measuring the extent of globalization......Page 165
8.2 Cross-listings as a phenomenon of globalization......Page 171
8.3 Influence of globalization on national legal systems......Page 176
8.4 Conclusion......Page 180
9 The Powerful Nation State: Sarbanes–Oxley and the Global Reach of Regulation......Page 182
9.1 The scope of the SOA......Page 183
9.2 Institutional changes triggered in the US......Page 185
9.3 The interference of SOA with extraterritorial regulation......Page 190
9.4 Pre-SOA developments in European countries......Page 192
9.5 Recent regulatory developments: Functional convergence to the US model......Page 196
9.6 Conclusion......Page 202
Part V: Analytical Summary and Conclusion......Page 204
10 Convergence Patterns in Public–Private Collaborations......Page 208
10.1 Regulation in the golden age......Page 210
10.2 Today's regulation......Page 216
10.3 Conclusions......Page 222
Epilogue......Page 226
Notes......Page 228
References......Page 231
A......Page 248
B......Page 249
C......Page 250
E......Page 251
F......Page 252
G......Page 253
I......Page 254
L......Page 255
O......Page 256
R......Page 257
S......Page 258
Z......Page 260
