New Governance Modes for Germany's Financial Reporting System: Another Retreat of the Nation State?

Posted: 10 Jul 2008

See all articles by Philipp B. Volmer

Philipp B. Volmer

University of Bremen - Faculty of Business Studies and Economics

Joerg R. Werner

Frankfurt School of Finance & Management gemeinnützige GmbH - Accounting Department

Jochen Zimmermann

University of Bremen - Faculty of Business Studies and Economics; University of Bremen - Chair of Accounting and Control

Date Written: July 2007

Abstract

This paper inquires into the recent changes of accounting regulation in Germany. To track these changes systematically, we develop a general framework for comparing accounting regimes. Within this framework, we find privatization tendencies in accounting governance which go along with international convergence. A closer analysis also shows that the observable privatization processes do not imply a retreat of the state. Quite the contrary, the public sector has increased its interventions-albeit partly on a supranational level. Many reforms do not originate from ‘exogenous’ European legislation and are due to developments in the systemic accounting environment. Looking at the socio-economic context of financial reporting, we identify and discuss possible driving forces such as demographic developments, fraudulent conduct of reporting entities or the globalization of capital markets, which are the intrinsic forces causing the functional convergence towards a new system of accountancy.

Keywords: Governance, socio-economics, financial markets, Germany, capitalist systems, accounting

Suggested Citation

Volmer, Philipp B. and Werner, Jörg Richard and Zimmermann, Jochen, New Governance Modes for Germany's Financial Reporting System: Another Retreat of the Nation State? (July 2007). Socio-Economic Review, Vol. 5, Issue 3, pp. 437-465, 2007. Available at SSRN: https://ssrn.com/abstract=1157695 or http://dx.doi.org/mwl028

Philipp B. Volmer (Contact Author)

University of Bremen - Faculty of Business Studies and Economics ( email )

Bremen, D-28359
Germany
00494212182458 (Phone)

Jörg Richard Werner

Frankfurt School of Finance & Management gemeinnützige GmbH - Accounting Department ( email )

Adickesallee 32-34
Frankfurt, 60322
Germany

Jochen Zimmermann

University of Bremen - Faculty of Business Studies and Economics ( email )

Hochschulring 4
Germany
+49 421 218 9121 (Phone)

University of Bremen - Chair of Accounting and Control ( email )

Universitaetsallee GW I
Bremen, D-28334
Germany
+49 421 218-9119 (Phone)

HOME PAGE: http://www.controlling.uni-bremen.de

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