International and National Standards and Norms of Financial Reporting: Monopoly or Competitive Coexistence

Kozminski Entrepreneurship and Management, General Accounting Theory - Evolution and Design for Efficiency, 2008

Posted: 29 Mar 2012

See all articles by Shyam Sunder

Shyam Sunder

Yale University - School of Management; Yale University - Cowles Foundation

Date Written: September 14, 2007

Abstract

In recent decades, financial reporting has shifted away from reliance on social norms towards predominance of written standards enforced by authority. This change has influenced accounting thought, practice, regulation, instruction, and research. Moreover, monopoly jurisdiction of accounting standards has made it increasingly difficult to experiment with alternative methods, slowing the discovery of better methods of accounting. The so-called "fair" value standard is a result of this process. Letting standards compete would promote the development of better financial reporting and the restoration of a balance between the role standards and social norms play in financial reporting.

Suggested Citation

Sunder, Shyam, International and National Standards and Norms of Financial Reporting: Monopoly or Competitive Coexistence (September 14, 2007). Kozminski Entrepreneurship and Management, General Accounting Theory - Evolution and Design for Efficiency, 2008. Available at SSRN: https://ssrn.com/abstract=1924497

Shyam Sunder (Contact Author)

Yale University - School of Management ( email )

165 Whitney Avenue
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-6160 (Phone)

HOME PAGE: http://www.som.yale.edu/faculty/sunder/

Yale University - Cowles Foundation

Box 208281
New Haven, CT 06520-8281
United States

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