Due Process Failure in Sector‐Neutral Accounting Standard‐Setting

23 Pages Posted: 20 Aug 2013

See all articles by Rachel F. Baskerville

Rachel F. Baskerville

Victoria University of Wellington - School of Accounting and Commercial Law

Sonja Pont Newby

Institute of Chartered Accountants in Australia

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Date Written: February 2002

Abstract

This study of due process in New Zealand draws upon information concerning events from 1993 to 1996 that resulted in the revision of a newly approved financial reporting standard and the withdrawal of requirements for the disclosure of director remuneration. Traditional consultation processes preceding approval of the standard failed to provide the FRSB with an adequate signal of the opposition to come, indicating a failure of due process. Analysis of this case study suggests adoption of a single and sector‐neutral Board in New Zealand was undertaken with a poor appreciation of how to manage effective due process in a ‘sector‐neutral’ world.

Keywords: accounting, standard setting, sector neutral, due process, directors’ remuneration, FRS‐9

Suggested Citation

Baskerville, Rachel F. and Pont Newby, Sonja, Due Process Failure in Sector‐Neutral Accounting Standard‐Setting (February 2002). Financial Accountability & Management, Vol. 18, Issue 1, pp. 1-23, 2002, Available at SSRN: https://ssrn.com/abstract=2018733 or http://dx.doi.org/10.1111/1468-0408.00143

Rachel F. Baskerville (Contact Author)

Victoria University of Wellington - School of Accounting and Commercial Law ( email )

Faculty of Commerce and Administration
PO Box 600
Wellington
New Zealand
006444636951 (Phone)
006444635076 (Fax)

HOME PAGE: http://www.victoria.ac.nz/sacl/staff/rachel-baskerville.aspx

Sonja Pont Newby

Institute of Chartered Accountants in Australia

Level 14
37 York Street
Sydney 2000, New South Wales
Australia

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