Accounting Reform in Australia: Contrasting Cases of Agenda Building

26 Pages Posted: 7 Oct 2004

See all articles by Stewart Jones

Stewart Jones

University of Sydney – School of Business

Sheikh F. Rahman

Swinburne University of Technology

Peter Wolnizer

The University of Sydney - Discipline of Accounting

Abstract

On 4 March 1997, the Department of Treasury of the Australian Government announced sweeping measures to reform standard setting arrangements in Australia (CLERP Paper No. 1, Commonwealth of Australia, 1997). The Government's agenda is profoundly reformist as it recommended the wholesale adoption of International Accounting Standards by Australian reporting entities, as well as advocating the introduction of market (selling) price accounting both nationally and internationally. While the notion of market value accounting is not new, this recommendation appears to be a historical first from a government, regulatory or standard setting body. Against this background, our study draws on a framework of 'political agenda building' proposed by Cobb and Elder (1972) and Cobb et al. (1976), in order to compare and contrast the competing standard setting reform agendas adopted by the Australian accounting profession and the Government. Using the Cobb and Elder framework, we discuss potential reasons why the CLERP agenda has supplanted that of the Australian accounting profession as well as some implications of these developments for the future of standards harmonization.

JEL Classification: M41, M44, M47, G38

Suggested Citation

Jones, Stewart and Rahman, Sheikh F. and Wolnizer, Peter, Accounting Reform in Australia: Contrasting Cases of Agenda Building. Abacus, Vol. 40, No. 3, pp. 379-404, October 2004. Available at SSRN: https://ssrn.com/abstract=597847

Stewart Jones (Contact Author)

University of Sydney – School of Business ( email )

Cnr. of Codrington and Rose Streets
Sydney, NSW 2006
Australia

Sheikh F. Rahman

Swinburne University of Technology ( email )

Cnr Wakefield and William Streets, Hawthorn Victor
3122 Victoria, Victoria 3122
Australia

Peter Wolnizer

The University of Sydney - Discipline of Accounting ( email )

H69 Economics and Business Building
Sydney, NSW 2006
Australia
+61 2 9351 3084 (Phone)
+61 2 9351 6639 (Fax)

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