Organizing Question 1 WHY accounting? Why REGULATE accounting?

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Presentation transcript:

Organizing Question 1 WHY accounting? Why REGULATE accounting? historical factors in an age of market capitalism Why REGULATE accounting? Conflicting interests, whose agenda chosen? Accounting too important to be left to the accountants.

Accounting as Conflict Resolution Investors Suppliers Intermediaries: Advisors, Analysts Investment Opportunity Managers Auditors Solid = resources; dots = information Customers

Organizing Question 2 Red = Public; Green = Private HOW is accounting regulated in the United States? Red = Public; Green = Private Professional Organizations (AICPA) Congress: Securities Acts of 1933 & 1934 SEC FASB Standards Preparers/Assurers (Clients and firms) Solid = legal; dots = influence

Organizing Question 3 How is INTERNATIONAL accounting regulated? Stock Exchanges, IOSCO International Accounting Bodies IASC IFAC Global Trading Networks: Ix, GEM etc..

Organizing Question 4 How is the US Profession organized and regulated? What key economic and political challenges does the profession face today? Homework …. What did you find??