The piper should play the tune he picks
Article Abstract:
Research by the Universities Funding Council reveals that accounting research is rated low. This is probably the result of the increased use of creative accounting resultant increase in financial scandals, which is being ignored by researchers, and the lack of independence of academic accounting researchers from the Institute of Chartered Accountants in England and Wales. The academic arm of accounting is passive and research often does not relate to practice. Academic accounting researchers are in league with the accounting profession to keep financial reports credible by keeping them complex, thus enhancing their authority. Academics serve to give justification to the complexity, which is enforced through standardization. Academic accounting needs to recognize ethics just as the more established vocational disciplines such as medicine have, and need to take a disinterested approach to the fundamental issues.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1990
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Making waves for mega mergers
Article Abstract:
In Great Britain, under the Fair Trading Act of 1973, the Monopolies and Mergers Commission investigates mergers that: involve control over 25 percent (or more) of British markets, result in 30 million pounds sterling (or more) of total corporate assets, or adversely affect the public interest. The law and the Commission were established to encourage competition, fair pricing practices, reduced consumer costs, and balanced distributions of industry and employment. However, with the proliferation of mergers in Britain, some critics of the system point out that proposed mergers do not have to benefit the public (since all that must be demonstrated is that the merger will not hurt the public). Moreover, while shareholders benefit economically from most mergers, the economy as a whole seldom benefits from such reorganizations since they move industries closer to monopolistic markets.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1986
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The strange case of the qualified success
Article Abstract:
Statistics on business failures and audit reports in England indicate that many companies that fail do not receive qualified audit reports, and that many companies that do get a 'going concern' qualification survive. One reason for this gap is the way in which auditing standards operate. Conflicts of interest may also contribute; auditors may be reluctant to risk losing a client by issuing a going concern report. A new auditing guideline is needed, and the role of the auditor should be more clearly defined. It may no longer be enough for auditors to verify that a company's financial statement is fairly presented. Auditors may also have to start making clear statements that companies are facing financial difficulties.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1987
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