Setting accounting standards some lessons from the U.S. experience

Article Abstract:

The procedures for setting accounting standards in the US, Canada, and Australia are described. Since 1939, much of the work in conducting and publishing research in the US has been done by private sector agencies, the American Institute of Certified Public Accountants, and the Financial Accounting Standards Board. The standard-setting process is seen as a partnership between private sector and government agencies such as the SEC. The standard setting bodies are made up of representatives from accounting schools, government, and private industry, as well as practicing accountants. Due process is very important in setting accounting standards in the US, but less common in other countries. The US is the only country in which government agencies do not allow companies under their jurisdiction to depart from standard accounting practice.

United States, Analysis, Financial Accounting Standards Board, American Institute of Certified Public Accountants

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Setting accounting standards: some lessons from the U.S. experience

Article Abstract:

The authority to set accounting standards in the UK, Australia, and New Zealand lies with professional organizations. In the US and Canada, that authority lies with the government; with professional organizations making recommendations. The SEC, a government agency, and the professional organizations of the American Institute of Certified Public Accountants and the Financial Accounting Standards Board set US standards. Government control in the US is preferable because of the stature of the agency, its ability to draw research funds, and to enforce the law.

Standardization, Accounting and auditing, Industry regulations, Government regulation of business, Trade regulation

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