Sustainability in global financial reporting and innovation in institutions

Elizabeth A. Gordon

Accounting Research Journal, 2008, vol. 21, issue 3, 231-238

Abstract: Purpose - The aim of this paper is to document the author's keynote address in Accounting at the 16th Annual Conference on Pacific Basin Finance, Economics, Accounting and Management “Innovation for a Sustainable Future: Visions for 2020”, July 3‐4, 2008, Brisbane, Australia. Design/methodology/approach - In keeping with the theme of the Conference, the paper considers two areas – global accounting and financial reporting, and regulation and institutions. Findings - As business has become more global and financial markets have developed world‐wide, comparable accounting and financial information across countries and companies is a logical step to continue to support and advance business. With this shift, though, the world moves towards a monopoly in accounting standards and standard setting. Practical implications - The potential costs, problems, and possible solutions need to be considered. Current regulatory environments and institutions offer limited ability to effectively monitor such a monopoly. So innovation must occur. Originality/value - The paper shows that an infrastructure to support global investor protection and convergence of investor protections and rights can offer such innovation to support and sustain global business.

Keywords: Financial reporting; Accounting; Standards (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:arjpps:v:21:y:2008:i:3:p:231-238

DOI: 10.1108/10309610810922486

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