What has the invisible hand achieved?

Ross Watts

Accounting and Business Research, 2006, vol. 36, issue S1, 51-61

Abstract: This paper was commissioned for the Institute of Chartered Accountants in England and Wales Information for Better Capital Markets Conference held on 19-20 December 2005. It evaluates the effect of the market on financial reporting recognising that financial reporting and accounting are only parts of a general reporting. financing and governance equilibrium. That equilibrium is affected by the political process, as well as by capital and other markets. 1 explain how and why both market and political forces have influenced accounting and financial reporting and provide examples of those influences. Further. I draw implications for accounting standard-setting bodies that desire to change the nature of accounting and financial outcomes. Finally. I predict the effects of the radical standard-setting changes proposed by the FASB and IASB.

Date: 2006
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DOI: 10.1080/00014788.2006.9730046

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