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Seminar_24 Standard Setting Political Issues

Financial Accounting Theory (5th Edition)

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Matt Steger ACC 803 Seminar 24 – Standard Setting: Political Issues In the first part of Scott’s final chapter of our Theory Text, we are introduced to the political issues that are inherent to the process of standard setting. It is undoubtedly interesting that this is the final chapter in the text, as it is the most controversial. Scott begins with his usual overview. One of his key statements in this overview tells us “that standard setting is fundamentally as much a political process as an economic one” and that this “viewpoint is consistent with the concept of constituencies of accounting, with the political cost hypothesis of positive accounting theory, and with the game theoretic and agency theoretic views of constituency conflict (Scott, 484). We are also introduced to both the public interest and interest group theories of regulations. The first tells us that regulation is something that should maximize public welfare while the latter tells us that
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