This was the UPF Because there was a vacuum created by the Public Sector

This was the upf because there was a vacuum created

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had been established by the Treasuries themselves. This was the UPF. Because there was a vacuum created by the Public Sector Accounting Standards Board’s lack of attention to the real interest of the public sector, that vacuum had been filled by the Heads of Treasuries developing a set of standards in the form of the Uniform Presentation Framework .” ( PE C, Interview 25/02/2011) The CLERP reforms in Australia were initiated in the mid-1990s by then Federal Treasurer Peter Costello to address failures in the corporate regulatory environment. The purpose of CLERP was to review key areas of regulation affecting business and investment activity to ensure that business regulation was consistent with the Government’s wider objectives of ‘ promoting a strong and vibrant economy (Treasury 1996). Stoddart (2000) considered the motivation for restructuring the accounting standard setting arrangements within the CLERP reforms. She argued that political influences, rather that rational economic or inter-organisational conflict explained the rearrangement of Australian accounting standard setting. As a result of the CLERP reforms and a change of government 54 , the accounting standard setting responsibilities were shifted from the Australian Attorney- General’s Department to Treasury in 1996 (Jones and Baumgartner 2004; Stoddart 2000) . Stoddart’s study (2000, p. 723) argued that the political ambitions of then Treasurer Peter Costello were responsible for this shift, as it was: 54 The Liberal Party of Australia Coalition took over from the Australian Labor Party in 1996.
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193 “not part of the Labor Government’s Corporate Law Sim plification Program, little understood by the public at large, not likely to cost much, ostensible results could be achieved in a short time frame, and major stakeholders were dissatisfied with current arrangements. Stoddart (2000) argued that as a result of the CLERP proposals, Treasury was a major beneficiary with other lobby groups, such as the Australian Stock Exchange (ASX), the Australian Institute of Company Directors (AICD) and the Investment and Financial Services Association (IFSA). Stoddard (2000) argued that a motivation for Treasury to change the institutional arrangements for accounting standard setting was to increase its influence over public sector accounting standard setting. Public sector constituents and, in particular, the Commonwealth were discontented with the public sector standard setters and were frustrated that they were unable to influence the PSASB. The shift of responsibility from the Attorney- General’s Department to Treasury was a major increase in the regulatory power for Treasury. Her study is, however, silent on the details of this increased benefit as well as the implications of the new standard setting arrangements on public sector accounting.
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  • Fall '13
  • Government, The Land, International Financial Reporting Standards, Financial Accounting Standards Board, Australian Accounting Standards Board, Snow

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