The FRC strategic direction in December 2002 to the AASB to develop and

The frc strategic direction in december 2002 to the

This preview shows page 265 - 268 out of 354 pages.

The FRC strategic direction in December 2002 to the AASB to develop and implement an accounting standard that would harmonise GAAP and GFS reporting principles was issued with minimum discussion. FRC members with non-public sector backgrounds relied on the expertise and assurance of public sector members and the support of the epistemic community. They did not pay much attention to the cognitive discussions at the AASB. The events of the GAAP/GFS harmonisation agenda setting process had an influence on the relationship between the FRC and the AASB and the concept of the strategic direction was renegotiated in the process of its application. The AASB felt that the FRC had overstepped its authority with the depth of its direction. As a result, the FRC redrafted its direction and the final version was issued in April 2003.
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252 CHAPTER 9 ASSESSMENT OF THE RESEARCH PROJECT AND A FUTURE RESEARCH AGENDA 9.1 OVERVIEW AND GENERAL RESEARCH OBJECTIVE Australia is the first jurisdiction to develop and adopt an accounting standard to harmonise GAAP and GFS principles for consolidated governmental financial reporting. This research project has considered the “why?” and “how?” of the events leading to this decision. To investigate the research questions, the thesis has adopted a qualitative case study approach based on an assumption that accounting standards for the public sector are a type of public policy. As a result, the “how?” and “why?” questions were investigated through an agenda setting approach. The thesis adopted a social constructionist epistemology, which is reflected in all stages of the research project. The thesis made contributions in two main areas. First, it investigated the early stages of the GAAP/GFS harmonisation in Australia. Second, the case was investigated using an epistemologically and theoretically sophisticated framework which is labelled the discursive agenda setting framework (DASF). Compared to previous studies in accounting agenda setting, the DASF considers all critical elements of public policy change that had been previously identified by public policy scholars and is epistemologically and theoretically grounded. In essence, these include institutional factors, the role of individual and collective actors and the relationship between institutions and actors. In addition, the DASF brought the concept of discourse into the literature of the accounting agenda setting process. This chapter is arranged in three sections. First, the findings of the case study investigation are briefly summarised before the implications of the findings are drawn
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253 out. This is followed by a discussion of the application of the DASF, including an assessment of the identification of the policy entrepreneurs (PEs) and the inclusion of the concept of the epistemic community. It also includes a discussion of the limitations and the contributions of the DASF. The chapter concludes with a call for action arising from this research project.
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  • Government, The Land, International Financial Reporting Standards, Financial Accounting Standards Board, Australian Accounting Standards Board, Snow

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