The study raises a number of unanswered questions For example it is silent on

The study raises a number of unanswered questions for

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The study raises a number of unanswered questions. For example, it is silent on the motivation of the government to adopt international accounting standards. While the official reasons for the CLERP reforms are listed, the study would have benefited from going beyond the official version, especially since the study refers to a comment by McGregor (1995) who suggested that the government was not prepared to give away law making ability. Other question s include: ‘How did the government come to this position?’, or ‘Why would the introduction of market value accounting have been incompatible with the proposal of the profession for a U.S. FASB-style standard setting board?’. The findings of the study were potentially limited by its data and interviews with ‘witnesses’ and key individuals might have provided further insights. The findings of the study also suggest that a closer consideration of institutional factors, such as regulatory power, would have provided greater explanatory value. The limitations of the study are closely connected to the limitations of Cobb and Elders’ three approaches of agenda building and are compounded by a descriptive application of the three approaches of agenda building. 2.2.3 Regulatory space Hancher and Moran (1989) used the concept of regulatory space as an analytical instrument to explain regulatory processes. Hancher and Moran propose an alternative to the private-public dichotomy of regulatory capture, in which public sector regulatory agencies created in the public interest are ‘captured’ by private sector lobbying groups that dominate regulatory processes, an action assumed to be illegitimate (Hancher and
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33 Moran 1989, p. 273). 12 Hancher and Moran (1989) argued that this assumption does not hold true in many instances and proposed instead that organisations compete for power, irrespective of whether they are actors in the private or the public sphere. They emphasised the importance of the institutional context of such power struggles, by including the dimensions of ‘time’ and ‘space’ in their theory. Hancher and Moran (1989, p 277) suggested that the boundaries of ‘space’ are defined by “the range of regulatory issues subject to public decision”, leading to four conseq uences: The space is available for occupation. The space can be unevenly divided between actors. There are general and specific concepts of regulatory space. Regulatory space is an image and can as such be augmented by similar images, making it an ‘arena’, i.e., a delineated space. In the centre of regulatory processes is a play for power and the relationships between organisations in an economic, regulatory, and political institutional context, which they refer to as ‘place’ (pp. 278 -279). Place is composed of national peculiarity, historical timing, organizational structure and interdependence. The authors emphasised the importance of ‘place’ as an issue that is not ‘obviously’ in a particular domain (e.g., does regulation of work belong to ‘industrial relations’ or ‘economic management’).
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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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