Accounting standards during the global financial crisis of 2008-9

the political dimension

Research output: Contribution to journalMeeting abstract

Abstract

Purpose: To study political aspects of accounting standard setting. Originality: This aspect of the global financial crisis has not been addressed by the literature before. Key literature/theoretical perspective: Critical perspectives on accounting. Design/methodology/approach: Historical narrative. Findings: The thesis papers focus on the history of mark-to-market accounting during the global financial crisis from 2008 to 2010. Banks claimed that mark-to-market had caused or exacerbated the crisis. Those opposed to the banks (accounting professionals, standard setters, advocacy groups) claimed that mark-to-market gave appropriate valuations of financial businesses that had mismanaged their own investment risks. Despite these defenses, in October 2008 and April 2009 mark-to-market was severely downgraded by standard setters in the US and the International Accounting Standards Board. This expo presentation focuses on a content analysis of comment letters concerning mark-to-market that were sent to the US Securities and Exchange Commission during the crisis. Research limitations/implications: Implications for accounting standard policy. Practical and social implications: Understanding of political activity.
Original languageEnglish
Pages (from-to)41
Number of pages1
JournalExpo 2011 Higher Degree Research : book of abstracts
Publication statusPublished - 2011
EventHigher Degree Research Expo (7th : 2011) - Sydney
Duration: 10 Oct 201111 Oct 2011

Keywords

  • Standards
  • Accounting
  • Politics
  • Global
  • Crisis

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