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Unreliable accounts: How regulators fabricate conceptual narratives to diffuse criticism – A response to Karthik Ramanna
In: Accounting, Economics, and Law: AEL ; a convivium, Band 12, Heft 2, S. 233-238
ISSN: 2152-2820
Abstract
Karthik Ramanna's article titled "unreliable accounts: How regulators fabricate conceptual narratives to diffuse criticism" provides a critical insight into how Fair Value Accounting (FVA) was incorporated into the conceptual framework for general purpose financial reporting. Karthik reveals that the installation of FVA into the FASBs constitution can be understood through a framework: conceptual veiling. In this framework, the FASB is captured within the logics of financial market economics, assuming investors and capital market actors are best served by financial disclosures that reflect market valuations. Captured by these interests, the FASB needed to modify the narratives contained in the conceptual framework removing reliability and substituting faithful representation because much of what constitutes FVA disclosures are estimates and judgements of questionable reliability. A more forceful critical evaluation of the re-orientation of accounting practise from Historical Cost Accounting to FVA might have located changes in the context of the financialized company.
Rethinking Financial Reporting: Reinstating the Social License of Limited Liability
In: Accounting, Economics, and Law: AEL ; a convivium, Band 9, Heft 2
ISSN: 2152-2820
Abstract
Shyam Sunder's monograph 'Rethinking Financial Reporting: Standards, Norms and Institutions' explores the extent to which it is possible to deliver 'better financial reporting' so as to support investment decision making and valuation. In this review paper it is argued that a more fundamental and radical challenge is required in a world where financial reporting is politically and socially constructed. The institutions governing financial reporting have pursued a project that has been complicit in undermining the social license granted by limited liability. The priority is to explore how financial reporting might contribute to securing the social license granted by limited liability.
International Financial Reporting Standards (IFRS): Stress Testing in Financialized Reporting Entities
In: Accounting, Economics, and Law: AEL ; a convivium, Band 7, Heft 2, S. 105-108
ISSN: 2152-2820
Abstract
These remarks deal with financialisation of accounting. Financialisation is a process by which windfall capital market gains are crystallised from future earnings over and above those available from current earnings and profit. Accounting numbers reported by business firms are increasingly including the product of windfall gains from capital markets into those accounting numbers. Thus a significant disturbance in market valuations embedded in firm's assets and earnings could have a significant and material impact upon firm-level financial stability.
Book Reviews
In: Asia Pacific business review, Band 3, Heft 2, S. 107-108
ISSN: 1743-792X
ELI Guidance on Company Capital and Financial Accounting for Corporate Sustainability
In: Report of the European Law Institute (ELI), Band Vienna, Heft 978-3-9505318-1-7
SSRN
The hollowing out of British manufacturing and its implications for policy
In: Economy and society, Band 19, Heft 4, S. 456-490
ISSN: 1469-5766
Why Take the Stocks Out? Britain vs Japan
In: International journal of operations & production management, Band 9, Heft 8, S. 91-105
ISSN: 1758-6593
Accumulation under Conditions of Inequality
In: Review of international political economy: RIPE, Band 8, Heft 1, S. 66-95
ISSN: 0969-2290
This paper presents a Keynesian analysis of accumulation under conditions of inequality in the UK & US where household savings are channeled into corporate securities. This form of saving is dominated by the comfortable classes in upper income households whose behavior indirectly encourages the UK & US corporate sectors into merger & acquisition. A broader discussion of trajectory & results brings out the risk of instability in a coupon pool type of capitalism where the stock market operates like a giant Ponzi scheme. In the UK & US cases, the policy implication is that it is foolish to give the stock market a larger role in provision for retirement through schemes that encourage or enforce increased savings by lower income groups. 10 Tables, 2 Figures, 21 References. Adapted from the source document.
Accumulation under conditions of inequality
In: Review of international political economy, Band 8, Heft 1, S. 66-95
ISSN: 1466-4526
Shareholder value and Financialization: consultancy promises, management moves
In: Economy and society, Band 29, Heft 1, S. 80-110
ISSN: 1469-5766
A Fallen Idol? Japanese Management in the 1990s
In: Asia Pacific business review, Band 2, Heft 4, S. 21-43
ISSN: 1743-792X
A bias against employment: coal closures as the end of history and the shape of things to come
In: Llafur: journal of Welsh people's history, Band 6, Heft 3, S. 97-108
ISSN: 0306-0837
Accounting for failure in the nationalised enterprises — coal, steel and cars since 1970
In: Economy and society, Band 15, Heft 2, S. 167-219
ISSN: 1469-5766