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The Politics of Accounting Standards: A Comment on Ramanna’s “Unreliable Accounts: How Regulators Fabricate Conceptual Narratives to Diffuse Criticism”

Author

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  • Vogel Steven K.

    (University of California Berkeley, Berkeley, USA)

Abstract

Karthik Ramanna recounts how the Financial Accounting Standards Board (FASB) dropped “reliability” as a fundamental property of accounting in 2010. He offers two possible explanations for this change: (1) The FASB removed reliability to clarify its conceptual framework, and (2) It sought to reconcile its framework with the growing use of fair-value accounting. Ramanna does not give total victory to one explanation over another, nor does he assign purely public- or private-interest motives to the actors in the story. Yet this very ambiguity tells us a lot about the distinctive politics of accounting and other technical realms of regulation, and exposes some of the shortcomings of more standard interest-group models in political science.

Suggested Citation

  • Vogel Steven K., 2022. "The Politics of Accounting Standards: A Comment on Ramanna’s “Unreliable Accounts: How Regulators Fabricate Conceptual Narratives to Diffuse Criticism”," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 12(2), pages 247-252, May.
    • Handle: RePEc:bpj:aelcon:v:12:y:2022:i:2:p:247-252:n:6
    DOI: 10.1515/ael-2021-0088
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    More about this item

    Keywords

    accounting standards; FASB; politics; regulation; regulatory capture;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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