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Accounting as an instrument of neoliberalisation?

Author

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  • Ying Zhang
  • Jane Andrew
  • Kathy Rudkin

Abstract

Purpose - This paper aims to explore the implementation of fair value accounting (FVA) in China as part of a global process of neoliberalisation and financialisation of political and economic systems. It establishes that FVA forms part of the technical architecture of neoliberalism. Design/methodology/approach - In considering the processes of neoliberalisation in China, this paper uses a qualitative approach to explore some of the impacts the adoption of FVA has had on Chinese capital markets. Findings - It is shown that the practice of FVA is imbued with assumptions about the state and the market that have little bearing on the realities of Chinese capital markets. Rather than advancing the public interest, as neoliberal theories claim, this accounting change has failed to transform political and economic power. Instead, it has provided another opportunity to reposition powerful political and economic elites both inside and outside China. This paper argues that the process has reconfigured capital markets in the image of those in advanced capitalist economies, but is devoid of the regulatory and socio‐political apparatus to rationalise its relevance and reliability in the Chinese context. Originality/value - By positioning the research in broader literature of neoliberalism, this paper offers an alternative framing of the purpose of adopting FVA and, more broadly, the globalisation of International Financial Reporting Standards (IFRS).

Suggested Citation

  • Ying Zhang & Jane Andrew & Kathy Rudkin, 2012. "Accounting as an instrument of neoliberalisation?," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 25(8), pages 1266-1289, October.
    • Handle: RePEc:eme:aaajpp:v:25:y:2012:i:8:p:1266-1289
    DOI: 10.1108/09513571211275470
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    Citations

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    Cited by:

    1. Himick, Darlene & Brivot, Marion, 2018. "Carriers of ideas in accounting standard-setting and financialization: The role of epistemic communities," Accounting, Organizations and Society, Elsevier, vol. 66(C), pages 29-44.
    2. Modell, Sven & Yang, ChunLei, 2018. "Financialisation as a strategic action field: An historically informed field study of governance reforms in Chinese state-owned enterprises," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 54(C), pages 41-59.
    3. Bakre, Owolabi M. & Lauwo, Sarah, 2016. "Privatisation and accountability in a “crony capitalist” Nigerian state," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 39(C), pages 45-58.
    4. Hopper, Trevor & Lassou, Philippe & Soobaroyen, Teerooven, 2017. "Globalisation, accounting and developing countries," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 43(C), pages 125-148.
    5. Zhang, Eagle & Andrew, Jane, 2016. "Rethinking China: Discourse, convergence and fair value accounting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 36(C), pages 1-21.
    6. Zhang, Ying & Andrew, Jane, 2014. "Financialisation and the Conceptual Framework," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(1), pages 17-26.
    7. Ala, Alessandro S. & Lapsley, Irvine, 2019. "Accounting for crime in the neoliberal world," The British Accounting Review, Elsevier, vol. 51(5).
    8. Nikidehaghani, Mona & Cortese, Corinne & Hui-Truscott, Freda, 2021. "Accounting and pastoral power in Australian disability welfare reform," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 80(C).
    9. Annisette, Marcia & Prasad, Ajnesh, 2017. "Critical accounting research in hyper-racial times," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 43(C), pages 5-19.
    10. Anubha Srivastava & Preeti Kulshrestha, 2021. "Ind-AS Enforcement in India: An Assessment of Readiness, Benefits and Key Challenges," Paradigm, , vol. 25(1), pages 25-41, June.
    11. Bakre, Owolabi M. & McCartney, Sean & Fayemi, Simeon Olufemi, 2022. "Accounting as a technology of neoliberalism: The accountability role of IPSAS in Nigeria," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 87(C).
    12. Xue, Qingmei & Zan, Luca, 2022. "The Chinese accounting profession in the People’s Republic: A preliminary understanding from an oral history perspective," MPRA Paper 114407, University Library of Munich, Germany.
    13. Yasmine Chahed, 2021. "Words and Numbers: Financialization and Accounting Standard‐Setting in the United Kingdom," Contemporary Accounting Research, John Wiley & Sons, vol. 38(1), pages 302-337, March.
    14. Ejiogu, Amanze & Ambituuni, Ambisisi & Ejiogu, Chibuzo, 2021. "Accounting for accounting’s role in the neoliberalization processes of social housing in England: A Bourdieusian perspective," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 80(C).
    15. Ravenscroft, Sue & Williams, Paul F., 2021. "Sustaining discreditable accounting research through ignorance: The mainstream elite’s response to the 2008 financial crisis," Accounting, Organizations and Society, Elsevier, vol. 95(C).

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