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Investigating standard setting: accounting for the United Kingdom’s private finance initiative

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  • Ron Hodges
  • Howard Mellett

Abstract

This paper provides a case study of the use of Walker and Robinson’s (1993) model of the elements of an accounting standard setting process. The objective of the paper is to extend the existing literature through an examination of the process by which accounting regulation was developed in the context of the private sector and subsequently adopted by the public sector, including consideration of the interaction between the rule–making bodies of the two sectors.The empirical element of the paper draws upon the development of rules of accounting for the Private Finance Initiative (PFI) in the U.K. The empirical material illustrates the difficulty of conducting research into accounting regulation as documentation that is in the public domain reveals, but does not disclose, the presence of other significant influences.Walker and Robinson provide a useful model to analyse the process of standard setting. The case study supports their view that research addressing the genesis of any accounting standard will be deficient to the extent that it does not include reference to the influences that are not publicly revealed. Failure to include consideration of all the forces weakens any claimed causal links, a weakness that is not overcome simply by acknowledging the existence of other, uninvestigated aspects. This must be balanced against a recognition that it will never be possible to identify and weight all of the forces acting in a political process and so it is not possible fully to meet all of the standards of investigation set by Walker and Robinson.

Suggested Citation

  • Ron Hodges & Howard Mellett, 2002. "Investigating standard setting: accounting for the United Kingdom’s private finance initiative," Accounting Forum, Taylor & Francis Journals, vol. 26(2), pages 126-151, June.
    • Handle: RePEc:taf:accfor:v:26:y:2002:i:2:p:126-151
    DOI: 10.1111/1467-6303.t01-1-00009
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    Cited by:

    1. Ron Hodges & Howard Mellett, 2005. "Accounting for the U.K.'s Private Finance Initiative: An Interview‐Based Investigation," Abacus, Accounting Foundation, University of Sydney, vol. 41(2), pages 159-180, June.
    2. Holm, Claus & Zaman, Mahbub, 2012. "Regulating audit quality: Restoring trust and legitimacy," Accounting forum, Elsevier, vol. 36(1), pages 51-61.
    3. Benito, Bernardino & Montesinos, Vicente & Bastida, Francisco, 2008. "An example of creative accounting in public sector: The private financing of infrastructures in Spain," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 19(7), pages 963-986.
    4. Cortese, Corinne & Irvine, Helen, 2010. "Investigating international accounting standard setting: The black box of IFRS 6," Research in Accounting Regulation, Elsevier, vol. 22(2), pages 87-95.
    5. Raf Orens & Ann Jorissen & Nadine Lybaert & Leo Van Der Tas, 2011. "Corporate Lobbying in Private Accounting Standard Setting: Does the IASB have to Reckon with National Differences?," Accounting in Europe, Taylor & Francis Journals, vol. 8(2), pages 211-234.
    6. David Heald & George Georgiou, 2010. "Accounting for PPPs in a Converging World," Chapters, in: Graeme A. Hodge & Carsten Greve & Anthony E. Boardman (ed.), International Handbook on Public–Private Partnerships, chapter 11, Edward Elgar Publishing.
    7. Ralph Kober & Janet Lee & Juliana Ng, 2021. "Australian not‐for‐profit sector views on the conceptual framework, accounting standards and accounting information," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 1105-1138, March.
    8. Hodges, Ron & Mellett, Howard, 2012. "The U.K. private finance initiative: An accounting retrospective," The British Accounting Review, Elsevier, vol. 44(4), pages 235-247.

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