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What has the invisible hand achieved?

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  • Ross Watts

Abstract

This paper was commissioned for the Institute of Chartered Accountants in England and Wales Information for Better Capital Markets Conference held on 19-20 December 2005. It evaluates the effect of the market on financial reporting recognising that financial reporting and accounting are only parts of a general reporting. financing and governance equilibrium. That equilibrium is affected by the political process, as well as by capital and other markets. 1 explain how and why both market and political forces have influenced accounting and financial reporting and provide examples of those influences. Further. I draw implications for accounting standard-setting bodies that desire to change the nature of accounting and financial outcomes. Finally. I predict the effects of the radical standard-setting changes proposed by the FASB and IASB.

Suggested Citation

  • Ross Watts, 2006. "What has the invisible hand achieved?," Accounting and Business Research, Taylor & Francis Journals, vol. 36(S1), pages 51-61.
    • Handle: RePEc:taf:acctbr:v:36:y:2006:i:s1:p:51-61
    DOI: 10.1080/00014788.2006.9730046
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    References listed on IDEAS

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    1. Solomon Fabricant, 1936. "Revaluations of Fixed Assets, 1925-1934," NBER Books, National Bureau of Economic Research, Inc, number fabr36-2.
    2. Solomon Fabricant, 1936. "Revaluations of Fixed Assets, 1925-1934," NBER Chapters, in: Revaluations of Fixed Assets, 1925-1934, pages 1-12, National Bureau of Economic Research, Inc.
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