Sample Essay

Looking at the dynamics of accounting standard setting, one comes to the conclusion that it is more or less a political lobbying process at present. This is supported through various steps that have been taken through its history.

Looking at the current crisis, the speed with which the standards are being altered by the FASB on the backing of political bodies brings into question its objectivity as standard setting is a slow process and cannot be made to proceed at a rapid pace which actually brings its integrity into question. Without confidence of the stakeholders, the financial data loses its intrinsic value. In the case of Australia, many indicators point to political lobbying. As the example of the Asbestos industry in Australia showed, the motive for standard alteration in that case was to avoid giving bad impressions about the company to the public which eventually resulted in harm to the public.

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