The Australian Stock Exchange was able to lobby the federal government through restricting funding and other measures towards international harmonization of accounting standards which increased its revenues at no particular benefit to the general public.
The Federal government also played into the hands of these corporations because of its own interests in terms of building credibility with the business community and appeasing it. Although it is stated that the basic motive for implementation of new standards is public interest and the welfare of the investors thereby making accounting standard setting bodies aim towards making financial documents more understandable and reliable, it is a reality that the process is influenced to a great extent by the political lobbying process, thereby sacrificing the social aspect of the process and bending to the will of the political forces involved. Therefore, accounting standard setting is a political lobbying process, and as such offers several opportunities and means for interested parties to influence its outcomes.
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