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The Political Nature of Accounting Standard Setting in Australia The Political Nature of Accounting Standard Setting in Australia Introduction There been conflict in most western countries among private sector bodies and the governmental bodies concerning the process of establishing regulatory arrangements take for linguistic context bill standards (Hopwood et.al 2005). The recent changes by the Australian federal official Government regarding the structure of stage setting the accounting standards show a huge shift in power to the government from the master bodies. Majority of the users of financial reports often try to influence the accounting standard with the aim of protecting their own interests. Standard setters in Australia are having diminished roles in internationalist standard setting as the government which involves politics has taken over the setting and regulation of accounting standards as noted by Jorissen et.al (2007). This agent that politics spicyly influences accounting regulations development. How politics influence the knowledgeability of accounting standards The accountancy profession in setting international accounting standards has been under pressure from political parties.

This has led to an increase concern by ACCA on the political interference in the accounting standard setting process. The political put one across in setting of accounting standard argues that the best solution varies from sort out to group and from person to person (Jorissen et.al 2007). Under this view, policy decisions forever and a day bring out choices between two conflicting interests and butt be better served by use of different practices. This so makes the method of setting accounting standards a political activity. This throne be termed to as a one dimensional view of power because it focuses on the behavior in decision fashioning on issues which have notable conflict of interest as revealed by political participation (Hopwood et.al 2005). This activity has a high consequence which involves... If you want to get a full essay, value it on our website: Ordercustompaper.com

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