Controlling the standard-setting agenda: the role of FRS 3

P. Weetman

Research output: Contribution to journalArticle

15 Citations (Scopus)

Abstract

The consensus-based approach to setting accounting standards, which incorporates a formal consultation process, leads to questions about the lobbying process with regard to the nature of the argument, the characteristics of lobbying groups and the responsiveness of the standard setters. FRS 3, as the first standard initiated by the UK Accounting Standards Board (ASB), provides the context for considering these questions in relation to the nature of responses and respondents to the prior exposure draft, and the extent of comment integration, leading to a conclusion that the relative lack of change between the exposure draft and the standard is not explained by the pluralist concept of the standard-setter in bilateral interactions with the independent respondents. It may, however, be rationalised in terms of a community of business interests collectively permitting the ASB to demonstrate its effectiveness through the apparent legitimisation afforded by an overt position of accommodating users as a special interest group and a market force. The formal consultation process served the purpose of a symbolic ritual to establish the acceptance and acceptability of a newly-established regulatory agency.
LanguageEnglish
Pages85-109
Number of pages24
JournalAccounting, Auditing and Accountability Journal
Volume14
Issue number1
DOIs
Publication statusPublished - 2001

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Agenda
Accounting standards
Draft
Lobbying
Legitimization
Accounting standard setting
Responsiveness
Interaction
Bilateral
Acceptance
Acceptability
Special interest groups
Market forces

Keywords

  • accounting standards
  • lobbying

Cite this

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Controlling the standard-setting agenda: the role of FRS 3. / Weetman, P.

In: Accounting, Auditing and Accountability Journal , Vol. 14, No. 1, 2001, p. 85-109.

Research output: Contribution to journalArticle

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