This paper replies to Burlaud and Colasse (2010) who suggest that the International Accounting St... more This paper replies to Burlaud and Colasse (2010) who suggest that the International Accounting Standards Board (IASB) lacks legitimacy and that this has led to a return of politics to standardization. We show that the IASB is supported by the leaders of the world-s major economies (G20), and by the European Commission and European Parliament. The European Commission-s policy is to pursue wider adoption of the IASB-s standards. We go on to suggest that politics has never been absent from standardization and note that a number of the positions taken by Burlaud and Colasse are not supported by mainstream literature.
The paper contributes to the research agenda of studies on accounting measurement by suggesting t... more The paper contributes to the research agenda of studies on accounting measurement by suggesting that incremental change is taking place in IFRS which has the effect of moving recognition of assets and liabilities to an earlier point in the transaction cycle. This is manifested in recognition of executory contracts and changes in economic state in some standards. The professional debate about fair value obscures the underlying boundary shift. Fair value is used to simulate completion of the transaction cycle. The use of fair value in this way is accompanied by a change in emphasis as to how reliability should be construed, with representational faithfulness being advanced over verifiability. The recognition of income and expense earlier in the cycle is corrected on final realization, so the overall profits or losses of the entity are not changed, although recognition may take place in different periods than under historical cost.
" This chapter is intended to set the scene for the rest of the book-to explain why ... more " This chapter is intended to set the scene for the rest of the book-to explain why I accounting is different from one country to another, and to what extent efforts have been made to reduce differences. The individual country chapters which follow will bring out the special aspects ...
ABSTRACT About the book: This collection examines the implications for various stakeholders of th... more ABSTRACT About the book: This collection examines the implications for various stakeholders of the new EU Directive on Information and Consultation. As well as containing new and classic readings, it also contains contributions from leading academic, employment, trade union, and legal experts, analyzing the value-added potential to be derived by the effective implemention of information and consultation procedures.
Http Dx Doi Org 10 1080 09638189700000013, Feb 14, 2012
ABSTRACT The article reviews the drafting of the Fourth Directive with a view to analysing the me... more ABSTRACT The article reviews the drafting of the Fourth Directive with a view to analysing the mechanisms whereby the overriding requirement that accounts should provide a true and fair view of the state of affairs of a company was introduced into the second draft of the directive. It examines the published comments from the expert group which wrote the initial discussion document and from the European Parliament and the Economic and Social Committee. It concludes that, since the initial concept was that the Directive should combine elements from existing member state statutes rather than create an independent approach, it should be expected that UK and Irish law would have an influence once these countries became members. There is, however, evidence that some accountants in the UK placed emphasis on the true and fair override as a means of escaping what they saw as the strictures of the Fourth Directive.
One can but salute the meticulous work of Camfferman and Zeff and the patience that has enabled t... more One can but salute the meticulous work of Camfferman and Zeff and the patience that has enabled them to draw together a history of the 27-year life of the creator of International Accounting Standards and in so doing build an excellent resource for future researchers. ...
ABSTRACT "The Global Accounting History" four volume set aims to establish a be... more ABSTRACT "The Global Accounting History" four volume set aims to establish a benchmark reference source that covers the evolution of accounting, financial reporting and related institutions for all major economies in the world in a comparable way. Volume One addresses ten European economies, including France, Germany, Italy and the UK as well as the Netherlands, Belgium, Spain, Poland, Sweden, and Switzerland. Each chapter is authored by a specialist from the country concerned.
This paper replies to Burlaud and Colasse (2010) who suggest that the International Accounting St... more This paper replies to Burlaud and Colasse (2010) who suggest that the International Accounting Standards Board (IASB) lacks legitimacy and that this has led to a return of politics to standardization. We show that the IASB is supported by the leaders of the world-s major economies (G20), and by the European Commission and European Parliament. The European Commission-s policy is to pursue wider adoption of the IASB-s standards. We go on to suggest that politics has never been absent from standardization and note that a number of the positions taken by Burlaud and Colasse are not supported by mainstream literature.
The paper contributes to the research agenda of studies on accounting measurement by suggesting t... more The paper contributes to the research agenda of studies on accounting measurement by suggesting that incremental change is taking place in IFRS which has the effect of moving recognition of assets and liabilities to an earlier point in the transaction cycle. This is manifested in recognition of executory contracts and changes in economic state in some standards. The professional debate about fair value obscures the underlying boundary shift. Fair value is used to simulate completion of the transaction cycle. The use of fair value in this way is accompanied by a change in emphasis as to how reliability should be construed, with representational faithfulness being advanced over verifiability. The recognition of income and expense earlier in the cycle is corrected on final realization, so the overall profits or losses of the entity are not changed, although recognition may take place in different periods than under historical cost.
" This chapter is intended to set the scene for the rest of the book-to explain why ... more " This chapter is intended to set the scene for the rest of the book-to explain why I accounting is different from one country to another, and to what extent efforts have been made to reduce differences. The individual country chapters which follow will bring out the special aspects ...
ABSTRACT About the book: This collection examines the implications for various stakeholders of th... more ABSTRACT About the book: This collection examines the implications for various stakeholders of the new EU Directive on Information and Consultation. As well as containing new and classic readings, it also contains contributions from leading academic, employment, trade union, and legal experts, analyzing the value-added potential to be derived by the effective implemention of information and consultation procedures.
Http Dx Doi Org 10 1080 09638189700000013, Feb 14, 2012
ABSTRACT The article reviews the drafting of the Fourth Directive with a view to analysing the me... more ABSTRACT The article reviews the drafting of the Fourth Directive with a view to analysing the mechanisms whereby the overriding requirement that accounts should provide a true and fair view of the state of affairs of a company was introduced into the second draft of the directive. It examines the published comments from the expert group which wrote the initial discussion document and from the European Parliament and the Economic and Social Committee. It concludes that, since the initial concept was that the Directive should combine elements from existing member state statutes rather than create an independent approach, it should be expected that UK and Irish law would have an influence once these countries became members. There is, however, evidence that some accountants in the UK placed emphasis on the true and fair override as a means of escaping what they saw as the strictures of the Fourth Directive.
One can but salute the meticulous work of Camfferman and Zeff and the patience that has enabled t... more One can but salute the meticulous work of Camfferman and Zeff and the patience that has enabled them to draw together a history of the 27-year life of the creator of International Accounting Standards and in so doing build an excellent resource for future researchers. ...
ABSTRACT "The Global Accounting History" four volume set aims to establish a be... more ABSTRACT "The Global Accounting History" four volume set aims to establish a benchmark reference source that covers the evolution of accounting, financial reporting and related institutions for all major economies in the world in a comparable way. Volume One addresses ten European economies, including France, Germany, Italy and the UK as well as the Netherlands, Belgium, Spain, Poland, Sweden, and Switzerland. Each chapter is authored by a specialist from the country concerned.
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Papers by Peter Walton