The Standards Setting Process

Question: Write an essay on the Standards setting process for an International Accounting Standards. Answer: Introduction The objective of the paper is to first figure out what is the standard setting process for International accounting standards. This will be done through both primary and secondary research. The research will become more specific as we will be focusing completely on Upstream Oil Gas Industry. Since the industry has salient features one need to understand the same before going ahead with the research. The setting up standards in International Accounting is one of the major tasks for accounting Governing bodies and a particular standard go through a lot of discussion with all the stakeholders before being implemented. In such a scenario the research need to first identify the key stakeholder, understand the process of setting up accounting standards and then finally work out the discussion which goes among the board and the various stakeholders before adaptation of the standards. Research Aim: The aim of the research is to find out the details of how accounting standards are set up in International Accounting methods and the focus is on Upstream Oil Gas Industry. Research Objectives: The research tends to focus on certain objectives which are detailed out below. What the dynamics of Upstream Oil Gas Industry and how accounting is different in this industry? What are the ways by means of which standards are set in International accounting Standards? Who are the stakeholders involved in setting up the standards? What are the final steps before adopting any standards? How standard setting differs across different industry and what are the main parameters on which they revolve? Research Methodology This research comprise of both primary and secondary research. The secondary research will help in exploring the current available literature on this topic and the primary research will help in meeting the exact industry specific goals. The secondary research will also help in proper development on hypothesis which can then be proved using primary research. The primary research will be in the form of interviews with various stakeholders which are identified in the literature review of the business. The goal of the whole system should be to focus on the primary research post the findings of the secondary research are clear in this field. Timeline for the research The expected timeline for the full research will be somewhere around 3 to 4 months. The majority of the time during the same would be literature review followed by primary research. Research Limitation The research is limited to the fact that how transparent the system is in talking about the process of setting up of International Accounting Standards. If the system is not transparent the research findings will be very limited. Secondly research is also restricted or limited by cost involved in the same followed by the limited time constraint that we have. It is the case with most research where the capability of the research is completely dependent on the basis of resource constraint. References: Alfredson, K., Leo, K., Picker, R., Pacter, P., Radford, J., Wise, V. (2012).Applying international accounting standards. John Wiley Sons Arnold, P. J. (2012). The political economy of financial harmonization: The East Asian financial crisis and the rise of international accounting standards.Accounting, Organizations and Society,37(6), 361-381 Arrio, K., de Souza Freire, F., Niyama, J. K. (2013). Analysis of social and economic conditions in the countries of sub-Saharan Africa for a convergence to international accounting standards.African Journal of Business Management,7(24), 2394-2402 Barth, M. E., Landsman, W. R., Lang, M., Williams, C. (2011). Are International Accounting Standards-based and US GAAP-based accounting amounts comparable.Rock Center for Corporate Governance at Stanford University Working Paper, (78) Camfferman, K., Zeff, S. A. (2015). Aiming for Global Accounting Standards: The International Accounting Standards Board, 2001-2011.OUP Catalogue Lagneau-Ymonet, P., Quack, S. (2012).What's the Problem? Competing Diagnoses and Shifting Coalitions in the Reform of International Accounting Standards(pp. 213-246). Campus Verlag Macve, R. (2014). What should be the nature and role of a revised Conceptual Framework for International Accounting Standards?.China Journal of Accounting Studies,2(2), 77-95 Richardson, A. J., Eberlein, B. (2011). Legitimating transnational standard-setting: the case of the International Accounting Standards Board.Journal of Business Ethics,98(2), 217-245