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Full-Text Articles in Business Administration, Management, and Operations
Responsible Accounting For Stakeholders, Jeffrey S. Harrison, Joyce Van Der Van Der Laan Smith
Responsible Accounting For Stakeholders, Jeffrey S. Harrison, Joyce Van Der Van Der Laan Smith
Accounting Faculty Publications
Through a critique of existing financial theory underlying current accounting practices, and reapplication of this theory to a broad group of stakeholders, this paper lays a normative foundation for a revised perspective on the responsibility of the public accounting profession. Specifically, we argue that the profession should embrace the development of standards for reporting information important to a broader group of stakeholders than just investors and creditors. The FASB has recently moved in the opposite direction. Nonetheless, an institution around accounting for stakeholders continues to grow, backed by a groundswell of support from many sources. Based on institutional theory, we …
Responsible Accounting For Stakeholders, Jeffrey S. Harrison, Joyce Van Der Laan Smith
Responsible Accounting For Stakeholders, Jeffrey S. Harrison, Joyce Van Der Laan Smith
Management Faculty Publications
Through a critique of existing financial theory underlying current accounting practices, and reapplication of this theory to a broad group of stakeholders, this paper lays a normative foundation for a revised perspective on the responsibility of the public accounting profession. Specifically, we argue that the profession should embrace the development of standards for reporting information important to a broader group of stakeholders than just investors and creditors. The FASB has recently moved in the opposite direction. Nonetheless, an institution around accounting for stakeholders continues to grow, backed by a groundswell of support from many sources. Based on institutional theory, we …