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Faculty Scholarship at Penn Law

Law and Economics

Accounting

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Full-Text Articles in Law

Heedless Globalism: The Sec's Roadmap To Accounting Convergence, William W. Bratton Jan 2010

Heedless Globalism: The Sec's Roadmap To Accounting Convergence, William W. Bratton

Faculty Scholarship at Penn Law

The Securities Exchange Commission (SEC) has introduced a "Roadmap" that describes a process leading to mandatory use of International Financial Reporting Standards (IFRS) by domestic issuers by 2014. The SEC justifies this initiative on the grounds that global standardization yields cost savings and an ultimate gain in comparability, facilitating the search for global opportunities by u.s. investors and making u.s. capital markets more attractive to foreign issuers. This Article shows that the offered justification is inadequate. The SEC frames the matter as a choice between two institutional frameworks for standard setting, holding out high quality sets of standards ...


Treatment Differences And Political Realities In The Gaap-Ifrs Debate, William W. Bratton, Lawrence A. Cunningham Jan 2009

Treatment Differences And Political Realities In The Gaap-Ifrs Debate, William W. Bratton, Lawrence A. Cunningham

Faculty Scholarship at Penn Law

No abstract provided.


Private Standards, Public Governance: A New Look At The Financial Accounting Standards Board, William W. Bratton Jan 2007

Private Standards, Public Governance: A New Look At The Financial Accounting Standards Board, William W. Bratton

Faculty Scholarship at Penn Law

The Financial Accounting Standards Board (the “FASB”) presents a puzzle: How has this private standard setter managed simultaneously (1) to remain independent, (2) to achieve institutional stability and legitimacy, and (3) to operate in a politicized context in the teeth of op-position from its own constituents? This Article looks to governance design to account for this institutional success. The FASB’s founders made a strategic choice to create a regulatory agency that sought independence rather than political responsiveness. The FASB also set out a coherent theory of accounting, the “Conceptual Framework,” to contain and direct its decisions. The Conceptual Framework ...


Rules, Principles, And The Accounting Crisis In The United States, William W. Bratton Jan 2004

Rules, Principles, And The Accounting Crisis In The United States, William W. Bratton

Faculty Scholarship at Penn Law

The Sarbanes-Oxley Act and the Securities Exchange Commission move too quickly ·when they prod the Financial Accounting Standards Board, the standard setter for US GAAP, to move immediately to a principles-based system. Priorities respecting reform of corporate reporting in the US need to be ordered more carefully. Incentive problems impairing audit performance should be solved first through institutional reform insulating the audit from the negative impact of rent-seeking and solving adverse selection problems otherwise affecting audit practice. So long as auditor independence and management incentives respecting accounting treatments remain suspect. the US reporting system holds out no actor plausibly positioned ...


The Case For Replealing The Corporate Alternative Minimum Tax, Terrence R. Chorvat, Michael S. Knoll Jan 2003

The Case For Replealing The Corporate Alternative Minimum Tax, Terrence R. Chorvat, Michael S. Knoll

Faculty Scholarship at Penn Law

No abstract provided.


Put-Call Parity And The Law, Michael S. Knoll Jan 2002

Put-Call Parity And The Law, Michael S. Knoll

Faculty Scholarship at Penn Law

No abstract provided.


Corporate Finance, Corporate Law And Finance Theory, Peter H. Huang, Michael S. Knoll Jan 2000

Corporate Finance, Corporate Law And Finance Theory, Peter H. Huang, Michael S. Knoll

Faculty Scholarship at Penn Law

No abstract provided.


Designing A Hybrid Income-Consumption Tax, Michael S. Knoll Sep 1994

Designing A Hybrid Income-Consumption Tax, Michael S. Knoll

Faculty Scholarship at Penn Law

No abstract provided.