Oral Presentations - Session 1B: UC 327
Presentation Type
Presentation
Faculty Mentor’s Full Name
Jeffery Greene & Casey McNellis
Faculty Mentor’s Department
Greene - Political Science & McNellis - Accounting
Abstract / Artist's Statement
In business, public policy governs the actions businesses take. Knowing both what the policy is and how it is changing allows for businesses to be more informed, efficient, transparent and sustainable. Businesses that are efficient, transparent and sustainable help to generate economic growth, which benefits the population as a whole. Additionally, well informed businesses help to generate better policy for the business and economic community as a whole. Currently, the US and the International Community have different accounting standards. The convergence of International Financial Reporting Standards with Generally Accepted Accounting Principles has been an area of tension between policy makers and businesses in the United States for several years. The purpose of this paper is to address how convergence is moving through the public policy cycle in the United States. The paper identifies the three political approaches that could be used to formulate policy to address the issue of convergence. The three approaches are rational approach theory, institutionalism, and incremental approach. This paper utilizes a policy analysis to evaluate the benefits, implications, and barriers of each approach. The paper concludes that the United States should use an incremental approach to converge international standards with US standards. The incremental approach allows the US to create understandable policy that saves on convergence costs while increasing cooperation of both boards to create better standards and more accountability.
Category
Social Sciences
The Not-So-Simple Story of International Unity
In business, public policy governs the actions businesses take. Knowing both what the policy is and how it is changing allows for businesses to be more informed, efficient, transparent and sustainable. Businesses that are efficient, transparent and sustainable help to generate economic growth, which benefits the population as a whole. Additionally, well informed businesses help to generate better policy for the business and economic community as a whole. Currently, the US and the International Community have different accounting standards. The convergence of International Financial Reporting Standards with Generally Accepted Accounting Principles has been an area of tension between policy makers and businesses in the United States for several years. The purpose of this paper is to address how convergence is moving through the public policy cycle in the United States. The paper identifies the three political approaches that could be used to formulate policy to address the issue of convergence. The three approaches are rational approach theory, institutionalism, and incremental approach. This paper utilizes a policy analysis to evaluate the benefits, implications, and barriers of each approach. The paper concludes that the United States should use an incremental approach to converge international standards with US standards. The incremental approach allows the US to create understandable policy that saves on convergence costs while increasing cooperation of both boards to create better standards and more accountability.