A major perspective on accounting (financial reporting) regulation views regulation as being required to protect the public interest. However, the regulatory capture and economic (private) interests perspectives argue that the public interest objective could be adversely affected by various factors.
The assignment question requires you to explain the above three perspectives on accounting regulation. In particular, to what extent do you believe that, within the Australian financial reporting regulatory environment, the issues of regulatory capture and private interests do adversely affect the objective of the provision of useful information for users of public company financial reports? State any recommendations you would make to reduce any potential for adverse impacts, and comment on what the three perspectives mean for the role and power of accountants in society.
Write a research essay addressing the above assignment question. You are required to fully explain your viewpoints and support your decision by academic research papers (at least 3 peer-reviewed academic papers) plus newspaper articles, textbooks and other reliable sources of literature.