Accounting Judiciary II

If accounting standard-setting is a legislative act, where is the judicial dimension that so often gets confused with the legislative nature of standard-setting? Have suggested that this is a role of securities commissions.

Would seem that one is fortunate where securities commissions exist. While not generally setting accounting standards, securities commissions have the right to determine that an accounting standard is wrongly or deficiently applied, in relation to public corporations. Actions that are separately prosecutorial and adjudicative. Plus subject to judicial review. Plus, the determinations of securities commissions should be influential in relation to assessing accounting representations by private corporations.

And with respect to financial institutions, to the extent that a body such as the Office of the Superintendent of Financial Institutions has the right to determine that accounting principles have been wrongfully or deficiently applied…

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About brucelarochelle

Practising Lawyer and Part-Time University Instructor (Accounting, Commercial Law, Organizational Behaviour); Part-Time Federal Tribunal Member. Non-practising Chartered Professional Accountant (Chartered Accountant and Certified Management Accountant).
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