Norms and Rules Financial Reporting by Evolution or 规范和规则财务报告的演变或.pptxVIP

Norms and Rules: Financial Reporting by Evolution or Design Shyam Sunder, Yale University XIII. Symposium zur ?konomischen Analyse der Unternehmung German Economic Association of Business Administration GEABA, e.V. 19–21 September 2012, Universit?t Graz, Austria (c) Shyam Sunder: Norms and Rules 1 (c) Shyam Sunder: Norms and Rules 2 Samuel Johnson published his dictionary not as the conqueror of the language but as the person who knew best how unconquerable it really is. Verlyn Klinkenborg (2005) The rules of accounting, even more than those of law, are the product of experience rather than logic. George O. May (1943) Common global standards, if read to mean identical, is an illusory and unobtainable goal. However, seeking to achieve similar objectives and and to address in an effective way similar problems is a realistic goal. Richard Breeden (1992), Former Chair, SEC An Overview Why such widespread accounting abuses? Short, medium and long-term perspectives Accounting by norms or design Regulation and the age of standards Evidence for other social phenomena Failures of markets, and of regulation Living with financial engineers: standards as road maps for evasion What could we do? (c) Shyam Sunder: Norms and Rules 3 (c) Shyam Sunder: Norms and Rules 4 Idea of Intelligent Design That complex social or biological systems can be DESIGNED by conscious intelligent entities That they have the ability and wisdom to define the ends, and design to attain these ends efficiently That they are, or should be, invested with the power to enforce their design on others Where does this entity reside? Abode of the Intelligence? Heaven London? (c) Shyam Sunder: Norms and Rules 5 (c) Shyam Sunder: Norms and Rules 6 Emergence or Evolution Darwin: Complex biological systems evolve over time through mutation and natural selection in their environment Evolution has no goals or direction of advancement (except time) Evolution does not guarantee effi