Accounting policy response to AAS 20: the resources sector

Bruinstroop, Pieter (1988). Accounting policy response to AAS 20: the resources sector Honours Thesis, Dept. of Commerce, University of Queensland.

       
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Author Bruinstroop, Pieter
Thesis Title Accounting policy response to AAS 20: the resources sector
School, Centre or Institute Dept. of Commerce
Institution University of Queensland
Publication date 1988
Thesis type Honours Thesis
Total pages 100
Language eng
Subjects 14 Economics
Formatted abstract This study investigates changes by resource companies in their accounting policies relating to gains/losses on foreign currency long-term monetary items associated with the introduction of AAS 20.

The firm is modelled as a set of contracts of which financial statements are one part. The optimal set of contracting conditions is influenced by both economic and regulatory conditions. An accounting standard is part of the regulatory conditions. Thus AAS 20's introduction altered the relative costs and benefits of the elements in the potential contracting set.

The developed thesis proposes that, given that the optimal contracting set has changed due to the change in the regulatory influences, an accounting standard is more likely to be adopted at the same time as the economic influences relevant to that standard also change.

Very strong support is found for this thesis, while the rival hypothesis, that the new standard was adopted due to general incentives for compliance, has less explanatory power.


 
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