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Political StandardsCorporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy$
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Karthik Ramanna

Print publication date: 2015

Print ISBN-13: 9780226210742

Published to Chicago Scholarship Online: May 2016

DOI: 10.7208/chicago/9780226210889.001.0001

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Local Interests in Global Games

Local Interests in Global Games

The Cases of China and India

(p.107) 6 Local Interests in Global Games
Political Standards

Karthik Ramanna

University of Chicago Press

This chapter provides evidence that the American experience with accounting rulemaking is not unique and that special-interest politics has a role in accounting rulemaking worldwide. It focuses on the impact of the proliferation of International Financial Reporting Standards on the politics of accounting rulemaking. It discusses how political pressure from state-controlled entities in China was able to temper the nature of worldwide accounting rules on disclosures of transactions involving related parties. Such disclosures are intended to safeguard against self-dealing, so the weaker rules could compromise trust in global financial markets. The chapter also discusses how one large Indian conglomerate was able to structure accounting rules on foreign-currency translations in ways that protected its interests at the potential expense of sound national accounting policies.

Keywords:   China, India, IFRS, State-controlled enterprises, Tata

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