Philip Brown and Ann Tarca

Achieving High Quality, Comparable Financial Reporting: A Review of Independent Enforcement Bodies in Australia and the United Kingdom

This article provides a review of the activities of two quite different types of national enforcement body, the U.K.’s Financial Reporting Review Panel (FRRP) and the Australian Securities and Investments Commission (ASIC). We present material (some not available elsewhere) about their activities over the period 1998–2004 and show that both types of body can fulfil an enforcement role, albeit subject to political forces. We also assess the relevance of the bodies’ past activities for comparable international enforcement following the adoption of International Financial Reporting Standards ...

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