Constructed Information Society of the Federal Accounting Standards Board: Information Society
Sarbannes-Oxley legislation has permitted the Financial Accounting Foundation (FAF) to provide adequate resources for operations of the Federal Accounting Standards Board (FASB) through mandated public company financial support. But while these resources may have strengthened the FASB’s corporate sponsorship, the FASB’s closed membership and limited charter makes it problematic whether it can ever satisfy the information needs of accounting’s constituents in the United States of America. This paper considers the limitations of FASB and its masters FAF by examining their discourse. membership and funding through textual analysis. The results show that despite the best intentions of Sarbannes-Oxley to improve the FASB’s reporting of economic conditions and economic performance of enterprises, the FASB’s milieu is so tightly constrained as to preclude a social and transformative accounting of US standards. Indeed, the FASB has successfully constructed its own version of the information society to the detriment of non-financial users.
Keywords: Information Society, Federal Accounting Standards Board, Core-Financial Stakeholders
Dr. Alistair M. Brown
Associate Professor, Governance Reporting and Regulation, Curtin University
J-L. W. Mitchell Van der Zahn
Singapore Management University