Volume 26 (2015) / Issue 1
In this paper the focus is on the problems for corporate governance posed by the increased integration of national economies. One of the biggest concerns is the question of just how far local laws can be supplanted by globalised rules of corporate governance and accounting. The importance of standards of financial reporting, as demonstrated by the financial crises of the late 2000s, is touched upon. 'Global Accounting' has been developed as a method of control which superseded national rules. It is pointed out that companies today rarely have one central geographical location, due to factors such as faster communications, interconnected world markets, cheap cenres of manufacture and intercontinental financing. The present status of accounting regulation in several key locations is examined, with particular attention given to the tension between European and American systems. The article concludes that the future of global accounting raises many challenges for lawyers, stemming from the tensions of geography and semiotics.
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