Setting Accounting Standards for Nationalised Industries
The question is raised whether special treatment is required for accounting standards of a nationalized industry compared to private companies. The current 1983 position is unclear. The Accounting Standards Committee (ASC) has formed a Public Sector Liaison Group to assess the issues. It is not likely that they will have an easy influence because the major parties involved, the British government and the nationalized industries, are not expected to be enthused about involvement. The groups most affected including consumers, suppliers and policy debate participants, are not organized enough to provide strong support. The terms of reference stated for the Liasion Group show that they perceive this to be a problem as well.
Publication Name: Public Finance and Accountancy
Accounting for the planet's survival
Accountancy is the sector of the financial sector least affected by environmental awareness. Traditional economic concepts such as the Gross National Product distort the perception of the economic benefits of growth since they do not take into consideration the environmental consequences of growth. The Labour Party's Trade and Industry spokesman Bryan Gould has recommended that the party reformulate the national accounts to take into consideration environmental economics. Increasingly, people are advocating economic policies that will relate the economic system to protecting the environment. Environmental economics necessitates taxing the consumption of resources rather than creating wealth.
Publication Name: Accountancy
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