International Journal of Accounting Research

Financial Standardization and Professionalization in a Decentralized System

Fai Thain^* Department of Commerce and Business, HAN University of Applied Sciences, Ruitenberglaan, Arnhem, The Netherlands
^*Correspondence: Fai Thain, Department of Commerce and Business, HAN University of Applied Sciences, Ruitenberglaan, Arnhem, The Netherlands, Email:

Received: 02-Oct-2023, Manuscript No. IJAR-23-23692; Editor assigned: 04-Oct-2023, Pre QC No. IJAR-23-23692 (PQ); Reviewed: 20-Oct-2023, QC No. IJAR-23-23692; Revised: 27-Oct-2023, Manuscript No. IJAR-23-23692 (R); Published: 04-Nov-2023, DOI: 10.35248/2472-114X. 23.11.355

Description

The significance of research methodologies for comprehending the nature of accounting policy and practice is what stimulates their interest in them. Positive Accounting Theory (PAT) aimed to challenge and replace the dominance of normative thinking in accounting, though there are strong disagreements with PAT's principles. Long before the "PAT revolution," many of us were interested in this empirical field, but we also felt that some of the greatest normative thinkers had far more merit and practical application than did positivists. The multinational business ('professional') service organizations are the main area of focus for us [1-3].

These are potential locations for the development, standardization, and regulation of accounting procedures as well as for the mediation, formation, and transformation of professional identities. For example, as a normative thinker, considered theory to be a means of interpreting empirical situations. It was also acutely conscious of the necessity of sophisticated research methodologies, as demonstrated by his work on instrumental reasoning and systems methodology, as essential to facilitating our comprehension of actual situations [4-6].

Since the Egyptian Accounting Standards (EASs) were neither included in the Client Master List (CML), which only relates to the currently in effect IASs, nor mandated by legislation, they are not included in the list of pertinent rules. Furthermore, testing for the EASs alone is impractical because they are essentially translations of some of the IASs. Since it is not a listing requirement, the Uniform Accounting System (UAS) is not listed in the list of pertinent rules. As specified in the section. Not for the capital market authority, but for national control and performance evaluation purposes, public sector enterprises must submit separate reports utilizing it. The idea that accounting was merely a technical endeavor was definitely dispelled in large part because to it [7].

Organizations, however, are free to regulate the impact of these restrictions as well as to express opinions about them. Accounting rules are among the rules that are involved in this dynamic. This underscored the importance of being transparent about the kind of research methodologies used to uncover this intricacy. In the framework of societal (accounting) regulatory obligations, how organizations "regulate" accounting to support organizational objectives and ideals has also attracted a lot of attention for a variety of reasons [8-10].

Understanding this organizational dynamic initially provides valuable insights into the social value and role of accounting regulations. The values and concerns of organizations and society are at the heart of this analysis. The word play is intentional in order to highlight the idea that organizations are not independent entities but rather part of a society with regulatory intentions regarding their future course. Due to the extraordinary complexity and contextual definition of accounting policy and practice, research methodologies utilized to reach this complexity must be very sophisticated.

Conclusion

Therefore, a second reason for this interest in how organizations "regulate" societal regulations is enables a potential linked study of societal and organizational interactions with a focus on accounting. The first two sections evaluate about the previous research on professionalization and accounting regulation, with a focus on areas they believe may be helpful for future research in an era where professionalization and regulation are becoming more dispersed processes. In the third section, they argue for increased examination of accounting firms and how this can improve an understanding of professionalization and professional regulation, in line with their view that there are other significant sites and institutions for the regulation of accounting practice and the construction and legitimation of the accounting professional.

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