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The Potential of the Accounting Profession in Controlling the Economy and Ethical Business Practise - Research Proposal Example

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This paper "The Potential of the Accounting Profession in Controlling the Economy and Ethical Business Practise" focuses on the fact that the issue of introduction of environmental regulation in the business community has spawned a lot of controversy and debate. …
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The Potential of the Accounting Profession in Controlling the Economy and Ethical Business Practise
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Download file to see previous pages In the pro-regulation scenario, a set of policies are enacted by the government that seeks to influence, or rather control, the behaviour of persons, firms or organisations in relation to the economy. Regulations create and establish rules that should be observed and respected by individuals, organisations or firms that operate within a particular industry or business.

In a pro-regulation scenario, anyone or any entity that does not act in accordance to the preset rules is in direct contravention of the law and is thus subject to punishment by law. The punishment to be handed down can either be in terms of fines, imprisonment or repossession of the respective business. However, in the free market, the allocation of market resources is solely on the foundation of supply and demand forces, this happens in the absolute absence of any form of government intervention. The question now becomes whether the free-market approach or pro-regulation approach is the best avenue to take in the Australian economy. When it is all said and done, regulation is the appropriate approach to take. This paper will endeavour to illustrate, with logical backing, why this approach is the most suitable one in the Australian perspective. This paper will evaluate twelve articles, which are either for or against, the introduction of legislation to the Australian environment.

The Australian environmental law has received a significant number of revolutions over the last decade. This is with the intent, to make Australia a more conducive location for persons, businesses and organisations. In contrast to numerous other professions, the accounting community has a direct link with what happens with the change or transformation of the environmental legislation. The work by MJR Gaffikin (2005) strongly illuminates on this situation. Gaffikin notes that change in legislation might result in either an increase or decrease in the total expenses, to be incurred by the affected firms. He additionally cites the example of waste management.  ...Download file to see next pagesRead More
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