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Professor Zeff [Accounting and Business, February 1999; p. 16] views the US Securities and Exchange Commission [SEC] as a 'control agency'. Examine this statement and some of the major issues currently facing the SEC.
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Essay Question: Professor Zeff [Accounting and Business, February 1999; p. 16] views the US Securities and Exchange Commission [SEC] as a 'control agency'. Examine this statement and some of the major issues currently facing the SEC. Professor G. Muller classified the USA accounting system in 1967 as pragmatic1. It provides an efficient and effective service to business. Pragmatic is an independent discipline that develops on an ad hoc basis, normally when problems occur within industry. It tends to take place on a piecemeal basis feeding from judgement and trial-and-error.2 The UK also has a pragmatic system. Being a pragmatic system it develops without the influence of governments and economic theories.3 The USA has 50 federated states which agreed to adopt the overriding national laws regarding administration, economic, political and/or social advantage.4 No national company legislation like that of the Companies Act within the UK exist within the USA. There is also no...
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