This paper examines the use of accounting in managing the co-existence of different institutional logics in a German higher education institution (HEI), and its impact on the HEI. The study is of particular interest as the HEI analyzed pursued its own corporatization through a re-organization from a state into a foundation university. We show that this corporatization through the adoption of new public management related ideas leads to institutional complexity arising from the co-existence of extant state and emergent business logics. Our study suggests that HEIs may deploy particular accounting practices shaped by business logic only superficially, so as to satisfy stakeholders such as governmental authorities in order to enhance their legitimacy following a self-imposed reform, while the operation of the HEI remains rooted in state logic. Specifically, the findings suggest that in the case of actual changes to the budgetary process arising through the corporatization and an emergent logic, failure to replace abandoned accounting practices shaped by a previously dominant logic with equivalent practices adhering to either extant or emerging logic(s), may put the organization at risk. Overall, our study contributes to a better understanding of the dangers of an organizational response to institutional complexity, referred to as reactive decoupling, in the management of institutional complexity and points to its negative impact on organizations' hybridization capability.
{"title":"Managing Multiple Institutional Logics and the Use of Accounting: Insights from a German Higher Education Institution","authors":"A. Conrath-Hargreaves, Sonja Wüstemann","doi":"10.1111/abac.12164","DOIUrl":"https://doi.org/10.1111/abac.12164","url":null,"abstract":"This paper examines the use of accounting in managing the co-existence of different institutional logics in a German higher education institution (HEI), and its impact on the HEI. The study is of particular interest as the HEI analyzed pursued its own corporatization through a re-organization from a state into a foundation university. We show that this corporatization through the adoption of new public management related ideas leads to institutional complexity arising from the co-existence of extant state and emergent business logics. Our study suggests that HEIs may deploy particular accounting practices shaped by business logic only superficially, so as to satisfy stakeholders such as governmental authorities in order to enhance their legitimacy following a self-imposed reform, while the operation of the HEI remains rooted in state logic. Specifically, the findings suggest that in the case of actual changes to the budgetary process arising through the corporatization and an emergent logic, failure to replace abandoned accounting practices shaped by a previously dominant logic with equivalent practices adhering to either extant or emerging logic(s), may put the organization at risk. Overall, our study contributes to a better understanding of the dangers of an organizational response to institutional complexity, referred to as reactive decoupling, in the management of institutional complexity and points to its negative impact on organizations' hybridization capability.","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128654350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-06DOI: 10.1017/9781108658386.011
Judd F. Sneirson
Standing in the way of sustainable business efforts is the belief that corporate fiduciaries must work to maximize shareholder wealth at all costs. American corporate law in fact imposes no such obligation, yet shareholder wealth maximization remains a powerful social norm. This chapter explores the history of the shareholder primacy norm, tracing the idea from its inception, to its famous articulation in the classic case of Dodge v. Ford, through the influence of the law and economics movement and the rise of financialism at the end of the last century. The chapter then examines the current debate over shareholder primacy, sustainability, and corporate social responsibility, arguing that shareholder primacy has peaked in the United States and is meeting resistance internationally. A new norm of enlightened stakeholderism, I argue, is on the rise, pursuant to which firms aim to be not just profitable but environmentally and socially responsible, as well.
企业受托人必须不惜一切代价使股东财富最大化，这种信念阻碍了企业的可持续发展。美国公司法实际上没有规定这样的义务，但股东财富最大化仍然是一个强有力的社会规范。本章探讨了股东至上规范的历史，通过法律和经济运动的影响以及上世纪末金融主义的兴起，追溯了这一理念的起源，直到其在道奇诉福特(Dodge v. Ford)的经典案例中的著名表述。然后，本章考察了当前关于股东至上、可持续性和企业社会责任的争论，认为股东至上在美国已经达到顶峰，在国际上正在遇到阻力。我认为，开明的利益相关者主义的新规范正在兴起，据此，公司的目标不仅是盈利，而且要对环境和社会负责。
{"title":"The History of Shareholder Primacy, from Adam Smith through the Rise of Financialism","authors":"Judd F. Sneirson","doi":"10.1017/9781108658386.011","DOIUrl":"https://doi.org/10.1017/9781108658386.011","url":null,"abstract":"Standing in the way of sustainable business efforts is the belief that corporate fiduciaries must work to maximize shareholder wealth at all costs. American corporate law in fact imposes no such obligation, yet shareholder wealth maximization remains a powerful social norm. This chapter explores the history of the shareholder primacy norm, tracing the idea from its inception, to its famous articulation in the classic case of Dodge v. Ford, through the influence of the law and economics movement and the rise of financialism at the end of the last century. The chapter then examines the current debate over shareholder primacy, sustainability, and corporate social responsibility, arguing that shareholder primacy has peaked in the United States and is meeting resistance internationally. A new norm of enlightened stakeholderism, I argue, is on the rise, pursuant to which firms aim to be not just profitable but environmentally and socially responsible, as well. <br><br><br>","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116903306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Despite the positive effects of the adoption of International Financial Reporting Standards (IFRS) noted in the literature, standard setters have issued reports suggesting that the required disclosures in IFRS have become too burdensome and should be reduced. We examine this disclosure overload problem by testing whether the disclosure reduction recommendations of the Excess Baggage Report issued by professional accounting bodies from Scotland and New Zealand in 2011 are associated with companies’ disclosure incentives and are value relevant for a sample of 196 Australian listed companies. The Excess Baggage Report classifies current IFRS disclosure requirement items into three categories: Retain; Delete; and Disclose if Material. We find that Retain items are disclosed the most, followed by those classified as Disclose if Material, and then by Delete items. Only Retain items are significantly associated with companies’ disclosure incentives. We also find that these disclosure categories are value relevant, especially for below‐median profitability firms. Our findings may provide input to the IASB’s ongoing Disclosure Initiatives project.
{"title":"Disclosure Overload? An Empirical Analysis of International Financial Reporting Standards Disclosure Requirements","authors":"Amitava Saha, R. Morris, Helen Kang","doi":"10.1111/abac.12148","DOIUrl":"https://doi.org/10.1111/abac.12148","url":null,"abstract":"Despite the positive effects of the adoption of International Financial Reporting Standards (IFRS) noted in the literature, standard setters have issued reports suggesting that the required disclosures in IFRS have become too burdensome and should be reduced. We examine this disclosure overload problem by testing whether the disclosure reduction recommendations of the Excess Baggage Report issued by professional accounting bodies from Scotland and New Zealand in 2011 are associated with companies’ disclosure incentives and are value relevant for a sample of 196 Australian listed companies. The Excess Baggage Report classifies current IFRS disclosure requirement items into three categories: Retain; Delete; and Disclose if Material. We find that Retain items are disclosed the most, followed by those classified as Disclose if Material, and then by Delete items. Only Retain items are significantly associated with companies’ disclosure incentives. We also find that these disclosure categories are value relevant, especially for below‐median profitability firms. Our findings may provide input to the IASB’s ongoing Disclosure Initiatives project.","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122730390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates whether mandatory adoption of International Financial Reporting Standards (IFRS) is followed by a decline in firms’ suboptimal investments. On average, we find that the probability of under‐investment in capital expenditure declines for firms from 23 countries requiring mandatory adoption of IFRS relative to firms from countries that do not have such requirements; meanwhile the probability of over‐investment remains unchanged. However, this real effect becomes smaller when we control for concurrent changes to the enforcement of financial reporting along with the introduction of IFRS in some countries, suggesting that the switch in standards is only one of the drivers for the observed benefits. Moreover, we find that the reduction in suboptimal investments is driven by firms with high reporting incentives to provide transparent financial reports from countries where the existing legal and enforcement systems are strong. We further show that the real effect increases with the predicted changes in accounting comparability. Finally, we find that after mandatory IFRS adoption, capital investment becomes more value‐relevant, less sensitive to the availability of free cash flows, and more responsive to growth opportunities. Our findings provide new insights into the real effects of mandatory IFRS adoption.
{"title":"The Impact of Mandatory International Financial Reporting Standards Adoption on Investment Efficiency: Standards, Enforcement, and Reporting Incentives","authors":"R. Gao, Baljit K. Sidhu","doi":"10.1111/abac.12127","DOIUrl":"https://doi.org/10.1111/abac.12127","url":null,"abstract":"This paper investigates whether mandatory adoption of International Financial Reporting Standards (IFRS) is followed by a decline in firms’ suboptimal investments. On average, we find that the probability of under‐investment in capital expenditure declines for firms from 23 countries requiring mandatory adoption of IFRS relative to firms from countries that do not have such requirements; meanwhile the probability of over‐investment remains unchanged. However, this real effect becomes smaller when we control for concurrent changes to the enforcement of financial reporting along with the introduction of IFRS in some countries, suggesting that the switch in standards is only one of the drivers for the observed benefits. Moreover, we find that the reduction in suboptimal investments is driven by firms with high reporting incentives to provide transparent financial reports from countries where the existing legal and enforcement systems are strong. We further show that the real effect increases with the predicted changes in accounting comparability. Finally, we find that after mandatory IFRS adoption, capital investment becomes more value‐relevant, less sensitive to the availability of free cash flows, and more responsive to growth opportunities. Our findings provide new insights into the real effects of mandatory IFRS adoption.","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124422373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper demonstrates the role of a community of practice in academic endeavour, focusing on the influence of place and the role of thought leaders in guiding academic development. This is illustrated with reference to the influence of Emeritus Professor Michael Gaffikin in establishing a critical accounting community of practice at the University of Wollongong (UOW) through his PhD supervisions. Social network analysis (SNA) is used to visualize the 43 PhD supervisions undertaken by Gaffikin during his career, and subsequent PhD supervisions of his students, and students of those students. SNA illustrates the structure of relationships, and the paths through which scholars learnt from one another, which we combine with qualitative analysis of recollections, acknowledgments, and doctoral theses. We demonstrate the role of Gaffikin, as the intellectual thought leader, and UOW, as the intellectual place, in the development of the critical accounting community of practice. The development of critical accounting scholarship was a function of Gaffikin's intellectual and professional leadership, which he executed through PhD supervision, the annual Doctoral Consortium, and his direction at UOW. This paper highlights the importance of local communities for the development of research agendas, and the influence of PhD supervisors on the professional development of students. [ABSTRACT FROM AUTHOR]
{"title":"Developing a Community of Practice: Michael Gaffikin and Critical Accounting Research","authors":"C. Cortese, C. Wright","doi":"10.1111/abac.12137","DOIUrl":"https://doi.org/10.1111/abac.12137","url":null,"abstract":"This paper demonstrates the role of a community of practice in academic endeavour, focusing on the influence of place and the role of thought leaders in guiding academic development. This is illustrated with reference to the influence of Emeritus Professor Michael Gaffikin in establishing a critical accounting community of practice at the University of Wollongong (UOW) through his PhD supervisions. Social network analysis (SNA) is used to visualize the 43 PhD supervisions undertaken by Gaffikin during his career, and subsequent PhD supervisions of his students, and students of those students. SNA illustrates the structure of relationships, and the paths through which scholars learnt from one another, which we combine with qualitative analysis of recollections, acknowledgments, and doctoral theses. We demonstrate the role of Gaffikin, as the intellectual thought leader, and UOW, as the intellectual place, in the development of the critical accounting community of practice. The development of critical accounting scholarship was a function of Gaffikin's intellectual and professional leadership, which he executed through PhD supervision, the annual Doctoral Consortium, and his direction at UOW. This paper highlights the importance of local communities for the development of research agendas, and the influence of PhD supervisors on the professional development of students. [ABSTRACT FROM AUTHOR]","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"357 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126691643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Taxing the Rich: A History of Fiscal Fairness in the United State and Europe . By Kenneth Scheve & David Stasavage. Princeton, N.J.: Princeton University Press. 2016. Pp. xv, 266. $29.95.
{"title":"Why Atlas Hasn't Shrugged: Review Essay","authors":"Ajay K. Mehrotra","doi":"10.5744/FTR.2018.0010","DOIUrl":"https://doi.org/10.5744/FTR.2018.0010","url":null,"abstract":"Taxing the Rich: A History of Fiscal Fairness in the United State and Europe . By Kenneth Scheve & David Stasavage. Princeton, N.J.: Princeton University Press. 2016. Pp. xv, 266. $29.95.","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123699004","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Addressing the heavily increased attention on internal auditing in the post-SOX era, this paper aims to unravel the scientific metamorphosis of the topic within current accounting research, including the different scientific subareas that define it. In an attempt to extent the scant body of literature reviews that has focused on the internal audit function (IAF), we pursue an empirical approach to analyze the scientific structures and provide a variety of directions for future internal audit research. In this context, citation patterns extracted from 170 research articles published in five major accounting journals are being studied by combining co-citation and social network analysis in order to investigate different existing research domains of internal auditing and to discover the core work that has been done in this area. The scientific landscape of internal auditing can be characterized as profoundly fragmented and deeply rooted in different adjacent domains of accounting research. Identified subcategories from which research on internal auditing is derived can be summarized as Corporate Governance, Auditor Independence, Auditing Professionalization, Audit Committee Effectiveness, Reliance on Internal Auditing, Internal Control over Financial Reporting, and finally the Regulatory Framework. Additionally, results reveal the existence of a pivotal nucleus of research that emphasizes the increasingly important construct of internal audit quality. The focus of this study lies on the analysis of major accounting journals, namely The Accounting Review, Contemporary Accounting Research, Journal of Accounting Research, Journal of Accounting Economics and Accounting, Organizations and Society and is restricted to the years from 1926 to 2016.
{"title":"Exploring the Scientific Landscape of Internal Audit Research: A Bibliometric Analysis","authors":"Joel Behrend, Marc Eulerich","doi":"10.2139/ssrn.3178362","DOIUrl":"https://doi.org/10.2139/ssrn.3178362","url":null,"abstract":"Addressing the heavily increased attention on internal auditing in the post-SOX era, this paper aims to unravel the scientific metamorphosis of the topic within current accounting research, including the different scientific subareas that define it. In an attempt to extent the scant body of literature reviews that has focused on the internal audit function (IAF), we pursue an empirical approach to analyze the scientific structures and provide a variety of directions for future internal audit research. In this context, citation patterns extracted from 170 research articles published in five major accounting journals are being studied by combining co-citation and social network analysis in order to investigate different existing research domains of internal auditing and to discover the core work that has been done in this area. The scientific landscape of internal auditing can be characterized as profoundly fragmented and deeply rooted in different adjacent domains of accounting research. Identified subcategories from which research on internal auditing is derived can be summarized as Corporate Governance, Auditor Independence, Auditing Professionalization, Audit Committee Effectiveness, Reliance on Internal Auditing, Internal Control over Financial Reporting, and finally the Regulatory Framework. Additionally, results reveal the existence of a pivotal nucleus of research that emphasizes the increasingly important construct of internal audit quality. \u0000The focus of this study lies on the analysis of major accounting journals, namely The Accounting Review, Contemporary Accounting Research, Journal of Accounting Research, Journal of Accounting Economics and Accounting, Organizations and Society and is restricted to the years from 1926 to 2016.","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131499895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ABSTRACT In this paper, the author documents the American Institute of Certified Public Accountants' “special relationship” with the Financial Accounting Foundation and the Financial Accounting Sta...
在本文中，作者记录了美国注册会计师协会与财务会计基金会和财务会计协会的“特殊关系”。
{"title":"The Early Years of the Financial Accounting Foundation and the Financial Accounting Standards Board, 1972 to 1980: The ‘Special Relationship’ with the AICPA","authors":"S. Zeff","doi":"10.2308/JFIR-52291","DOIUrl":"https://doi.org/10.2308/JFIR-52291","url":null,"abstract":"ABSTRACT In this paper, the author documents the American Institute of Certified Public Accountants' “special relationship” with the Financial Accounting Foundation and the Financial Accounting Sta...","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128222787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Because discretionary accruals are known to be noisy proxies of earnings management that often produce biased results, we argue that a correlation between discretionary accruals and a hypothesized factor is generally not an adequate basis for valid inferences about earnings management. In this commentary, we propose and discuss a set of suggestions for improving the research design of studies on earnings management that use discretionary accruals. Specifically, we discuss suggestions for developing predictions about earnings management, choosing among discretionary accrual proxies, estimating discretionary accruals, addressing potential bias in the estimates, and critically evaluating the results obtained.
{"title":"Research Design Issues in Studies Using Discretionary Accruals","authors":"M. McNichols, Stephen R. Stubben","doi":"10.1111/abac.12128","DOIUrl":"https://doi.org/10.1111/abac.12128","url":null,"abstract":"Because discretionary accruals are known to be noisy proxies of earnings management that often produce biased results, we argue that a correlation between discretionary accruals and a hypothesized factor is generally not an adequate basis for valid inferences about earnings management. In this commentary, we propose and discuss a set of suggestions for improving the research design of studies on earnings management that use discretionary accruals. Specifically, we discuss suggestions for developing predictions about earnings management, choosing among discretionary accrual proxies, estimating discretionary accruals, addressing potential bias in the estimates, and critically evaluating the results obtained.","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132816402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The double account system is a unique method of financial reporting created in the UK in the 19th century. Previous studies have claimed that double account system was created by canal companies and established with railway companies. That system was eventually institutionalised as the Regulation of Railways Act of 1868. However, the deployment of the double account system prior to the enactment of the Regulation of Railways Act in 1868 was not limited to canal companies and railway companies, it was also adopted by gas companies in London. The purpose of this paper is to examine the various developments of the double account system by considering the Gas Light and Coke Company (GLCC) founded in London in 1810 and examining its accounting practices. The double account system of GLCC was established in 1855. In that year, GLCC prepared the Profit and Loss an1d the Balance Sheet. This balance sheet is not an ordinary general balance sheet, but it is positioned as a general balance sheet including a capital account at the top of the debit. And GLCC adopted the usual double account system in December 31, 1868. It can be considered that GLCC used the format of the Regulation of Railways Act of 1868. On the other hand, GLCC created the statement about coal and residual products reflecting the nature of manufacturing industry. In previous studies, the development of the double account system was drawn in a single-line manner from canal companies to railway companies, but this study can actually demonstrate a double-track development including gas companies. In the 19th century, the double account system of gas companies and railway companies in London, while having a mutual impact also transferred accounting technology to each other.
{"title":"The Study of the Double Account System at the Gas Light and Coke Company","authors":"Mitsunori Kasukabe, Chie Sawanobori","doi":"10.2139/ssrn.3093027","DOIUrl":"https://doi.org/10.2139/ssrn.3093027","url":null,"abstract":"The double account system is a unique method of financial reporting created in the UK in the 19th century. Previous studies have claimed that double account system was created by canal companies and established with railway companies. That system was eventually institutionalised as the Regulation of Railways Act of 1868. However, the deployment of the double account system prior to the enactment of the Regulation of Railways Act in 1868 was not limited to canal companies and railway companies, it was also adopted by gas companies in London. The purpose of this paper is to examine the various developments of the double account system by considering the Gas Light and Coke Company (GLCC) founded in London in 1810 and examining its accounting practices. The double account system of GLCC was established in 1855. In that year, GLCC prepared the Profit and Loss an1d the Balance Sheet. This balance sheet is not an ordinary general balance sheet, but it is positioned as a general balance sheet including a capital account at the top of the debit. And GLCC adopted the usual double account system in December 31, 1868. It can be considered that GLCC used the format of the Regulation of Railways Act of 1868. On the other hand, GLCC created the statement about coal and residual products reflecting the nature of manufacturing industry. In previous studies, the development of the double account system was drawn in a single-line manner from canal companies to railway companies, but this study can actually demonstrate a double-track development including gas companies. In the 19th century, the double account system of gas companies and railway companies in London, while having a mutual impact also transferred accounting technology to each other.","PeriodicalId":123337,"journal":{"name":"History of Accounting eJournal","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129023203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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