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Stephen Haswell

First Name: Stephen
Surname: Haswell
Department Dept of Accounting and Corporate Governance
Supervisor(s): A/Prof Elaine Evans ,

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Paper Title

Accounting standards during the global financial crisis of 2008-9: the political dimension.


To study political aspects of accounting standard setting.


This aspect of the global financial crisis has not been addressed by the literature before.

Key literature/theoretical perspective

Critical perspectives on accounting


Historical narrative


The thesis papers focus on the history of mark-to-market accounting during the global financial crisis from 2008 to 2010. Banks claimed that mark-to-market had caused or exacerbated the crisis. Those opposed to the banks (accounting professionals, standard setters, advocacy groups) claimed that mark-to-market gave appropriate valuations of financial businesses that had mismanaged their own investment risks. Despite these defenses, in October 2008 and April 2009 mark-to-market was severely downgraded by standard setters in the US and the International Accounting Standards Board. This expo presentation focuses on the use of level-3 assets by non-banking corporate during the financial crisis. While banks are known to have mal-used level 3 measurements to hide troubled assets, little research has been done on non-banking companies.

Research limitations/implications

Implications for accounting standard policy

Practical and Social implications

Understanding of political activity


Standards, Accounting, Politics, Global, Crisis