HISTORICAL ASPECTS OF DEVELOPMENT OF ACCOUNTING AS AN ELEMENT OF CORPORATE GOVERNANCE SYSTEM

Vasyl Tsaruk

Abstract


The necessity of research of historical development of accounting support for corporate governance, based on the approaches of C.J. Napier (understanding the past, contextualization of accounting, new positivism), has been substantiated. The peculiarities of the formation of a system of accounting and analytical support of corporate governance, since the accounting origin on the basis of a double record and to our time on an example of different countries of the world, have been analyzed. The main stages of formation of the peculiarities of construction of an accounting system and system of analytical support of corporate governance during its historical development have been allocated (the emergence of corporate practice; the emergence and development of colonial corporate structures; the development of statutory regulation of the corporate sector against the background of the formation of capital markets; the regulation of reporting at the level of state normative acts, separate regulation; standardization of accounting; harmonization of accounting standards; convergence of accounting models). The expediency of using the institutional theory for solving abuses in the field of corporate governance based on the use of accounting information has been grounded. The analysis of the historical development of accounting as an element of the corporate governance system allowed us to distinguish the following stages, within which there are significant features in the construction of accounting and analytical support for corporate governance: 1) the emergence of corporate practice; 2) the emergence and development of colonial corporate structures; 3) development of the statutory regulation of the corporate sector against the background of the formation of capital markets; 4) regulation of reporting at the level of state regulatory acts, separate regulation; 5) standardization of accounting; 6) harmonization of accounting standards; 7) convergence of accounting models.

Keywords


accounting history; corporate governance; accounting and analytical support for corporate governance

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References


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DOI: https://doi.org/10.35774/ibo2019.01.015

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"Scientific Club "SOPHUS"
West Ukrainian National University
Higher Education Institution "Podillia State University"