Regulation exerts a strong influence on financial reporting and disclosure.
Taxation also influences financial reporting, and here too the process and extent of its effect vary internationally. In the United States, the FASB and SEC recently have been concerned about the quality of financial reporting and disclosure, and have been involved in mandating some controversial accounting standards such as those on compensation, derivatives, and acquisitions. At the same time, U.S. Securities markets have developed an unrivaled reputation for transparency and U.S. GAAP has developed a high reputation worldwide. Deadline for submission of papers is December 20, 2001.