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Accounting standard-setting for an emission trading scheme: the Korean case
This study examines the participation and interaction of relevant individuals in the process of developing an accounting standard for South Korea’s emission trading scheme (ETS). Despite the enormous accounting implications of such schemes, there is a paucity of research on the development and appli...
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| Format: | Default Article |
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2022
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| Online Access: | https://hdl.handle.net/2134/21510963.v1 |
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| _version_ | 1818165541263638528 |
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| author | Tae Hee Kim Sun Hye Lee Petros Vourvachis |
| author_facet | Tae Hee Kim Sun Hye Lee Petros Vourvachis |
| author_sort | Tae Hee Kim (2104417) |
| collection | Figshare |
| description | This study examines the participation and interaction of relevant individuals in the process of developing an accounting standard for South Korea’s emission trading scheme (ETS). Despite the enormous accounting implications of such schemes, there is a paucity of research on the development and application of ETS accounting. Ulrich Beck’s and Anthony Giddens’s risk society framework is utilised to scrutinise the process of setting accounting standards—from the agenda-setting stage all the way to the final publication of the standard. In this case study, we take an interpretive approach in analysing the rich data collected through face-to-face interviews with prominent standard-setters, accounting experts and representatives of industry and government. Participant observation and relevant documents were also considered. The findings highlight the political nature of accounting standard setting and identify the risks and responsibilities of the key agents in the process along with the means of sub-political action taken to influence decisions. We reveal that the agents involved in standard setting attempted to balance their anthropocentric priorities with ecocentric responsibilities and prioritised the production of a standard with minimal impact on economic, reputational, and operational risk. Having authority as a standard-setter, referring frequently to precedents and, perhaps most importantly, engaging actively with the stakeholders throughout the process seem to have contributed to a widely accepted standard, which can serve as a benchmark for future attempts to factor in ETSs. |
| format | Default Article |
| id | rr-article-21510963 |
| institution | Loughborough University |
| publishDate | 2022 |
| record_format | Figshare |
| spelling | rr-article-215109632022-11-22T00:00:00Z Accounting standard-setting for an emission trading scheme: the Korean case Tae Hee Kim (2104417) Sun Hye Lee (1669090) Petros Vourvachis (1259679) Commerce, management, tourism and services Marketing Applied ethics Accounting standard-setting Emissions trading scheme Carbon accounting Korea Risk society <p>This study examines the participation and interaction of relevant individuals in the process of developing an accounting standard for South Korea’s emission trading scheme (ETS). Despite the enormous accounting implications of such schemes, there is a paucity of research on the development and application of ETS accounting. Ulrich Beck’s and Anthony Giddens’s risk society framework is utilised to scrutinise the process of setting accounting standards—from the agenda-setting stage all the way to the final publication of the standard. In this case study, we take an interpretive approach in analysing the rich data collected through face-to-face interviews with prominent standard-setters, accounting experts and representatives of industry and government. Participant observation and relevant documents were also considered. The findings highlight the political nature of accounting standard setting and identify the risks and responsibilities of the key agents in the process along with the means of sub-political action taken to influence decisions. We reveal that the agents involved in standard setting attempted to balance their anthropocentric priorities with ecocentric responsibilities and prioritised the production of a standard with minimal impact on economic, reputational, and operational risk. Having authority as a standard-setter, referring frequently to precedents and, perhaps most importantly, engaging actively with the stakeholders throughout the process seem to have contributed to a widely accepted standard, which can serve as a benchmark for future attempts to factor in ETSs.</p> 2022-11-22T00:00:00Z Text Journal contribution 2134/21510963.v1 https://figshare.com/articles/journal_contribution/Accounting_standard-setting_for_an_emission_trading_scheme_the_Korean_case/21510963 CC BY 4.0 |
| spellingShingle | Commerce, management, tourism and services Marketing Applied ethics Accounting standard-setting Emissions trading scheme Carbon accounting Korea Risk society Tae Hee Kim Sun Hye Lee Petros Vourvachis Accounting standard-setting for an emission trading scheme: the Korean case |
| title | Accounting standard-setting for an emission trading scheme: the Korean case |
| title_full | Accounting standard-setting for an emission trading scheme: the Korean case |
| title_fullStr | Accounting standard-setting for an emission trading scheme: the Korean case |
| title_full_unstemmed | Accounting standard-setting for an emission trading scheme: the Korean case |
| title_short | Accounting standard-setting for an emission trading scheme: the Korean case |
| title_sort | accounting standard-setting for an emission trading scheme: the korean case |
| topic | Commerce, management, tourism and services Marketing Applied ethics Accounting standard-setting Emissions trading scheme Carbon accounting Korea Risk society |
| url | https://hdl.handle.net/2134/21510963.v1 |