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Title: London or New York? Implications of the Enrol Debacle for Law and Accounting Reform in Hong Kong
Contributor(s): Carver, A (author); Whitman, J (author)
Publication Date: 2002
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Abstract: The collapse of the American corporation Enron has profound and hard lessons for Hong Kong. Enron has provided new examples of ways in which it is possible for unethical business behaviour to be lawful, in the positivist sense of law. This article argues that the complex relationship between the Companies Ordinance and the protection of investors can never be stated as more than a set of principles. The superstructure of the "public interest" rests, somewhat uneasily, on the professional shoulders of accountants. Accounting standards fill the gap between law and ethics in the system. The meaning of what is understood by a "true and fair view" remains the same, whilst the "contents" (ie specific accounting regulations) can be expected to change. A question for Hong Kong is who decides, and who should have the final say on those "contents": the accounting profession, the stock exchange, an accounting standard setter, the Securities and Futures Commission, or the Government?
Publication Type: Journal Article
Source of Publication: Hong Kong Law Journal, 32(1), p. 149-172
Publisher: Faculty of Law, University of Hong Kong
Place of Publication: Hong Kong
ISSN: 0378-0600
Field of Research (FOR): 150104 International Accounting
Peer Reviewed: Yes
HERDC Category Description: C1 Refereed Article in a Scholarly Journal
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