Stoddart (1999) also highlights the role of the Australian Stock Exchange in lobbying the government for the adoption of the International Financial Reporting Standards and for the development of the Corporate Law Economic Reform Program (CLERP). This was important for the ASX as before a company can enlist its securities on the stock exchange, it is required to comply with the accounting regulations in Australia.
ASX benefitted tremendously from the international harmonization as it saw an increase in the enlistment of foreign companies on the exchange as well as allowing the exchange to maintain many of the Australian companies as well. It was even reported to have been providing a major chunk of the funding for the transition and included threats to withdraw this if the process was not quickened in the nineties.
Thus the range of political lobbying involved from the Australian Stock Exchange and other big companies on the Australian business landscape points to how the lobbying process in Australia is strong with regards to accounting standard-setting as the moves benefitted the big players, wielding little returns to the general public in terms of better information. Thus the process is to a great extent a product of political lobbying.
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