Accounting Standards Of The New Institutional Economics

Accounting standards that regulate financial accounting information production and transmission, but it is also a system of property rights at the same time, and embodied the main certain property rights protection. Therefore, we can use the modern institutional economics theory , which include transaction costs,property rights theory and institutional change theory and so on, to research accounting standards related issues.From the theoretical point of transaction costs, the transaction costs that both the principle-oriented and rules-oriented mode include the development costs,monitoring costs and bargaining costs and so on, with the rules of this size showing a long what is the trend, what can not be judged better direction. The criteria that should be the best is that mode of transaction costs is the lowest. The rules of this principle should be in balance, both of them maintain an inherent balance. This equilibrium with the accounting changes in the environment and timely adjustment, that is to say the "principles" and "rules" of equilibrium between the dynamic must be adjustable, and in different accounting environment, the equilibrium will be in different positions.From property rights theory and public choice theory perspective, effective accounting standards setting body should have the following three features: (1) absolute impartiality; (2)an appropriate degree of authority; (3)a significant profit-based . Models both government and non-governmental organizations formulate have advantages and disadvantages, but only the accounting standards setting right "separation of powers" mode to achieve the accounting standards setting body of fairness,and efficiency and authoritative character.Theoretical analysis from institutional change, accounting standards that is to reduce transaction costs arrangements is due to what ownership and operation of the universal right to separation. The nature of its changes is to reduce transaction costs requirements. In the final analysis , changes in accounting standards is determined by the accounting standards of efficiency. If the accounting standards change, its efficiency is higher than the efficiency of the former, so it is necessary to consider the implementation of accounting standards changes, otherwise there is no need.