2019_1 opgave 2 H12

Question 1

1. Wat is vanuit het perspectief van de maatschappij de first-best hoeveelheid van informatieproductie?

Answer 1

1. From society’s standpoint, the socially right, or first-best, amount of information production is that amount that equates the marginal social benefits of information production to the marginal social costs of information production.

Question 2

Er is sprake van marktfalen bij informatieproductie waardoor de “first-best” informatieproductie niet werkt. Scott geeft vier typen van marktfalen.
Gevraagd
2. Leg aan de hand van één type het marktfalen bij informatieproductie uit. Eén type uitwerken is voldoende.

Answer 2

2.

• Externalities and Free-Riding: Costs/benefits of information production for a specific firm differ from the costs/benefits to society: no full disclosure
• The Adverse Selection Problem: Insider trading
• The Moral Hazard Problem: Disguise shirking by opportunistic earnings management
• Unanimity: Management may prefer a lower level of audit quality than shareholders

Question 3

Er zijn volgens Scott zogenaamde private incentives voor ondernemingen om vrijwillig informatie te produceren.
Gevraagd
3. Welke twee soorten private incentives zijn er voor ondernemingen om vrijwillig informatie te produceren?

Answer 3

3. • Contractual incentives for information production
   • Market based incentives for information production

Question 4

4. Leg uit volgens welke theorie regelgeving (standard setting) bij de IASB tot stand komt.

Answer 4

4. The first, the public interest theory, takes the view that regulation should maximize social welfare. This was the viewpoint of Chapter 12. The second, the interest group theory of regulation, suggests that individuals form coalitions, or constituencies, to protect and promote their interests by lobbying the government. These coalitions are viewed as being in conflict with each other to obtain their share of benefits from regulation.

Question 5

5. Wat is het grootste verschil tussen de regelgeving van de IASB en regelgeving in de United States?

Answer 5

5. It is often stated that IASB standards are more principles-based than those of the United States. p.20
   These longer-run considerations lead directly to the question of rules-based versus principles based accounting standards. Rules-based standards attempt to lay down detailed rules for how to account. An alternative to detailed rules, however, is for accounting standards to lay down general principles only and rely on auditor professional judgement to ensure that application of the standards is not misleading.