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Article: London or New York? Implications of Enron Debacle for Law and Accounting Reform in Hong Kong

TitleLondon or New York? Implications of Enron Debacle for Law and Accounting Reform in Hong Kong
Authors
Issue Date2002
PublisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/
Citation
Hong Kong Law Journal, 2002, v. 32 n. 1, p. 149-171 How to Cite?
AbstractThe 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?
Persistent Identifierhttp://hdl.handle.net/10722/133097
ISSN
2015 Impact Factor: 0.215
2015 SCImago Journal Rankings: 0.101

 

DC FieldValueLanguage
dc.contributor.authorWhitman, J-
dc.contributor.authorCarver, A-
dc.date.accessioned2011-04-27T08:11:34Z-
dc.date.available2011-04-27T08:11:34Z-
dc.date.issued2002-
dc.identifier.citationHong Kong Law Journal, 2002, v. 32 n. 1, p. 149-171-
dc.identifier.issn0378-0600-
dc.identifier.urihttp://hdl.handle.net/10722/133097-
dc.description.abstractThe 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?-
dc.languageeng-
dc.publisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/-
dc.relation.ispartofHong Kong Law Journal-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleLondon or New York? Implications of Enron Debacle for Law and Accounting Reform in Hong Kongen_US
dc.typeArticleen_US
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-0600&volume=32&issue=1&spage=149&epage=171&date=2002&atitle=London+or+New+York?+Implications+of+Enron+Debacle+for+Law+and+Accounting+Reform+in+Hong+Kong-
dc.identifier.emailWhitman, J: whitman@business.hku.hk-
dc.identifier.emailCarver, A: acarver@hkucc.hku.hk-
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros83610-
dc.identifier.volume32-
dc.identifier.issue1-
dc.identifier.spage149-
dc.identifier.epage171-

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