"Some historical considerations of SEC disclosure system and accounting regulation"

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This study divided the history of the accounting regulation by SEC into four stages, that is, the first stage(1887-1936), the second stage(1933-1936), the third stage(1936-1973) and the forth stage(1973-present) and attempted to analyze those stages.The basic viewpoints throughout this study are, first, the synthesis of a viewpoint of "accounting" and a viewpoint of "disclosure" and, second, a viewpoint of the conflict between "public control" and "private control".This study, standing on these viewpoints, at first concerning the first stage, clarified the prehistory of accounting regulation by SEC by analyzing the relation between the first merger movement at the beginning of this century and the penetration of disclosure philosophy into corporate accounting practices and the controversy on the extension of disclosure in 1920's at the outset of a W.Z.Ripley's famous article and, concerning the second stage and the third stage, analyzed mainly the controversy about the concept of accou … More nting principles in 1930's and the complicated behaviors of each interested groups with regard to the establishment of accounting principles. And, concerning the forth stage, it researched on the controversy about "conceptual framework" by FASB and, considering the recent trends, supplemented the research with the recent trend of accounting regulation in West Germany, the United Kingdom, Australia, Canada etc. and the research of "conceptual framework" in the area of International Accounting Standards.One of the characteristics of recent accounting regulation is to substitute "extension of disclosure" for the problem essentially solved by "accounting". As the result, "extension of accounting disclosure" is not indicated as the extension of disclosure of "accounting" itself but mainly as "extension of disclosure". This study, throughout the overall analysis, definitely made it clear that these recent characteristics of accounting regulation existed at the beginning of accounting regulation by SEC and gives the important suggestions about a forthcoming prospect of accounting regulation. Less