Introduction

There has been renewed interest in accounting research regarding the creation and demise of accounting regulatory bodies. The creation of the Accounting Standards Review Board in 1984 in Australia prompted a major study into its creation and the establishment of its functions by R. Walker ¹ (1987). ² In the U.S.A. Davis and Menon (1987) investigated the creation and demise of the Cost Accounting Standards Board using Bernstein's theory of “life-cycle of regulatory commissions”.