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kinds of manipulations of the bases of assess-
ment and design bases in the past, because the
management tried to maximize short term pro-
fits and hence damaged long term perspectives
for the firm. Governmental enforcement bodies
as well as auditors therefore developed stan-
dards, laws and regulations to avoid such mani-
pulations and fraud and established new guide-
lines and requirements, especially compliance
and sustainability. Different laws and regulati-
ons were introduced to practice compliance
and sustainability in corporate accounting like
the German Corporate Governance Code or the
Sarbanes-Oxley Act in the United States. For
the German financial industry the bank supervi-
sion Bundesanstalt für Finanzdienstleistungs-
aufsicht (BaFin) has introduced specific com-
pensation guidelines for the management and
the risk takers of financial institutions.
Resume
Sustainability, compliance and regulation requi-
rements more and more lead to the transforma-
tion of basic financial behavioural theory into
practical standards, guidelines and procedures
of controlling, cost accounting, reporting and
external auditing of capital markets listed com-
panies as well as small and medium sized enti-
ties. These effects have to be reflected onto
stakeholder´s interests and therefore drive the
behaviour of corporate management regarding
internal processes, standards and structures –
described as mental accounting. Contradictory
interests of the different types of corporate sta-
keholders can be described by non linear bi-
ased value functions and preference models
monitoring the judgement and decision proces-
ses of management, auditors, shareholders
and investors.
Bibliography
Alquraan, Tabal / Alqisie, Ahmad / Al Shorafa,
Amjad: Do Behavioural Finance Factors Influ-
ence Stock investment Decisions of Individual
Investors?, in: American International Journal of
Contemporary Research, Volume 6, No. 3,
June 2016, p. 159 ff.
evaluations and more volatile dividends. As a
consequence, the uncertainty bias of investors
and in the markets exaggerates and leads to a
broader distribution model and confidence in-
terval of annual stock yields within multivariate
distribution models.
IFRS/IAS standards are case related, individual
based and refer to the term substance over
form. They result from panel discussions of se-
veral working groups and decisions of the Inter-
national Accounting Standard Board (IASB), a
group of 14 experts with an appropriate mix of
recent practical experience in setting accoun-
ting standards, in preparing, auditing, or using
financial reports, and in accounting education
with a broad geographical diversity. Internatio-
nal accounting takes self-evident a much more
global view onto annual reporting than national
rules and regulations can do, which are limited
to geographical regions, deduced from local
historical developments and experiences and
include regional mental states and sensibilities.
Laws reflect the special interests of govern-
ment bodies, of (the majority of) parliament and
of pressure groups, all involved parties with a
national view mainly. The results are more or
less far away from economic accounting requi-
rements and steering and controlling needs.
Furthermore, the German tax balance sheet
and hence the taxation derives from the com-
mercial annual reports. It leads to conflicts of
interest between the tax authorities concerning
transparency and tax revenues on the one hand
and investors and management of companies
on the other hand.
In the last two decades international and natio-
nal accounting standards came closer, because
of the endorsement of international accounting
standards into national German law by the Eu-
ropean authorities and parliament. Latest issu-
es have been the Bilanzrichtlinienumsetzungs-
gesetz (BilRuG) 2016 and previously the Bilanz-
rechtsmodernisierungsgesetz (BilMoG) 2009.
The compensation of company’s management
is mostly bound to the achievement of perfor-
mance targets by bonuses and other instru-
ments like stock options. This leads to different
CM März / April 2019
