Interconnections in Law, Accounting and Tax
Edited by Marijn van Daelen and Christoph Van der Elst
Marijn van Daelen and Arco van de Ven INTRODUCTION In reaction to the recent financial crisis and the corporate failures and frauds at the beginning of the millennium, the emphasis of the business community in corporate governance has shifted towards internal control and risk management issues. This shift has not only been fuelled by fraud but also by excessive directors’ remunerations, growing internationalisation, inadequate reporting, failing auditors and – especially in recent years – the development of complex financial instruments and their associated risks. Although risk management is not a new feature of businesses and corporate governance, it is currently high on the corporate agenda. Risk management discussions were never of this magnitude before, either among academics, policymakers, lawmakers or practitioners. This book provides a comprehensive approach in accounting, and business, financial and tax law to risk management. These fields are all interrelated and describe and require particular behaviour within organizations. Chapters 2 to 5 provide an elaborate account of the development of risk management at EU level, within some EU member states and in the USA. These chapters explore relevant current risk management discussions and reforms in order to address possible future directions. Chapter 2 deals with risk management from an accounting perspective and Chapter 3 addresses risk management from a business law perspective. Chapter 4 analyses risk management in financial law and Chapter 5 describes risk management in taxation. Finally, Chapter 6 paints the overall risk management landscape in order to show the interconnections between the developments in law, accounting...