The present scenario is not what has been expected by the authorities, the government, the AASB, the PSASB and the citizens. Solutions to the problems need to be presented. Government and the authorities should identify the loopholes of lobbying. Lobbying uses government information and drafts to get away from being held liable (Lont 2010, p. 89).
Foremost, the government and the authorities could decide on the intent of continuing the lobbying legislation. If it is found to be misleading the common public, the law is doomed and would be abandoned without delay. Politics hat is really serious about establishing social and economic equality will matters most. In addition, the accounting standards could delete the option of providing a choice of selection to companies. Choices spoil the ethical inclination and makes companies more biased about its own well-being at whatever expense. A uniform conceptual framework should be forcefully established, even if that means amending and reviving the SAC4 framework. This could lead to a road toward unity in accounting standards among all.
Auditors play a fatherly role in establishing a rule of law that is applicable to all and is same for all irrespective of the size and influence of the company. Similar rules apply to all while auditing and they should be the first to report any irregularity or discrepancy. They resemble a wild watchdog, which is ever alert about the accounting format of a company. Auditing is best when it is non-biased and impartial. Violating auditors attract strict imprisonment. Accounting violations are similar to dastardly violations and differs only in their mode and extent. Public and private sector companies can be subjected to surprise scrutiny by any citizen of Australia. The company thereby should voluntarily oblige to such demands to ensure that the rule does not convert into an instrument of wilful annoyance.
The accounting standards authorities, who prepare the benchmark of accounting practices, are weaker in their influence and assessment. Hence, such lobbying efforts and the state of dismal affairs in Australian economy is commonplace. Accounting authorities are also the culprit in the increasing influence of lobbying, precisely due to the lack of a will to use the opportunity of power and decision making that lie with them.
These are some of the possible solutions for the lobbying mess that is destroying all efforts of internationalising the accounting standards and establishing a regime of absolute standardised practices, which are only different in numbers.