Oireachtas Joint and Select Committees
Wednesday, 25 February 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Professor Eamonn Walsh:
Largely, it does normalise. In that way accounting does have a normalising role; accounting rules and accounting definitions of things become institutionalised. Our understanding of what profit might be, what income might be, what an asset might be, and what solvency might be, are driven by these conventions.