%0 Journal Article %T The Accounting Profession: Serving the Public Interest or Capital Interest? %A Mary A Kaidonis %J Australasian Accounting Business and Finance Journal %D 2008 %I University of Wollongong %X As an integral facet of society, the accounting profession has a role in the State and thecorporate sector, and is also expected to serve the public interest. The capacity for theAustralian accounting profession to serve the public interest is considered in the context oflegislation and the accounting standard setting process. Specific reference is made to theCLERP Act 1999 and ASIC Act 2001. It is argued that the combined effect of these Acts is tolegislate bias so that accounting standards privilege the specific needs of holders of capital,that is capital interest. The assumption that capital markets are surrogate for the publicinterest is contested. Accordingly, if the accounting profession follows national objectives tosupport capital markets, it may undermine its role in serving society. %K profession %K public interest %K capitalism %U http://ro.uow.edu.au/aabfj/vol2/iss4/1