Discuss the value of unregulated corporate financial accounting disclosure to society from a classical political economy perspective.

Firms are required by law to provide disclosure of their activities mainly via annual reports governed by various accounting standards. These reports should aspire to maintain objectivity, neutrality and representational faithfulness. In addition to these reports, some companies have begun to produce unregulated corporate financial accounting disclosure in areas such as; social, ethical and environmental reporting. This type of disclosure is at an early stage but is increasing in use and popularity. The social value …

… one theory it may prove difficult to take this theory beyond a debate and provide feasible solutions to the problems it highlights. From a Classical Political Economy perspective unregulated corporate financial accounting disclosures are of little relevance or importance. The Classical view conveys their followers discontent for the prevalent status quo. Therefore, without a monumental overhaul of the way in which today's society is structured, the effects and value of unregulated disclosures are infinitesimal.