The accounting profession faces significant upheaval due to numerous destabilizations in its environment, with financialization being particularly impactful. This paper introduces a theoretical framework to dissect how the profession reacts to such disruptions. We posit that destabilizations give rise to novel types of misconduct, leading professional bodies to re-evaluate their definitions of (un)acceptable accounting behaviours. However, the intrinsically nebulous essence of accounting's foundational logic muddies these recalibrations. This vagueness, when paired with evolving misconduct, undermines specific regulatory measures, possibly instigating further destabilization. Our proposed framework is exemplified through a case study focusing on the emerging regulation of valuation advisory work – a service line that is emblematic of financialization – in a Canadian provincial jurisdiction. This case underscores the challenges the profession faces due to financialization, highlighting the current regulatory strategy that treats valuation work as a strictly technical process; an approach that we show is inadequate in mitigating valuation-related misconduct. The paper enriches the literature by introducing a novel theoretical framework for evaluating emerging challenges in accounting regulation, and by delineating the case study's repercussions for the evolving financialized landscape of the accounting profession.

中文翻译：

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论职业不稳定与会计自律

由于环境中存在许多不稳定因素，会计行业面临着巨大的剧变，其中金融化的影响尤其大。本文介绍了一个理论框架来剖析该行业如何应对此类颠覆。我们认为，不稳定会导致新型不当行为，导致专业机构重新评估他们对（不）可接受的会计行为的定义。然而，会计基本逻辑本质上模糊的本质使这些重新校准变得混乱。这种模糊性与不断演变的不当行为相结合，会破坏具体的监管措施，并可能引发进一步的不稳定。我们提出的框架通过一个案例研究来举例说明，该案例研究重点关注加拿大省级司法管辖区新兴的估值咨询工作监管（这一服务领域是金融化的象征）。该案例凸显了该行业因金融化而面临的挑战，凸显了当前将估值工作视为严格技术流程的监管策略；我们展示的方法不足以减轻与估值相关的不当行为。本文通过介绍一种新颖的理论框架来评估会计监管中的新挑战，并描述案例研究对会计行业不断发展的金融化格局的影响，丰富了文献。