Dolorous songs and blessing of the curses: corporate governance in Australia

The spate of corporate collapses that have plagues the business community in the last few years has had both positive and negative impacts. These have implicated accounting in the scandals and the commonality in the nature of collapses has bought in a number of blessings by triggering global consciousness and consensus to root out the problems. We argue that regulatory changes, the emergence of corporate governance codes, mandatory compliance with accounting standards for greater transparency and the emergence of a new accounting order would not have been possible without such spectacular failures.