The Corporate Accounting Principles, enacted in 1958, have undergone several revisions to reach their current form. However, with the liberalization of capital markets and changes in the economic environment, it is expected that the current Corporate Accounting Standards will be substantially revised and promulgated. It is an undeniable fact that from their enactment to the present, both the accounting academic community and practitioners have only made piecemeal efforts to address problems as they arose, without conducting fundamental research or examination of accounting standards. In foreign countries, there has been extensive theoretical and practical research related to regulation. This paper briefly introduces these theories and related perspectives to demonstrate that there is significant potential and value in conducting research in this field, and describes the considerable irrational factors that exist in Korea's accounting regulatory bodies and procedures. This paper represents an initial attempt at research on accounting regulation and is part of an effort to call attention to the need for future research and discussion on regulation-related issues.