International Accounting Standardisation: Politics Return? (I)

Author:Professor Alain BURLAUD, Professor Bernard COLASSE

JEL:

DOI:

Keywords:IASB, IFRS

Abstract:
Lacking political legitimacy, international accounting standardisation is founded on procedural and substantial legitimacies challenged by the current financial crisis. This article highlights the limits of the due process, that is, however transparent, but does not permit an effective participation of all stakeholders. In fact, only those who have substantial financial and intellectual resources can afford to get involved. Further, we discuss the weaknesses of the theoretical basis (in particular efficient markets theory) that supports the conceptual framework of IASB. In today`s crisis context, these limits and weaknesses raise the question of a re-politization of international accounting standardisation.\r\n\r\n

---