Factors impacting on the future of the IASB

Z.Y. Sacho

26 citations0/0 files storedMeditari Accountancy Research

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

This paper investigates the factors influencing the future of the IASB, using as the point of departure, a review of its historical progression towards becoming the global accounting standard‐setting authority. It concludes that the IASB is an organisation vulnerable to (1) political lobbying of influential institutions, (2) US accounting authorities decision makers, (3) potential accounting scandals, and (4) cultural differences resulting in the misapplication of its standards around the world. Such factors should be borne in mind when charting the next steps for the IASB and in evaluating the comparability and quality of accounts produced under IFRSs around the world.

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References

1988Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally 2005The adoption of international accounting standards in Bangladesh 2007The influence of culture on accountants’ application of financial reporting rules 1997The future shape of harmonization: a reply 2006Attribute Differences between Us Gaap and IFRS Earnings: An Exploratory Study 2007The global accounting experiment 2005Crisis and the Consolidation of International Accounting Standards: Enron, The IASB, and America

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2011A critical analysis of the contents of the IFRS for SMEs - a South African perspective 2015The Political Economy of Convergence: The Case of IFRS for SMEs 2015Implementing IFRS for SMEs: Challenges for Developing Economies

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