International Constitutional Political Economy and Sustainability Issues Inherent in Accounting and Derivatives Standards-Setting Organizations

Michael I. C. Nwogugu ()

Chapter Chapter 4 in Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume II, 2021, pp 249-299 from Springer

Abstract: Abstract The FASB (Financial Accounting Standards Board, USA), IASB (International Accounting Standards Board), GASB (Government Accounting Standards Board, USA), the International Auditing and Assurance Standards Board (IAASB), Partnership for Carbon Accounting Financials (PCAF), SASB (Sustainability Accounting Standards Board, USA), the ISDA (International Swap & Derivatives Association; http://www.isda.org/ ) and the ICMA (International Capital Market Association; http://www.icmagroup.org/ ) and FINRA (USA) are among a class of very powerful trade associations that have “Quasi-Executive Powers” (similar to powers of the executive branch of the federal governments of countries) even though they are not part of the government (but are implicitly supported and encouraged by governments). IASB/IAASB/PCAF/FASB/GASB/SASB perform important rule-making functions and affect accounting regulations, companies, Climate Policy, Sustainability efforts, ESG investing, financial institutions and government regulation around the world (many foreign countries raise capital or list their shares in the US markets, and many US companies operate in foreign countries). The FASB, GASB, SASB, IIASB, PCAF, ICMA, ISDA and IASB and their standards are unconstitutional and that can affect responses to accounting/derivatives regulations and standards and general economic activity.

Date: 2021
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DOI: 10.1007/978-3-030-71419-2_4

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