LEGITIMACY AND CONVERGENCE IN INTERNATIONAL ACCOUNTING REGULATION

Camelia Mihaela OANE (marinescu) () and Emanuel Stefan Marinescu ()
Additional contact information
Camelia Mihaela OANE (marinescu): PhD Student, Bucharest Academy of Economic Studies, Romania
Emanuel Stefan Marinescu: Danubius University Galati, Romania

EuroEconomica, 2012, issue 4(31), 57-69

Abstract: Originally formed as a method for quantifying wealth, accounting changed in line with the evolution of economic phenomena, reaching its peak by developing a general framework for reporting at the international level, in response to increased globalization trends that characterize modern society. The International Accounting Standards Board has successfully gained the status of reference transnational standardization organism, but its democratic deficit allows questions to be asked on its procedural legitimacy. This study aims to emphasize that achieving its goals as an international normaliser depends firstly on the manner in which this body of standardization will be able to fulfil the construction of its procedural legitimacy, and secondly on the completion of the IASB and FASB convergence process as one of the most challenging projects conducted on the financial reporting field. The scientific approach seeks to reveal the accomplishments regarding the development of IASB’s due process and also to analyze the degree of convergence achieved by the most important transnational bodies in accounting regulation.

Keywords: due process; IASB; FASB; transnational standardization; reporting (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

Downloads: (external link)
http://journals.univ-danubius.ro/index.php/euroeconomica/article/view/1637/1414 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dug:journl:y:2012:i:4:p:57-69

Access Statistics for this article

More articles in EuroEconomica from Danubius University of Galati Contact information at EDIRC.
Bibliographic data for series maintained by Florian Nuta ().