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Repoliticalization of accounting standard setting—The IASB, the EU and the global financial crisis

Elias Bengtsson

CRITICAL PERSPECTIVES ON ACCOUNTING, 2011, vol. 22, issue 6, 567-580

Abstract: Since its inception, the IASB has been able to set standards with relatively little political influence in its governance or standard setting process. But this changed with the outbreak of the global financial crisis. Political bodies began to view accounting standards as a contributing factor that amplified the consequences of the crisis on banks, financial markets and the overall economy. Regaining control over accounting standard setting was seen as imperative. In this article, we investigate how the EU sought to gain control over the IASB and how the global standard setter responded to limit political influence. Our findings show that a re-balancing of power in favor of political interests has occurred between the stakeholders of international accounting standard setting. Further research in this area looks promising. We suspect that the heightened influence of political actors may lead to further power struggles and efforts to cope with on-going changes in the institutional environment.

Keywords: IASB; Accounting standard setting; Global financial crisis; Power struggles (search for similar items in EconPapers)
Date: 2011
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