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Control over accounting standards within the European Union: The political controversy surrounding the adoption of IFRS 8

L. Crawford, J. Ferguson, C.V. Helliar and D.M. Power

CRITICAL PERSPECTIVES ON ACCOUNTING, 2014, vol. 25, issue 4, 304-318

Abstract: This paper presents an analysis of the struggle for power within the international accounting arena by examining a highly politicised debate surrounding the adoption of International Financial Reporting Standard (IFRS) 8, Operating Segments, which saw the European Union (EU) attempting to contest the authority of the International Accounting Standards Board (IASB). Informed by a broadly institutional approach, the paper reports the results of interviews with preparers, legislators, regulators, auditors and users about the introduction of IFRS 8 and focuses on how the European Parliament (EP) required the European Commission (EC) to initiate its own consultation procedures as part of a new endorsement process. Findings from this study highlight how the debate over the adoption of IFRS 8 led to the EU implementing a structure that is arguably more aligned to the European tradition of State involvement in the regulatory process. In this sense, while the EU's position vis-à-vis the IASB remains relatively weak, they have, however, initiated a forum whereby the pronouncements of the IASB can be contested.

Keywords: Critical; Public interest; Accounting regulation; IFRS 8; Institutional field; Critique; Intérêt public; 批判性; 公共利益; Crítica; Interés público (search for similar items in EconPapers)
Date: 2014
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Handle: RePEc:eee:crpeac:v:25:y:2014:i:4:p:304-318