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

Research output: Contribution to journalArticle

Author(s)

Louise Crawford, John Ferguson, David Power, Christine Helliar

School/Research organisations

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.

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Details

Original languageEnglish
Pages (from-to)304–318
JournalCritical Perspectives on Accounting
Volume25
Issue number4-5
Early online date1 Mar 2013
DOIs
Publication statusPublished - Jul 2014

    Research areas

  • Critical, Public interest, Accounting regulation, IFRS 8, Institutional field

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