The Global Accounting Experiment. Bruegel blueprint series, Volume 2, April 2007

Veron, Nicolas. (2007) The Global Accounting Experiment. Bruegel blueprint series, Volume 2, April 2007. [Policy Paper]

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Abstract

[From the introduction]. This work starts with a brief summary of the historical developments which led to what we call the Global Accounting Experiment, ie the endorsement of IFRS (or of standards modeled almost entirely on IFRS) in a growing number of jurisdictions, thus conferring de facto international policymaking power on the entity that sets them, the International Accounting Standards Board (IASB). The question of why countries have been willing to abandon this power is the focus of the following section. We then turn to other questions of a more forward-looking nature. Can the IASB build legitimacy on a global scale? Can it avoid capture by specific national or sectoral interests? Can its global standards be effectively enforced in individual countries? Ultimately, how can the experiment succeed?

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