Abstract:
This paper investigates the factors influencing the future of the IASB, using as the
point of departure, a review of its historical progression towards becoming the global
accounting standard-setting authority. It concludes that the IASB is an organisation
vulnerable to (1) political lobbying of influential institutions, (2) US accounting
authorities decision makers, (3) potential accounting scandals, and (4) cultural
differences resulting in the misapplication of its standards around the world. Such
factors should be borne in mind when charting the next steps for the IASB and in
evaluating the comparability and quality of accounts produced under IFRSs around
the world.
