Factors impacting on the future of the IASB

Loading...
Thumbnail Image

Date

Authors

Sacho, Z.Y.
Oberholster, J.G.I. (Johan Gerhardus Ignatius), 1962-

Journal Title

Journal ISSN

Volume Title

Publisher

School of Accounting Sciences, UP

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.

Description

Keywords

Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB), International harmonisation, Form 20-F reconciliation, Principles-based accounting model, Rules-based accounting model, International Financial Reporting Standards (IFRS), International Accounting Standards Committee (IASC), Securities and Exchange Commission (SEC)

Sustainable Development Goals

Citation

Sacho, ZY & Oberholster, JGI 2008, 'Factors impacting on the future of the IASB', Meditari : Accountancy Research, vol. 16, no. 1, pp. 117-137. [http://www.meditari.org.za]