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Lookup NU author(s): Professor Louise Crawford
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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. © 2013 Elsevier Ltd.
Author(s): Crawford L, Ferguson J, Helliar CV, Power DM
Publication type: Article
Publication status: Published
Journal: Critical Perspectives on Accounting
Print publication date: 01/07/2014
Online publication date: 28/03/2014
Acceptance date: 06/03/2014
ISSN (print): 1045-2354
ISSN (electronic): 1095-9955
Publisher: Academic Press
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