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The hollow promise of an accounting standard setter

Cortese, Corinne , Irvine, Helen J., & Kaidonis, Mary (2007) The hollow promise of an accounting standard setter. In Asia Pacific Interdisciplinary Perspectives on Accounting Conference (APIRA), 8 - 10 July 2007, Auckland, New Zealand. (Unpublished)

Abstract

Purpose – This paper applies a power framework to critically analyse the international accounting standard setting process for the extractive industries.

Design/methodology/approach – Publicly available data, including comment letters, annual reports, company websites, and IASC/IASB pronouncements, is used to make connections between the key plays involved in the international accounting standard setting process for the extractive industries.

Findings – Lukes’ (1974) conception of power is used to explain the community of interests that developed between the IASC/IASB and extractive industries constituents. This community of interests is shown to have enabled the extractive industries to mobilise its power to paralyse the standard setting body and secure favourable regulation. While the politicisation of accounting standard setting is widely acknowledged, the revelation that economically dominant groups can covertly wield such power is a sobering one in the light of the worldwide promotion and adoption of International Financial Reporting Standards.

Originality/value – This paper contributes to understanding of the presence of power in the international accounting standard setting process and how it is mobilised by key constituents.

Impact and interest:

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ID Code: 13059
Item Type: Conference Paper
Additional Information: The contents of this conference can be freely accessed online via the conference's web page (see hypertext link).
Additional URLs:
Keywords: International accounting standards, extractive industries, power, standard setting, financial accounting
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > International Accounting (150104)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > Financial Accounting (150103)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Copyright Owner: Copyright 2007 (please consult author)
Deposited On: 19 Mar 2008
Last Modified: 11 Aug 2011 01:02

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