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Investigating international accounting standard setting : the black box of IFRS 6

Cortese, Corinne & Irvine, Helen J. (2010) Investigating international accounting standard setting : the black box of IFRS 6. Research in Accounting Regulation, 22(2), pp. 87-95.

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Abstract

This paper examines the role of powerful entities and coalitions in shaping international accounting standards. Specifically, the focus is on the process by which the International Accounting Standards Board (IASB) developed IFRS 6, Exploration for and Evaluation of Mineral Resources. In its Issues Paper, the IASB recommended that the successful efforts method be mandated for pre-production costs, eliminating the choice previously available between full cost and successful efforts methods. In spite of the endorsement of this view by a majority of the constituents who responded to the Issues Paper, the final outcome changed nothing, with choice being retained. A compelling explanation of this disparity between the visible inputs and outputs of the standard setting process is the existence of a “black box”, in which powerful extractive industries entities and coalitions covertly influenced the IASB to secure their own ends and ensure that the status quo was maintained

Impact and interest:

7 citations in Scopus
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ID Code: 34489
Item Type: Journal Article
Keywords: IFRS 6, Extractive industries, Accounting standards
DOI: 10.1016/j.racreg.2010.07.003
ISSN: 1052-0457
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > Financial Accounting (150103)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > OTHER COMMERCE MANAGEMENT TOURISM AND SERVICES (159900) > Commerce Management Tourism and Services not elsewhere classified (159999)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2010 Elsevier Ltd. All rights reserved.
Deposited On: 16 Sep 2010 13:06
Last Modified: 01 Mar 2012 00:17

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