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Introduction to the Special Issue: The Globalization of Accounting Standards

Published online by Cambridge University Press:  20 January 2017

Andreas Nolke
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Abstract

We are currently witnessing the evolution of global accounting standards, as developed by the International Accounting Standards Board (IASB). This is a remarkable development, not only because accounting standards are relevant for all business operations. Whereas accounting standard-setting has previously been a task of national authorities, the process will now be managed internationally by a London-based organisation whose parent foundation is a private company incorporated in the US state of Delaware and mainly financed by the Big Four accounting firms. Furthermore, the US appear to be willing to accept foreign standards that are quite different from their own Generally Accepted Accounting Standards (GAAP). This does not only contradict a widespread perception that equals globalization with Americanization, but also offers a remarkable contrast to US unilateralism in other policy fields. Finally, we are also amidst a major change in the substance of accounting standards, as indicated by a shift from historic cost to fair value accounting within the work of the IASB. This special issue of Business and Politics is devoted to a systematic explanation of these developments, drawing on concepts from International Relations, International Political Economy and Systems Theory.

Type
Research Article
Information
Business and Politics , Volume 7 , Issue 3: Special Issue: The Globalization of Accounting Standards , December 2005 , pp. 1 - 7
Copyright
Copyright © V.K. Aggarwal 2005 and published under exclusive license to Cambridge University Press 

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