The IASB standard-setting process: Participation and perceptions of financial statement users |
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| Authors: | George Georgiou |
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| Affiliation: | 1. Department of Accounting and Auditing, HHL Leipzig Graduate School of Management, Jahnallee 59, 04109 Leipzig, Germany;2. Chair of Accounting and Auditing, HHL Leipzig Graduate School of Management, Jahnallee 59, 04109 Leipzig, Germany;1. Department of Accounting, Birmingham Business School, University of Birmingham, Birmingham B15 2TT, UK;2. Accounting and Finance Division, Alliance Manchester Business School, University of Manchester, Manchester M13 9SS, UK;1. University of Dundee, United Kingdom;2. University of Strathclyde, United Kingdom;3. University of South Australia, Australia;1. University of Ottawa, Telfer School of Management, 55 Laurier Avenue East, Ottawa, Ontario K1N 6N5, Canada;2. Université Laval, Faculté des Sciences de l’Administration, 2325 Rue de la Terrasse, Québec, Québec G1V 0A6, Canada;1. Department of Business Taxation, Heinrich Heine University Düsseldorf, Universitätsstraße 1, 40225 Düsseldorf, Germany;2. Department of Financial Accounting and Auditing (Treuhandseminar), University of Cologne, Albertus-Magnus-Platz, 50923 Cologne, Germany;1. Department of Accounting and Finance, University of Antwerp, Prinsstraat 13, 2000 Antwerp, Belgium;2. Hasselt University, KIZOK, Agoralaan, Building D, 3590 Diepenbeek, Belgium;3. KU Leuven – Thomas More, Research Group Accountancy and Taxation, Korte Nieuwstraat 33, 2000 Antwerp, Belgium;4. Department of Accountancy, Tilburg University, PO Box 90153, 5000 LE Tilburg, The Netherlands |
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| Abstract: | The interests of users of financial statements are, in theory, paramount to accounting standard-setters. However, there is a dearth of research into users' participation in, and influence on, the process of setting accounting standards. The enhanced status now accorded to the International Accounting Standards Board (IASB) offers the opportunity to examine these issues in a new regulatory context. This study reports the results of a questionnaire survey of the perceptions of, and participation in, the IASB process of a sample of UK investment management firms. The findings suggest that these firms' participation is not as low as is often inferred from the public record of comment letters. In particular, a considerable number of firms participate through representative report user organisations such as the Investment Management Association. Other findings suggest that the major factor inhibiting investment firms from participating is the cost of lobbying, not complacency that the IASB is ‘on their side’ and will naturally safeguard their interests. Moreover, the respondents consider the accounting profession and the European and US accounting standard-setters to be the dominant interest groups in the IASB standard-setting process. |
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