EuroEconomica, Vol 31, No 4 (2012)

Legitimacy and Convergence in International Accounting Regulation

Camelia-Mihaela Marinescu, Emanuel-Stefan Marinescu


Originally formed as a method for quantifying wealth, accounting changed in line with the evolution of economic phenomena, reaching its peak by developing a general framework for reporting at the international level, in response to increased globalization trends that characterize modern society. The International Accounting Standards Board has successfully gained the status of reference transnational standardization organism, but its democratic deficit allows questions to be asked on its procedural legitimacy. This study aims to emphasize that achieving its goals as an international normaliser depends firstly on the manner in which this body of standardization will be able to fulfil the construction of its procedural legitimacy, and secondly on the completion of the IASB and FASB convergence process as one of the most challenging projects conducted on the financial reporting field. The scientific approach seeks to reveal the accomplishments regarding the development of IASB’s due process and also to analyze the degree of convergence achieved by the most important transnational bodies in accounting regulation.


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