Chapter 5: The legitimacy and accountability of the IASB as an international standard setter
Since its birth in 1973 the International Accounting Standards Board (IASB) has evolved to become the major international standard-setting organization of accounting standards. Its standards are already applicable in Australia, Brazil, the European Union, Russia, South Africa, and to some extent the United States, amongst other countries. Evolving from an organization that was created by the professional practice, and being private, questions have been raised about the independence, legitimacy and accountability of the international regime for accounting standards. These questions are serious since the standards elaborated by the IASB tend to become more and more relevant as time passes. The legitimacy of an organization as a regulator is dependent on the relationships it has with the communities in which it wants to be legitimized. The IASB has not derived its power as a regulator directly from any government, but constructed it from ground up.
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