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Constituent Participation and the IASB’s
International Financial Reporting Interpretations Committee
Robert K Larson,
University of Dayton
ABSTRACT. The International Accounting Standards Board (IASB) seeks greater legitimacy as an institution. Constituent participation is one way for the IASB to obtain legitimacy and success. This exploratory study investigates constituent participation of one significant part of the IASB, the International Financial Reporting Interpretations Committee (IFRIC). IASB/IFRIC constituents are classified geographically (by country and region) and by stakeholder interest group (accounting profession, regulators, preparers, and users). The 714 comment letters written regarding IFRIC’s first 18 Draft Interpretations are examined. Constituent participation significantly increased over IFRIC’s predecessor committee, but responses remain concentrated with 35 respondents, mostly from the accounting profession and regulators, generating 58% of comment letters. Limited response by some constituents suggest that the IASB should further promote constituent participation to achieve greater legitimacy.
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