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is the IASB democratic or are all standard-setters not created equal?
Bryan Howieson,
Adelaide University
Paul A De Lange, RMIT University
ABSTRACT. A central tenant of the global accounting standards setting regime is that the success of the IASB depends on the extent to which its operations are perceived as representative and independent. We review literature in law and politics to gain an understanding of what characteristics of political processes promote democratic participation and then apply these to a review of the IASB’s relationships with national accounting standard-setters. This review of the IASB’s actions and policies, as most recently revealed in the Statement of Best Practice: Working Relationships between the IASB and other Accounting Standard-Setters and A Roadmap for Convergence between IFRSs and US GAAP-2006-2008 Memorandum of Understanding between the FASB and the IASB (MoU FASB & IASB), signals that the IASB has clearly aligned itself to the U.S. Financial Accounting Standards Board (FASB).
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