Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good
Abstract International accounting convergence led by the International Accounting Standards Board (IASB) has been fostering an accounting revolution by introducing a market basis of accounting. This accounting model makes general reference to current values (mark-to-market, fair value) instead of co...
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crdegruyter:10.1515/ael-2017-0018 2024-09-15T18:23:43+00:00 Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good Biondi, Yuri 2017 http://dx.doi.org/10.1515/ael-2017-0018 http://www.degruyter.com/view/j/ael.2017.7.issue-2/ael-2017-0018/ael-2017-0018.xml https://www.degruyter.com/document/doi/10.1515/ael-2017-0018/pdf unknown Walter de Gruyter GmbH Accounting, Economics, and Law: A Convivium volume 7, issue 2, page 65-77 ISSN 2152-2820 journal-article 2017 crdegruyter https://doi.org/10.1515/ael-2017-0018 2024-09-02T04:07:15Z Abstract International accounting convergence led by the International Accounting Standards Board (IASB) has been fostering an accounting revolution by introducing a market basis of accounting. This accounting model makes general reference to current values (mark-to-market, fair value) instead of corporate realised revenues and invested costs, which were central to the previous model (historical cost). This accounting revolution was consistent with the global financial architecture based upon transnational financial markets which was established since the seventies. However, among the main jurisdictions and monetary areas worldwide, only Europe has adopted the international accounting standards (IAS-IFRS), substantially delegating its accounting legislative and regulatory process to the IASB. This delegation has been raising major quarrels with European constituencies, including (i) resistance against the (full) fair value measurement of financial instruments (2003-05); (ii) opposition to amendment of IAS on segment reporting (2006); (iii) forced suspension of fair value measurements and impairments amid the North-Atlantic financial crisis (October 2008); (iv) an institutional conflict over the evaluation of distressed Member States’ sovereign bonds (August 2011). The Maystadt Report of 2013 reviewed and summarised these concerns with both the accounting model, and the governance of Europe’s accounting standards-making. It recommended including further considerations for Europe’s financial stability and public good, while it did consider the option to establish an Accounting Standards Board of Europe. Article in Journal/Newspaper North Atlantic De Gruyter Accounting, Economics, and Law: A Convivium 7 2 65 77 |
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Abstract International accounting convergence led by the International Accounting Standards Board (IASB) has been fostering an accounting revolution by introducing a market basis of accounting. This accounting model makes general reference to current values (mark-to-market, fair value) instead of corporate realised revenues and invested costs, which were central to the previous model (historical cost). This accounting revolution was consistent with the global financial architecture based upon transnational financial markets which was established since the seventies. However, among the main jurisdictions and monetary areas worldwide, only Europe has adopted the international accounting standards (IAS-IFRS), substantially delegating its accounting legislative and regulatory process to the IASB. This delegation has been raising major quarrels with European constituencies, including (i) resistance against the (full) fair value measurement of financial instruments (2003-05); (ii) opposition to amendment of IAS on segment reporting (2006); (iii) forced suspension of fair value measurements and impairments amid the North-Atlantic financial crisis (October 2008); (iv) an institutional conflict over the evaluation of distressed Member States’ sovereign bonds (August 2011). The Maystadt Report of 2013 reviewed and summarised these concerns with both the accounting model, and the governance of Europe’s accounting standards-making. It recommended including further considerations for Europe’s financial stability and public good, while it did consider the option to establish an Accounting Standards Board of Europe. |
format |
Article in Journal/Newspaper |
author |
Biondi, Yuri |
spellingShingle |
Biondi, Yuri Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good |
author_facet |
Biondi, Yuri |
author_sort |
Biondi, Yuri |
title |
Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good |
title_short |
Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good |
title_full |
Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good |
title_fullStr |
Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good |
title_full_unstemmed |
Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good |
title_sort |
accounting for europe’s economy and society: considerations for financial stability, economic development and the public good |
publisher |
Walter de Gruyter GmbH |
publishDate |
2017 |
url |
http://dx.doi.org/10.1515/ael-2017-0018 http://www.degruyter.com/view/j/ael.2017.7.issue-2/ael-2017-0018/ael-2017-0018.xml https://www.degruyter.com/document/doi/10.1515/ael-2017-0018/pdf |
genre |
North Atlantic |
genre_facet |
North Atlantic |
op_source |
Accounting, Economics, and Law: A Convivium volume 7, issue 2, page 65-77 ISSN 2152-2820 |
op_doi |
https://doi.org/10.1515/ael-2017-0018 |
container_title |
Accounting, Economics, and Law: A Convivium |
container_volume |
7 |
container_issue |
2 |
container_start_page |
65 |
op_container_end_page |
77 |
_version_ |
1810463974291931136 |