Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good
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 r...
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ftccsdartic:oai:HAL:hal-01631781v1 2023-05-15T17:34:11+02:00 Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good Biondi, Yuri Institut de Recherche Interdisciplinaire en Sciences Sociales (IRISSO) Institut National de la Recherche Agronomique (INRA)-Université Paris Dauphine-PSL Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL) 2017 https://hal.archives-ouvertes.fr/hal-01631781 https://doi.org/10.1515/ael-2017-0018 en eng HAL CCSD info:eu-repo/semantics/altIdentifier/doi/10.1515/ael-2017-0018 hal-01631781 https://hal.archives-ouvertes.fr/hal-01631781 doi:10.1515/ael-2017-0018 Accounting, Economics and Law https://hal.archives-ouvertes.fr/hal-01631781 Accounting, Economics and Law, 2017, 7 (2), ⟨10.1515/ael-2017-0018⟩ europe economy society finance development [SHS]Humanities and Social Sciences info:eu-repo/semantics/article Journal articles 2017 ftccsdartic https://doi.org/10.1515/ael-2017-0018 2021-11-21T02:19:01Z 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 Archive ouverte HAL (Hyper Article en Ligne, CCSD - Centre pour la Communication Scientifique Directe) Accounting, Economics, and Law: A Convivium 7 2 65 77 |
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Archive ouverte HAL (Hyper Article en Ligne, CCSD - Centre pour la Communication Scientifique Directe) |
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language |
English |
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europe economy society finance development [SHS]Humanities and Social Sciences |
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europe economy society finance development [SHS]Humanities and Social Sciences Biondi, Yuri Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good |
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europe economy society finance development [SHS]Humanities and Social Sciences |
description |
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. |
author2 |
Institut de Recherche Interdisciplinaire en Sciences Sociales (IRISSO) Institut National de la Recherche Agronomique (INRA)-Université Paris Dauphine-PSL Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL) |
format |
Article in Journal/Newspaper |
author |
Biondi, Yuri |
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 |
HAL CCSD |
publishDate |
2017 |
url |
https://hal.archives-ouvertes.fr/hal-01631781 https://doi.org/10.1515/ael-2017-0018 |
genre |
North Atlantic |
genre_facet |
North Atlantic |
op_source |
Accounting, Economics and Law https://hal.archives-ouvertes.fr/hal-01631781 Accounting, Economics and Law, 2017, 7 (2), ⟨10.1515/ael-2017-0018⟩ |
op_relation |
info:eu-repo/semantics/altIdentifier/doi/10.1515/ael-2017-0018 hal-01631781 https://hal.archives-ouvertes.fr/hal-01631781 doi:10.1515/ael-2017-0018 |
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 |
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1766132945697898496 |