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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fttriple:oai:gotriple.eu:10670/1.wgulcg 2023-05-15T17:34:01+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) 2017-01-01 https://doi.org/10.1515/ael-2017-0018 https://hal.archives-ouvertes.fr/hal-01631781 en eng HAL CCSD hal-01631781 doi:10.1515/ael-2017-0018 10670/1.wgulcg https://hal.archives-ouvertes.fr/hal-01631781 undefined Archive Ouverte d'INRAE Accounting, Economics and Law Accounting, Economics and Law, 2017, 7 (2), ⟨10.1515/ael-2017-0018⟩ europe economy society finance development eco demo Journal Article https://vocabularies.coar-repositories.org/resource_types/c_6501/ 2017 fttriple https://doi.org/10.1515/ael-2017-0018 2023-01-22T17:33:30Z 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 Unknown Accounting, Economics, and Law: A Convivium 7 2 65 77 |
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europe economy society finance development eco demo Biondi, Yuri Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good |
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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://doi.org/10.1515/ael-2017-0018 https://hal.archives-ouvertes.fr/hal-01631781 |
genre |
North Atlantic |
genre_facet |
North Atlantic |
op_source |
Archive Ouverte d'INRAE Accounting, Economics and Law Accounting, Economics and Law, 2017, 7 (2), ⟨10.1515/ael-2017-0018⟩ |
op_relation |
hal-01631781 doi:10.1515/ael-2017-0018 10670/1.wgulcg https://hal.archives-ouvertes.fr/hal-01631781 |
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op_doi |
https://doi.org/10.1515/ael-2017-0018 |
container_title |
Accounting, Economics, and Law: A Convivium |
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7 |
container_issue |
2 |
container_start_page |
65 |
op_container_end_page |
77 |
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1766132695022174208 |