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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ftunivdauphine:oai:basepub.dauphine.psl.eu:123456789/16944 2023-05-15T17:34:37+02:00 Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good Biondi, Yuri 2017-11-09T14:19:05Z https://basepub.dauphine.fr/handle/123456789/16944 en eng Accounting, Economics and Law 7 2 2017 10.1515/ael-2017-0018 non oui 2152-2820 https://basepub.dauphine.fr/handle/123456789/16944 europe economy society finance development 337 F.F5.F53 Economie internationale Article accepté pour publication ou publié 2017 ftunivdauphine 2022-05-01T15:47:26Z 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. non oui recherche International Article in Journal/Newspaper North Atlantic Base Institutionnelle de Recherche de l'université Paris-Dauphine (BIRD) |
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Base Institutionnelle de Recherche de l'université Paris-Dauphine (BIRD) |
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ftunivdauphine |
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English |
topic |
europe economy society finance development 337 F.F5.F53 Economie internationale |
spellingShingle |
europe economy society finance development 337 F.F5.F53 Economie internationale Biondi, Yuri Accounting for Europe’s Economy and Society: Considerations for Financial Stability, Economic Development and the Public Good |
topic_facet |
europe economy society finance development 337 F.F5.F53 Economie internationale |
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. non oui recherche International |
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 |
publishDate |
2017 |
url |
https://basepub.dauphine.fr/handle/123456789/16944 |
genre |
North Atlantic |
genre_facet |
North Atlantic |
op_relation |
Accounting, Economics and Law 7 2 2017 10.1515/ael-2017-0018 non oui 2152-2820 https://basepub.dauphine.fr/handle/123456789/16944 |
_version_ |
1766133515941838848 |