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The Political and Unstable Nature of the IASB's ‘Stable Platform’: Post‐Convergence Australian Experience
Author(s) -
Chand Parmod,
Cummings Lorne
Publication year - 2008
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2008.0022.x
Subject(s) - accounting , convergence (economics) , politics , process (computing) , business , international financial reporting standards , political science , economics , computer science , law , macroeconomics , operating system
On 31 March 2004, the International Accounting Standards Board (IASB) established the ‘stable platform’ of new and revised standards applicable from 1 January 2005. We review the major changes made by the IASB to its stable platform of standards to illustrate how politics and lobbying influence the standard‐setting process. Furthermore, Australian experience since International Financial Reporting Standards (IFRS) adoption is used to illustrate the impact and extent of these and other changes within the local environment. Continuous changes to IFRS undoubtedly complicate the convergence process, particularly when they are largely indicative of political considerations rather than conceptual underpinnings.