Abstract
<p>The professional interests of the various stakeholders groups are often seen as obstacles to full accounting harmonization. Studying different professional interests in the accounting domain is significant for organizations involved in the international accounting harmonization process, insofar as it enables them to identify the main obstacles to face in order to achieve full harmonization. Thus, this article is aimed at analyzing the differences in terms of professional interests by addressing the participation of various stakeholders groups in the process of issuing/modifying standards of the International Accounting Standards Board (IASB). Based on content analysis, we examined the comment letters sent to the IASB in the context of the first part of the first phase of the project to replace the International Accounting Standard (IAS) 39, entitled "Financial Instruments - Recognition and Measurement", by the International Financial Reporting Standard (IFRS) 9, on its turn entitled "Financial Instruments". Respondents were identified according to the stakeholders group, and, later, the collected data underwent a nonparametric chi-square test. The results of this study indicate there are significant differences between the answers obtained from the various stakeholders groups involved in the process of issuing or reviewing a standard of the IASB, above all made clear between the group of financial preparers and the regulatory and/or standard-setting agencies and the professional associations related to accounting.</p>
Highlights
IntroductionNobes and Parker (2006) argue that accounting has undergone changes since the Second World War, due to political transformations (such as the free movement of people and goods), the strong growth of international trade and the internationalization of financial markets and companies
Nobes and Parker (2006) argue that accounting has undergone changes since the Second World War, due to political transformations, the strong growth of international trade and the internationalization of financial markets and companies
We compare the answers of groups with representative participation: financial/ nonfinancial preparers (Table 4); regulatory and/or standard-setting agencies and professional associations related to accounting vs. nonfinancial preparers (Table 5); and, regulatory and/or standard-setting agencies and professional associations related to accounting vs. financial preparers (Table 6)
Summary
Nobes and Parker (2006) argue that accounting has undergone changes since the Second World War, due to political transformations (such as the free movement of people and goods), the strong growth of international trade and the internationalization of financial markets and companies This increasing globalization makes it necessary to reduce differences between the international accounting systems, in order to increase the comparability level between financial statements of companies from various countries (Nobes & Parker, 2006). The IASB is an independent issuer of accounting standards and interpretations and financial reporting of international reach, created in 2001, through a restructuring of the International Accounting Standards Committee (IASC), created, on its turn, in 1973 It is a member of the International Financial Reporting Standards (IFRS), whose goal is promoting the use and strict application of the standards and interpretations of the IASB and the recognition of a high quality and comprehensiveness of such standards and interpretations on the part of the adopting countries (International Financial Reporting Standards Foundation, 2013)
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