Une privatisation inédite de la norme : le cas de la politique comptable européenne

Abstract

An unprecedented privatization of legal rules: The EU's accounting policy. EU member states have, for a long time, been harmonizing their accounting rules in order to facilitate comparisons among countries. A new regulation in 2002 has suddenly sped up this process. Under it, companies quoted in the stock exchange are, since 2005, required to comply with the standards set by the International Accounting Standards Board (IASB), a private body without any public mandate. After trying to harmonize its members' standards, the EU's decision to resort to private subcontracting is even more puzzling given the Union's lack of any statutory control over the IASB. In this impressive case of the privatization of a regulatory process, attention is focused on the incorporation of IASB standards in EU law and on the structure and governance of this board. This transfer of power is much broader than usual forms of delegation to the private sector. Although several reasons underlie this relinquishment of public authority, the primary one lies within the EU itself.