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The New Global RulersThe Privatization of Regulation in the World Economy$
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Tim Büthe and Walter Mattli

Print publication date: 2011

Print ISBN-13: 9780691144795

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691144795.001.0001

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The Politics of Setting Standards for Financial Reporting

The Politics of Setting Standards for Financial Reporting

Chapter:
(p.99) Chapter Five The Politics of Setting Standards for Financial Reporting
Source:
The New Global Rulers
Author(s):

Tim Büthe

Walter Mattli

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691144795.003.0005

This chapter examines the political dimensions of setting standards for global financial reporting. Drawing on the results of an international business survey, conducted among hundreds of chief financial officers and other senior financial managers of companies listed on the main stock exchanges in France, Germany, the United Kingdom, and the United States, the chapter asks whether institutional fragmentation of accounting governance in Europe impedes the effective aggregation of European interests and their projection onto the international stage, while the close institutional fit between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) significantly facilitates the representation of American interests. It shows that U.S. firms are considerably more successful than their European counterparts when they try to influence international financial reporting standards.

Keywords:   financial reporting standards, global financial reporting, institutional fragmentation, accounting governance, Europe, International Accounting Standards Board, Financial Accounting Standards Board

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