BMAN 30030 Contemporary Issues in Financial Reporting

BMAN 30030 Contemporary Issues in
Financial Reporting


The new international financial
architecture (NIFA) and the growing
significance of international
accounting/auditing standards

, Lecture outline

PART 1
– The ‘new’ international financial architecture and the global governance of financial
reporting and auditing


– Different analytical perspectives on the transnationalization of standard setting and
regulation


– Alternative governance perspectives (emerging in responses to global crises)


PART 2
– The rise of public oversight – illustrative examples of governance reforms at the
International Federation of Accountants (IFAC) and the IASB


– Some illustrations of continuing pressures for reform/change (including representation
and funding issues)

– Conclusions and policy/research implications

, PART 1

THE ‘NEW’ INTERNATIONAL
FINANCIAL ARCHITECTURE AND
THE GLOBAL GOVERNANCE OF
FINANCIAL REPORTING AND
AUDITING

, Evidence of transnational accounting/audit
regulation
• Standard setting authority is delegated to global standard setters
– IASB, IAASB (IFAC)
• Standards are promoted internationally – WB, WTO, OECD, IOSCO
• Compliance is observed at a global level – IFAC compliance
programme, etc.
• (Some) national (and regional) actors are still influential – the
FASB, PCAOB, EU
• Influence of international accountancy firms networks
• Active stock market regulators
• International accounting qualification programmes