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Socio-Economic Consequences of IFRSs
- Introduction
- The origin and substance of the theory that accounting standards and regulation have social and economic consequences
- Some conceptual issues: the definition of economic and social consequences
- The FASB and its role as the first accounting regulator to “care” about economic consequences
- The implementation of IFRS in Europe: a relevant step in the “globalization” of socio-economic consequences
- Economic consequences: the impact of IFRSs in business, financial and capital markets
- Accounting effects: consequences relative to the main attributes of financial information according to the IASB framework
- Business analysis effects
- Contracting effects
- Compliance costs
- Social consequences as the impact of IFRSs implementation beyond business: the impact for individuals and other stakeholders
- Impact on corporate social responsibility
- The lobbying process of accounting standards
- Impacts at a macroeconomic level: country-level studies
- Challenges in gauging the socio-economic impact that IFRSs do seem to have: how to define and measure benefits and costs?
- The incorporation of “economic consequences” into the IASB due process: the effects analysis
- The role of EFRAG in the effects analysis process
- Future prospects for the consideration of socio economic consequences of accounting standards
- Conclusions
- Notes
- Bibliography
Abstract
The objective of this chapter is to outline a map of the literature on possible social and economic consequences of the adoption and implementation of IFRSs. Although probably older, the concept of economic consequences gained prominence in the late 1970s after publications by Wyatt (1977), Rappaport (1977) and Zeff (1978). Zeff (1978: p. 56) defined economic consequences as the impact of accounting reports on the decision-making behavior of business, government, unions, investors and creditors.
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