The Politics of Standard Setting: Reflections on the Legitimacy of Accounting Procedures in Europe

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The European regulation of financial reporting has substantially changed. Both the contents of accounting standards and the regulatory framework governing the setting of these standards are novel. In particular, the transfer of legislative competencies to a privately organized body, the International Accounting Standards Board, is a major deviation from formerly established national practice. This study explores the way of private-public governance from a political perspective. Building on models of democracy, the book develops a procedural account of legitimate authority and subsequently evaluates the new governance regime.