Socio-Economic Impacts of International Accounting Standards: An Introduction

Posted: 10 Jul 2008 Last revised: 14 Nov 2014

See all articles by Yuri Biondi

Yuri Biondi

French National Center for Scientific Research (CNRS)

Tomo Hi de Suzuki

University of Oxford, Business School (Former); University of Oxford - Said Business School

Date Written: October 1, 2007

Abstract

‘Why discuss accounting in Socio-Economic Review?’ ‘Because accounting constructs socio-economic reality.’ ‘How?!’ ‘Theoretically speaking, there should be many ways of doing “account-ing” - an act of explaining business realities to multiple stakeholders of socio-economies. Practically speaking, however, the current trend is to use “Fair Value Accounting” which is considered to be useful particularly for investors, and this is now being globally standardized.’ ‘What are the impacts of such new accounting on wider stakeholders and on the socio-economy at large?’ ‘Many aspects of our life may have been undemocratically administrated without being noticed, because the Fair Value Accounting is presumed to be fair, while it is not.’ In order to promote discussions over how our socio-economies should be accounted for, this paper introduces, in a reader-friendly manner, problems of the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS), and calls for diverse perspectives of future research.

Keywords: politics of accounting regulation, sociology of accounting, UNIAS project, corporate finance, financialization, business economics, relation of economics to other disciplines, accounting, economic sociology, economic anthropology

JEL Classification: A12, M41, Z13

Suggested Citation

Biondi, Yuri and Suzuki, Tomo Hi de, Socio-Economic Impacts of International Accounting Standards: An Introduction (October 1, 2007). Socio-Economic Review, Vol. 5, No. 4, pp. 585-602, 2007. Available at SSRN: https://ssrn.com/abstract=1157709 or http://dx.doi.org/mwm011

Yuri Biondi

French National Center for Scientific Research (CNRS) ( email )

IRISSO - University Paris Dauphine PSL
Place Marechal Lattre Tassigny
75016 Paris
France

HOME PAGE: http://yuri.biondi.free.fr/

Tomo Hi de Suzuki (Contact Author)

University of Oxford, Business School (Former) ( email )

Park End Street
Oxford
OX1 1HP, Oxfordshire OX1 1HP
United Kingdom

HOME PAGE: http://https://www.linkedin.com/in/tomosuzuki/

University of Oxford - Said Business School ( email )

Park End Street
Oxford, OX1 1HP
Great Britain

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