The European Union's Role in International Economic Fora - Paper 7: The IASB

15-06-2015

This paper forms part of a series of nine studies on the role of the European Union in International economic fora, prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs. International Financial Reporting Standards define the rules for corporate accounting and are set by a private standard setter: the International Accounting Standards Board (IASB). The EU has no formal role in developing these standards, but de facto endorses them ex post. This raises questions with regard to the overrepresentation of commercial interests in accounting regulation and the need to debate a stronger role not only for civil society actors but also for public entities such as regulators.

This paper forms part of a series of nine studies on the role of the European Union in International economic fora, prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs. International Financial Reporting Standards define the rules for corporate accounting and are set by a private standard setter: the International Accounting Standards Board (IASB). The EU has no formal role in developing these standards, but de facto endorses them ex post. This raises questions with regard to the overrepresentation of commercial interests in accounting regulation and the need to debate a stronger role not only for civil society actors but also for public entities such as regulators.