Socio-economic impacts of international accounting standards: An introduction

Yuri Biondi, Tomo Suzuki

Research output: Contribution to journalArticle

27 Citations (Scopus)

Abstract

'Why discuss accounting in Socio-Economic Review?' 'Because accounting constructs socio-economic reality.' 'How?!' 'Theoretically speaking, there should be many ways of doing "accounting" - 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 oursocio-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.

Original languageEnglish
Pages (from-to)585-602
Number of pages18
JournalSocio-Economic Review
Volume5
Issue number4
DOIs
Publication statusPublished - 2007 Oct 1

Keywords

  • Business economics
  • Corporate finance
  • Financialization
  • Politics of accounting regulation
  • Sociology of accounting
  • UNIAS project

ASJC Scopus subject areas

  • Sociology and Political Science
  • Economics, Econometrics and Finance(all)

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