Socio-economic impacts of international accounting standards

An introduction

Yuri Biondi, Tomohide Suzuki

Research output: Contribution to journalArticle

23 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
Externally publishedYes

Fingerprint

economic impact
economy
stakeholder
International accounting standards
Socio-economic impact
investor
economics
Values
Fair value accounting
Socio-economics
trend

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)

Cite this

Socio-economic impacts of international accounting standards : An introduction. / Biondi, Yuri; Suzuki, Tomohide.

In: Socio-Economic Review, Vol. 5, No. 4, 10.2007, p. 585-602.

Research output: Contribution to journalArticle

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