TY - JOUR
T1 - Socio-economic impacts of international accounting standards
T2 - An introduction
AU - Biondi, Yuri
AU - Suzuki, Tomo
PY - 2007/10/1
Y1 - 2007/10/1
N2 - '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.
AB - '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.
KW - Business economics
KW - Corporate finance
KW - Financialization
KW - Politics of accounting regulation
KW - Sociology of accounting
KW - UNIAS project
UR - http://www.scopus.com/inward/record.url?scp=35648973165&partnerID=8YFLogxK
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U2 - 10.1093/ser/mwm011
DO - 10.1093/ser/mwm011
M3 - Article
AN - SCOPUS:35648973165
VL - 5
SP - 585
EP - 602
JO - Socio-Economic Review
JF - Socio-Economic Review
SN - 1475-1461
IS - 4
ER -