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Strategic Experts and Improvising Regulators: Explaining the IASC's Rise to Global Influence, 1973-2001

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  • Martinez-Diaz Leonardo

    (Oxford University)

Abstract

This article traces the ascent of the International Accounting Standards Committee (IASC) from an obscure group with little influence in the early 1970s to a pre-eminent position as global accounting standard-setter in 2001. I argue that the rise of the IASC can be explained by several factors, including the IASC's ability to build legitimacy through technical expertise, to embed itself in a network of international organizations, and to benefit from rivalries among developed and developing countries and among European and American regulators. But the most important reason for the IASC's success is that its core values aligned strongly with the interests of the most powerful regulator--the US Securities and Exchange Commission.

Suggested Citation

  • Martinez-Diaz Leonardo, 2005. "Strategic Experts and Improvising Regulators: Explaining the IASC's Rise to Global Influence, 1973-2001," Business and Politics, De Gruyter, vol. 7(3), pages 1-28, December.
    • Handle: RePEc:bpj:buspol:v:7:y:2005:i:3:n:3
    DOI: 10.2202/1469-3569.1135
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    Citations

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    Cited by:

    1. Büthe Tim, 2010. "Engineering Uncontestedness? The Origins and Institutional Development of the International Electrotechnical Commission (IEC)," Business and Politics, De Gruyter, vol. 12(3), pages 1-64, October.
    2. Palea, Vera, 2013. "The Politics of Fair Value Reporting and the Governance of the Standards-Setting Process: Critical Issues and Pitfalls from a European Perspective," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201353, University of Turin.
    3. Büthe Tim, 2010. "Private Regulation in the Global Economy: A (P)Review," Business and Politics, De Gruyter, vol. 12(3), pages 1-40, October.
    4. Christensen, Mark & Newberry, Susan & Potter, Bradley N., 2019. "Enabling global accounting change: Epistemic communities and the creation of a ‘more business-like’ public sector," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 58(C), pages 53-76.
    5. Botzem, Sebastian, 2014. "Transnational standard setting in accounting: Organizing expertise-based self-regulation in times of crises," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 27(6), pages 933-955.
    6. Mantzari, Elisavet & Georgiou, Omiros, 2019. "Ideological hegemony and consent to IFRS: Insights from practitioners in Greece," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 59(C), pages 70-93.
    7. Ronita Ram & Susan Newberry, 2017. "Agenda Entrance Complexity in International Accounting Standard Setting: The Case of IFRS for SMEs," Abacus, Accounting Foundation, University of Sydney, vol. 53(4), pages 485-512, December.
    8. S. Susela Devi & R. Helen Samujh, 2015. "The Political Economy of Convergence: The Case of IFRS for SMEs," Australian Accounting Review, CPA Australia, vol. 25(2), pages 124-138, June.
    9. Bengtsson, Elias, 2011. "Repoliticalization of accounting standard setting—The IASB, the EU and the global financial crisis," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 22(6), pages 567-580.
    10. Palea, Vera, 2015. "The political economy of fair value reporting and the governance of the standards-setting process: Critical issues and pitfalls from a continental European union perspective," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 29(C), pages 1-15.
    11. Crawford, Louise, 2019. "Exploring the emancipatory dimensions of globalisation: The struggle over IFRS8 and country-by-country reporting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 63(C).
    12. Thiemann Matthias, 2014. "The impact of meta-standardization upon standards convergence: the case of the international accounting standard for off-balance-sheet financing," Business and Politics, De Gruyter, vol. 16(1), pages 79-112, April.
    13. Zhang, Ying & Andrew, Jane, 2014. "Financialisation and the Conceptual Framework," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(1), pages 17-26.
    14. Botzem, Sebastian & Hofmann, Jeanette, 2008. "Transnational institution building as public-private interaction: the case of standard setting on the Internet and in corporate financial reporting," LSE Research Online Documents on Economics 36535, London School of Economics and Political Science, LSE Library.
    15. Palea, Vera, 2014. "Financial Reporting for Varieties of Capitalism: The Case Against a Single Set of International Financial Reporting Standards," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201442, University of Turin.
    16. Jason Thistlethwaite & Matthew Paterson, 2016. "Private governance and accounting for sustainability networks," Environment and Planning C, , vol. 34(7), pages 1197-1221, November.

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