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Legitimacy And Convergence In International Accounting Regulation


  • Camelia Mihaela OANE (MARINESCU)

    () (PhD Student, Bucharest Academy of Economic Studies, Romania)

  • Emanuel Stefan MARINESCU

    () (Danubius University Galati, Romania)


Originally formed as a method for quantifying wealth, accounting changed in line with the evolution of economic phenomena, reaching its peak by developing a general framework for reporting at the international level, in response to increased globalization trends that characterize modern society. The International Accounting Standards Board has successfully gained the status of reference transnational standardization organism, but its democratic deficit allows questions to be asked on its procedural legitimacy. This study aims to emphasize that achieving its goals as an international normaliser depends firstly on the manner in which this body of standardization will be able to fulfil the construction of its procedural legitimacy, and secondly on the completion of the IASB and FASB convergence process as one of the most challenging projects conducted on the financial reporting field. The scientific approach seeks to reveal the accomplishments regarding the development of IASB’s due process and also to analyze the degree of convergence achieved by the most important transnational bodies in accounting regulation.

Suggested Citation

  • Camelia Mihaela OANE (MARINESCU) & Emanuel Stefan MARINESCU, 2012. "Legitimacy And Convergence In International Accounting Regulation," EuroEconomica, Danubius University of Galati, issue 4(31), pages 57-69, November.
  • Handle: RePEc:dug:journl:y:2012:i:4:p:57-69

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    References listed on IDEAS

    1. Young, Joni J., 2006. "Making up users," Accounting, Organizations and Society, Elsevier, vol. 31(6), pages 579-600, August.
    2. Jiří Strouhal & Carmen Bonaci & Razvan Mustata, 2012. "Corporate Governance and Financial Crisis," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 18(1), pages 122-123, February.
    3. Baker, C. Richard & Wallage, Philip, 2000. "The Future of Financial Reporting in Europe: Its Role in Corporate Governance," The International Journal of Accounting, Elsevier, vol. 35(2), pages 173-187, July.
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