Stakeholder and jurisdictional influence over IFRS 10's development

Abstract

The International Financial Reporting Standards are voluntarily adopted by 167 countries, including countries in Africa, Australasia, Europe and South America. To maintain its legitimacy, the International Accounting Standards Board (IASB) must not be viewed as being unduly influenced by one group or jurisdiction. If the IASB’s procedural legitimacy is compromised, it threatens their cognitive legitimacy and the global adoption of IFRS.