The European Union began using accounting rules defined by an independent private sector regime as compulsory norms in 2005. Is the incorporation of these International Financial Reporting Standards (IFRS) into European law a viable solution to combine external technical expertise with...

Since its inception, the IASB has been able to set standards with relatively little political influence in its governance or standard setting process. But this changed with the outbreak of the global financial crisis. Political bodies began to view accounting standards as a contributing factor...