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Institutional Framework of Accounting Standards Formulation: Evaluation of Stakeholders and Environmental Factors

Akhidime, Augustine Ehijeagbon and Okafor, Chinwuba A. (2011) Institutional Framework of Accounting Standards Formulation: Evaluation of Stakeholders and Environmental Factors. Nigerian Journal of Management Sciences, 12 (3). pp. 331-340.

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Abstract

The institutional framework for the formulation of accounting standards are emerging with criticisms that are complex as well as controversial. These criticisms result first, from the 26 credibility question about the independence of institutions that undertake the formulation of the standards, secondly from the conflict of interest and needs among the stakeholders concerned with the formulation of accounting standards, thirdly from the institutions standard setting process that is arguably dubbed a political exercise that is tied to the values, norms and expectations of the environment in which the standards are developed and fourthly, on the impartiality of the accounting standards that are produced by the institutions. This paper undertakes a critical literary evaluation of the impact of the activities of stakeholders and the economic, social-cultural and political environment on the credibility and legitimacy of institutional accounting standards setters, notably the International Accounting Standards Board (IASB) and the International Financing Reporting Standards (IFRSs) formulated by it.

Item Type: Article
Uncontrolled Keywords: International Accounting Standards Board; International Financing Reporting Standards; Institutional Accounting Standards Setters.
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Mr Solomon Bayoko
Date Deposited: 07 Oct 2014 11:13
Last Modified: 07 Oct 2014 11:13
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/2802

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