Authors: Frédéric Compin
Addresses: Centre Pierre Naville, Université d'Evry, 91000, France
Abstract: This paper looks at the legal implications of accounting standards drawn up by private bodies for shareholder benefit and questions their legitimacy and effectiveness. It also explains why the combined actions of the IASB and FASB have led to an inversion of the norm hierarchy. This paper explores the need for alternative and sustainable international accounting standards and explores the hypothesis of standards which would incorporate the GRI framework and make human and environmental resources an integral part of the wealth creation assessment process.
Keywords: Kelsen; norm effectiveness; norm validity; norms; norm hierarchy; international accounting standards; shareholders; lobbies; International Financial Reporting Standards; IFRS; US GAAP; GRI; alternative standards; sustainable development; sustainability; shareholder benefit; wealth creation assessment.
International Journal of Critical Accounting, 2013 Vol.5 No.6, pp.594 - 608
Published online: 02 Feb 2014 *Full-text access for editors Access for subscribers Purchase this article Comment on this article