What's the Problem ? Competing Diagnosis and Shifting Coalitions in the Reform of International Accounting Standards
Résumé
It does not happen very often that a technical matter such as accounting makes
it into the final declaration of a G20 summit, agreed by the heads of government of the world’s leading nations. Nevertheless, this happened on November
15, 2008, two months after the bankruptcy of Lehman Brothers terrified capital
markets and roughly eighteen months after the first signs of the financial crisis
had become tangible and started to impact the balance sheets of most banks
worldwide. After holding their initial meeting as a Group of Twenty in Washington to deliberate about the means to cure the most severe financial crisis since
the interwar period, the leaders of the G20 called on their finance ministers to
formulate recommendations in areas such as “Mitigating against pro-cyclicality
in regulatory policy” and “Reviewing and aligning global accounting standards,
particularly for complex securities in times of stress” (G20 2008). Ever since,
measures to reform international accounting standards – namely, those produced by the International Accounting Standards Board (IASB) – have been
on the working agenda of G20 meetings, even if they have moved from front
to backstage and are increasingly repeated in terms of the same phrases (see
the Declarations of the London, Pittsburgh, Toronto, Seoul, and Paris summits
(www.g20.org/pub_communiques.aspx).
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