Legitimacy theory may explain the failure of global adoption of IFRS: the case of Europe and the U.S.

Antonio, R. J. (1981). Immanent critique as the core of critical theory: Its origins and developments in Hegel, Marx and contemporary thought. The British Journal of Sociology, 32(3), 330–345. Arnold, P. J., & Sikka, P. (2001). Globalization and the state-profession relationship: The case of the bank of credit and commerce international. Accounting, Organizations and Society, 26(6), 475–499. Ashbaugh, H., & Pincus, M. (2001). Domestic accounting standards, international accounting standards and the predictability of earnings. Journal of Accounting Research, 39(3), 417–434. Ball, R. (1995). Making accounting more international: Why, How, and How far will it go? Journal of Applied Corporate Finance, 8(3), 19–29. Ball, R., Robin, A., & Wu, J. S. (2003). Incentives versus standards: properties of accounting income in four East Asian countries. Journal of Accounting and Economics, 36, 235–270. Barlas, S. (2015). Integrating IFRS and GAAP. Strategic Finance (August 4). Accessed on September 29, 2015, http://sfmagazine.com/post-entry/august-2015-integrating-ifrs-and-gaap/. Benston, G., Bromwich, M., Litan, R., & Wagenhofer, A. (2006). Worldwide financial reporting: The development and future of accounting standards. Oxford, UK.: Oxford University Press. Botzem, S. (2012). The politics of accounting regulation. Organizing transnational standard setting in financial reporting. Cheltenham, UK: Edward Elgar Publishing. Camfferman, K., & Zeff, S. A. (2007). Financial reporting and global capital markets. A history of the international accounting standards committee, 1973–2000. New York: Oxford University Press. Camfferman, K., & Zeff, S. A. (2011). Comment on ‘A political economy of accounting standard setting’. The Journal of Management and Governance, 15(2), 297–304. Campos, R. C. (2003). Embracing international business in the post-Enron era. Speech to the centre for European policy studies. 11 June. Brussels: Belgium. Choi, F. D. S., & Meek, G. K. (2008). International accounting (6th ed.). Englewood Cliffs, NJ: Pearson Prentice Hall. Cohn, M. (2014). Accounting convergence unachievable. Accounting Today August 6, https://www.accountingtoday.com/opinion/accounting-convergence-unachievable. Dahl, R. (1999). Can international organizations be democratic? In A. Shapiro & C. Hacker-Condon (Eds.), Democracy’s edge (pp. 19–36). Cambridge: Cambridge University Press. De Lange, P., & Howieson, B. (2006). International accounting standards setting and U.S. exceptionalism. Critical Perspectives on Accounting, 17(8), 1007–1032. Deegan, C. (2006). Financial accounting theory. Australia: McGraw-Hill. Department of the Treasury. (2009). Financial regulatory reform. A new foundation: Rebuilding financial supervision and regulation. Accessed on March 22 2013, http://www.treasury.gov/initiatives/Documents/FinalReport_web.pdf. Doupnik, T. S., & Salter, S. B. (1995). External environment, culture, and accounting practice: A preliminary test of a general model of international accounting development. The International Journal of Accounting, 30(2), 189–207. Dye, R., & Sunder, S. (2001). Why not allow FASB and IASB standards to compete in the U.S.? Accounting Horizons, 15(3), 257–272. EC Regulation 1004. (2008). Amending Regulation (EC) No 1725/2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard (IAS) 39 and International Financial Reporting Standard (IFRS) 7. Official Journal of the European Union, 16-10-2008, L 275/37. European Commission. (2004). Accounting standards: Commission endorses IAS 39. Press Releases no. IP/04/1385. Accessed on August 7 2015, http://europa.eu/rapid/press-release_IP-04-1385_en.htm. European Financial Reporting Advisory Group (EFRAG). (2004). Technical input on IAS 39 carve-out. Accessed on August 7 2015, http://ec.europa.eu/internal_market/accounting/docs/efrag/20040926_ias39_carveout_en.pdf. European Financial Reporting Advisory Group (EFRAG). (2013). Annual review 2012. Accessed on February 14 2017, https://www.efrag.org/Assets/Download?assetUrl=%2Fsites%2Fwebpublishing%2FSiteAssets%2FAnnual%2520Report%25202013.pdf. Financial Accounting Foundation. (2005). FAF 2004 annual report. Norwalk, Connecticut, USA: Financial Accounting Foundation. Financial Accounting Foundation. (2013). FAF 2012 annual report. Norwalk, Connecticut, USA: Financial Accounting Foundation. Financial Accounting Foundation. (2014a). Facts about FASB: Due process. Accessed on September 24 2014, http://www.fasb.org/facts/due_process.shtml. Financial Accounting Foundation. (2014b). FAF 2013 annual report. Norwalk, Connecticut, USA: Financial Accounting Foundation. Financial Accounting Standards Board. (1999). The IASC-U.S. comparison project: A report on the similarities and differences between IASC standards and U.S. GAAP. Edited by Carrie Bloomer. (2nd ed.). Norwalk, Connecticut, USA. Financial Crisis Advisory Group. (2009). Report of the Financial crisis advisory group. Accessed on August 7 2015, http://www.ifrs.org/-/media/feature/groups/consultative-groups/fcag/report-of-the-fcag.pdf. Forbes, S. (2009). End mark-to-market. Forbes.com, March 29. Frontline. (2002). Congress and the accounting wars. FRONTLINE. WGBH educational foundation. Boston, Massachusetts. Accessed on February 14 2017, http://www.pbs.org/wgbh/pages/frontline/shows/regulation/congress/. G-20. (2009). London summit—declaration on strengthening the financial system, Accessed on February 14 2017, http://www.g20.utoronto.ca/summits/2009london.html. Georgiou, G. (2004). Corporate lobbying on accounting standards: methods, timing and perceived effectiveness. Abacus, 40(2), 219–237. Gietzmann, M. B., & Isidro, H. (2013). Institutional investors’ reaction to SEC concerns about IFRS and US GAAP reporting. Journal of Business Finance & Accounting, 40(7–8), 796–841. Grant, R. W., & Keohane, R. O. (2005). Accountability and abuses of power in world politics. American Political Science Review, 99(1), 29–43. Gray, S. J. (1988). Towards a theory of cultural influence on the development of accounting systems internationally. Abacus, 24(1), 1–15. Habermas, J. (1994). Metaphysics as a way of life. Economy and Society, 23(1), 93–118. Hail, L., Leuz, C., & Wysocki, P. (2010). Global accounting convergence and the potential “adoption” of IFRS by the U.S. (Part II): Political factors and future scenarios for U.S. accounting standards. Accounting Horizons, 24(4), 567–588. Hofstede, G. (1980). Culture’s consequences: International differences in work related values. Newbury Park (CA): Sage. Hooton, J. (2002). Frontline. Accessed on February 14 2017, http://www.pbs.org/wgbh/pages/frontline/shows/regulation/congress/. Horngren, C. T. (1985). Institutional alternatives for regulating financial reporting. Journal of Comparative Business and Capital Market Law, 7, 267–289. http://ec.europa.eu/internal_market/accounting/docs/efrag/20040926_ias39_carveout_en.pdf. IFRS Foundation. (2013a). How we develop standards. London, United Kingdom: IFRS Foundation. Accessed on August 7 2017, http://archive.ifrs.org/How-we-develop-standards/Pages/How-we-develop-standards.aspx. IFRS Foundation. (2013b). IFRS foundation comments on the Maystadt report. London, United Kingdom: IFRS Foundation. Accessed on August 7 2017, http://archive.ifrs.org/Alerts/PressRelease/Pages/IFRS-Foundation-issues-comments-on-the-Maystadt-Report-December-2013.aspx. IFRS Foundation. (2014). IFRS Annual Report 2013. London, United Kingdom: IFRS Foundation. IFRS Foundation. (2017). Pocket guide to IFRS standards: The global financial reporting language. London, United Kingdom: IFRS Foundation. Accessed on August 7 2017, http://www.ifrs.org/news-and-events/2017/05/3-pocket-guide-to-ifrs-standards-the-global-financial-reporting-language/. IFRS Foundation Monitoring Board (IFRSF MB). (2013). Memorandum of understanding to strengthen the institutional framework of the international financial reporting standards foundation. Accessed on October 2013, https://www.iosco.org/about/monitoring_board/pdf/Press20131031-1-Attachment-2.pdf. IFRS Foundation Monitoring Board (IFRSF MB). (2017). IFRS foundation monitoring board 2017 work plan. Accessed on August 7 2017, http://www.ifrs.org/-/media/feature/groups/monitoring-board/ifrs-foundation-monitoring-board-work-plan.pdf. Jaggi, B., & Low, P. Y. (2000). Impact of culture, market forces, and legal system on financial disclosures. International Journal of Accounting, 35(4), 495–519. Johnson, S. B., & Solomons, D. (1984). Institutional legitimacy and the FASB. Journal of Accounting and Public Policy, 3(3), 165–183. Jorissen, A., Lybaert, N., & Van de Poel, K. (2006). Lobbying towards a global standard setter—do national characteristics matter? An analysis of the comment letters written to the IASB, International accounting: standards, regulation, and financial reporting. Oxford: Elsevier. Kelly, L. (1985). Corporate management lobbying on FAS n. 8: Some further evidence. Journal of Accounting Research, 23(2), 619–632. Kenny, S. Y., & Larson, R. K. (1995). The development of international accounting standards: an analysis of constituent participation in standard setting. International Journal of Accounting, 30(4), 283–301. Keohane, R. O. (2006). Accountability in world politics. Scandinavian Political Studies, 29(2), 75–87. Königsgruber, R. (2010). A political economy of accounting standard setting. The Journal of Management and Governance, 14(4), 277–295. Königsgruber, R. (2011). Comment on ‘A political economy of accounting standard setting’: A reply. The Journal of Management and Governance, 15(2), 305–307. Königsgruber, R. (2013). Expertise-based lobbying and accounting regulation. The Journal of Management and Governance, 17(4), 1009–1025. Kwok, W. C. C., & Sharp, D. (2005). Power and international accounting standard setting: evidence from segment reporting and intangible assets projects. Accounting, Auditing and Accountability Journal, 18(1), 74–99. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. Larson, R. K. (1997). Corporate lobbying of the International Accounting Standard Committee. Journal of International Financial Management and Accounting, 8(3), 175–203. Laux, C., & Leuz, C. (2009). The crisis of fair-value accounting: Making sense of the recent debate. Accounting, Organizations and Society, 34, 826–834. Lehman, G. (2005). A critical perspective on the harmonization of accounting in a globalizing world. Critical Perspectives on Accounting, 16(7), 975–992. Levitt, A. (2002). Interview: Arthur Levitt. Frontline. Accessed on February 14 2017, http://www.pbs.org/wgbh/pages/frontline/shows/regulation/interviews/levitt.html. Lionzo, A. (2012). Gli studi di financial accounting di matrice nordamericana. Franco Angeli, Milano: Fondamenti epistemologici e percorsi scientifici. MacArthur, J. B. (1996). An investigation into the influence of cultural factors in the international lobbying of the International Accounting Standards Committee: The case of E32, Comparability of Financial Statements. The International Journal of Accounting, 31(2), 213–237. Maystadt, P. (2013). Report entitled “Should IFRS standards be more ‘European’? Mission to reinforce the EU’s contribution to the development of international accounting standards”. Council of the European Union. Accessed on November 2013, http://www.consilium.europa.eu/register/it/content/out/?&DOC_LANCD=EN&typ=ENTRY&i=ADV&DOC_ID=ST-15614-2013-INIT. McGregor, W. (1999). An insider's view of the current state and future direction of international accounting standard setting. Accounting Horizons, 13(2), 159–168. McNamee, M., Dwyer, P., Schmitt, C., & Lavelle, L. (2000). Accounting wars. Business Week, September 25th, 156–166. Meeks, G., & Swann, G. (2009). Accounting standards and the economics of standards. Accounting and Business Research, 39(3), 191–210. Melumad, N. D., & Shibano, T. (1994). The securities and exchange commission and the financial accounting standards board: regulation through veto-based delegation. Journal of Accounting Research, 32(1), 1–37. Nobes, C. W. (1998). Towards a general model of the reasons for international differences in financial reporting. Abacus, 34(2), 162–187. Prather-Kinsey, J. J., & Tanyi, P. (2014). The market reaction to SEC IFRS-Related Announcements: The case of American Depository Receipt (ADR) firms in the U.S. Accounting Horizons, 28(3), 579–603. PWC. (2012). Setting the standard: A spotlight on the FASB’s and IASB’s projects. CFO Direct Network. Accessed on August 7 2017, https://www.pwc.com.au/assurance/ifrs/assets/setting-the-standard-mar12.pdf Richardson, A. J., & Eberlein, B. (2011). Legitimating transnational standard-setting: The case of the international accounting standards board. Journal of Business Ethics, 98(2), 217–245. Savage, A., & Callaghan, H. (2007). Animal testing and legitimization: Evidence of social investment and corporate disclosure. Accounting and Public Interest, 7(1), 93–123. Schapiro, M.L. (2009). Speech by SEC Chairman: Improving the role of the securities regulators in a changing global financial system. U.S. Securities and Exchange Commission. Tel Aviv, Israel, June 11. Accessed on August 7 2017, https://www.sec.gov/news/speech/2009/spch061109mls.htm. Scharpf, F. W. (1999). Governing in Europe: Effective and democratic?. Oxford: Oxford University Press. Schmidt, M. (2002). On the legitimacy of accounting standard setting by privately organised institutions in Germany and Europe. Schmalenbach Business Review, 54(2), 171–193. Securities and Exchange Commission. (2005). 17 CFR PARTS 210 and 228, [Release Nos. 33-8568; 34-51558; 35-27959; IC-26833; FR-74], RIN 3235-AJ39, Amendment to Rule 4-01(A) of Regulation S-X Regarding the Compliance Date for Statement of Financial Accounting Standards No. 123 (Revised 2004), Share-Based Payment. (Washington, DC: Securities and Exchange Commission). Securities and Exchange Commission. (2007). Final Rule No. 33-8879 acceptance from foreign private issuers of financial statements prepared in accordance with international financial reporting standards without reconciliation to US GAAP. Washington, DC: Securities and Exchange Commission. Securities and Exchange Commission. (2013). What we do. Accessed on August 7 2017, http://www.sec.gov/about/whatwedo.shtml. Securities and Exchange Commission Staff. (2012). Work plan for the consideration of incorporating international financial reporting standards into the financial reporting system for U.S. Issuers. Washington, DC: Office of the Chief Accountant of the U.S. SEC (July 13). Selling, T. I. (2013). Bumps in the Road to IFRS “adoption”: Is a U-Turn possible? Accounting Horizons, 27(1), 155–167. Sikka, P. (2001). Regulation of accountancy and the power of capital: some observations. Critical Perspectives on Accounting, 12(2), 199–211. Stulz, R. (2009). Securities laws, disclosure, and national capital markets in the age of financial globalization. Journal of Accounting Research, 47(2), 349–390. Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. The Academy of Management Review, 20(3), 571–610. Sunder, S. (2002). Regulatory competition for low cost-of-capital accounting rules. Journal of Accounting and Public Policy, 21(2), 147–149. Sutton, T. G. (1984). Lobbying of accounting standard setting bodies in the U.K. and in the USA: a Downsian analysis. Accounting, Organizations and Society, 9(1), 81–95. Tandy, P. R., & Wilburn, N. L. (1992). Constituent participation in standard setting: the FASB’s first 100 statements. Accounting Horizons, 6(2), 47–58. Tweedie, D. (2011). Prepared remarks to the US chamber of commerce event, “‘The future of financial reporting: Convergence or not?”’ Washington, DC, USA. Accessed on August 7 2017, http://archive.ifrs.org/News/Announcements-and-Speeches/Pages/convergence-or-not-speech.aspx. Walker, R. G., & Robinson, P. (1993). A critical assessment of the literature on political activity and accounting regulation. Research in Accounting Regulation, 7(1), 3–40. Wallison, P.J. (2008). Fair value accounting: A critique. Financial Services Outlook, American Enterprise Institute of Public Policy Research. Watts, R., & Zimmermann, J. (1986). Positive Accounting Theory. Englewood Cliffs, NJ: Prentice-Hall. Whalen, R. C. (2008). The subprime crisis—causes, effects and consequences. Networks Financial Institute. Accessed on September 5 2016, http://ssrn.com/abstract=1113888. Zeff, S. A. (2002). “Political” lobbying on proposed standards: A challenge to the IASB. Accounting Horizons, 16(1), 43–54. Zeff, S. A. (2012). The Evolution of the IASC into the IASB, and the Challenges it Faces. The Accounting Review, 87(3), 807–837. Zeff, S. A., & Nobes, C. W. (2010). Commentary: Has Australia (or Any Other Jurisdiction) ‘Adopted’ IFRS? Australian Accounting Review, 20(2), 178–184.