Technical Standards as Public and Club Goods? Financing the International Accounting Standards Board
Technical Standards as Public and Club Goods? Financing the International Accounting Standards Board
In this chapter, the boundaries of the club approach are analyzed for their usefulness in corporate financial reporting, and how rule systems are provided for the international finance and accounting industry by the International Accounting Standards Board (IASB) is examined. The importance of voluntary programs administered through the club approach is analyzed and shown to provide favourable results. The result is that firms which join the program exchange are given membership benefits and club goods in exchange for their financing the public goods that they produce. This success by the IASB can be attributed to how well its institutional design matched both the policy problem and its political and policy context. It is concluded that the club approach is a useful model for the explanation of this type of corporate behavior.
Keywords: club approach, corporate financial reporting, rule systems, IASB, voluntary programs, public good, corporate behavior
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