The Legitimacy of International Accounting Standardization (IFRS). Comments on “International Accounting Standardization: The Return of Politics?”

Burlaud and Colasse (2010) took a very strong stand by questioning the legitimacy of the IASB in three areas: political, process, and substance. After discussing their arguments, we conclude that while the IASB is not a perfect organization and is likely to be improved by enhancing its accountability to every stakeholder, it nevertheless has a real legitimacy in the three areas discussed.