chapter
Acknowledgements
Pages 1

The IASB is likely to maintain its independence in the future and ultimately become the sole global accounting standard-setter that it has always aimed to be. Such an outcome is exactly what the EU wished to achieve back in 2002 when it adopted IFRSs. If the IASB had tried to accommodate all of the EU’s demands over the years, the situation today would be very different and not necessarily to the EU’s liking; the IASB would have little legitimacy as a global standard-setter and there would be little convergence between IFRSs and US GAAP. This is an important lesson to consider not only for students of the EU as a global actor but also for those who study the governance of international finance.