The (non)involvement in the IASB due process of standard setting - The view from Belgian preparers

Abstract

This paper aims to examine the participation of Belgian firms in the IASB due process of standard setting. Providing insights into the reasons for (non-)participation and the perceived effectiveness of the methods for participation are important issues in understanding and evaluating the IASB due process of standard setting. Based on a survey conducted among Belgian public and private firms applying IFRS, we find that many firms are unconscious about the various methods available to react on IASB proposals. We also observe that a majority of respondents finds reacting on the various proposals as quite ineffective. In addition, time and financial constraints impede firms to make contributions in the IASB due process of standard setting.