This study examines and clarifies the legitimacy of the global accounting standard setting mechanism and exposes the politicization of accounting regulation. In particular, we investigate the legitimation crises suffered by the IASB and IFRS in recent times and assess their restoration processes...

This paper is a conceptual examination of global expansion of International Financial Reporting Standards (IFRS) and perceives its expansion as gaining legitimacy in the global financial regulatory field. From this stance, this paper assumes a pragmatic definition of legitimacy, which originally...