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Legal Certainty, European-ness and Realpolitik

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  • David Alexander

Abstract

The stimulus for this paper is an article published in 2005 by Wüstemann and Kierzek together with a critical comment thereon by Nobes in 2006. The original paper discusses the IFRS proposals, and the philosophy they represent, concerning revenue recognition. Nobes, in terms which this author broadly supports, criticises their revenue recognition proposals in some detail, together, again rightly, with some of their assumptions. This paper, rather than reopening these specific issues, considers the explicit statement, for example, p. 71, and elsewhere, that there is a 'requirement of legal certainty in the European Union', a statement which is given neither logical justification nor supporting references. IAS, EU requirements and GoB as a national concept are all argued to be flexible, judgemental and, necessarily and permanently, devoid of 'legal certainty'. Implications of this analysis for regulation, harmonisation and for educational programmes in today's global environment are considered.

Suggested Citation

  • David Alexander, 2006. "Legal Certainty, European-ness and Realpolitik," Accounting in Europe, Taylor & Francis Journals, vol. 3(1), pages 65-80, October.
    • Handle: RePEc:taf:acceur:v:3:y:2006:i:1:p:65-80
    DOI: 10.1080/09638180600920194
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    Cited by:

    1. Vieru, Markku & Schadewitz, Hannu, 2010. "Impact of IFRS transition on audit and non-audit fees: evidence from small and medium-sized listed companies in Finland," MPRA Paper 44664, University Library of Munich, Germany.
    2. Stéphane Lefrancq & Isabelle Chambost & Evelyne Poincelot, 2016. "Un bastion de la résistance aux IFRS, la macro-couverture," Post-Print hal-01543126, HAL.
    3. Jens Wüstemann & Sonja Kierzek, 2007. "Normative Bilanztheorie und Grundsätze ordnungsmäßiger Gewinnrealisierung für Mehrkomponentenverträge," Schmalenbach Journal of Business Research, Springer, vol. 59(7), pages 882-913, November.
    4. Jens Wüstemann & Sonja Wüstemann, 2010. "Why Consistency of Accounting Standards Matters: A Contribution to the Rules‐Versus‐Principles Debate in Financial Reporting," Abacus, Accounting Foundation, University of Sydney, vol. 46(1), pages 1-27, March.
    5. Clatworthy, Mark & Jones, Michael John, 2008. "Overseas equity analysis by UK analysts and fund managers," The British Accounting Review, Elsevier, vol. 40(4), pages 337-355.

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