Some accountants have said that politicization in the development and acceptance of International Financial Reporting Standards (IFRS) is taking place. Some use the term politicization in a narrow sense to mean the influence by governmental agencies, such as the European Union and the U.S. Securities and Exchange Commission, on the development of IFRS. Others use it more broadly to mean the compromise that results when the bodies responsible for developing IFRS are pressured by interest groups, businesses through their various organizations, financial analysts, bankers, lawyers, academics, auditors, and so on.

Instructions

1. What arguments can be raised to support the politicization of accounting rule-making?
2. What arguments can be raised against the politicization of accounting rule-making?