Harmonisation or discord? The critical role of the IASB conceptual framework review Geoffrey Whittington * CFPA, University of Cambridge, Judge Business School, Trumpington Street, Cambridge CB3 9DD CB2 1AG, United Kingdom article info Keywords: Conceptual framework Culture IASB Stewardship abstract The IASB has achieved great success in extending the adoption of international financial reporting standards, but it has also encoun- tered opposition at national and regional levels. Some of this oppo- sition arises from differences in national accounting cultures, which are embedded in the market structures and institutional and legal frameworks within which business entities operate. These issues are particularly apparent in the debate on the IASB’s revision of its conceptual framework, which expresses its own vision of an international accounting culture. An important exam- ple is the issue of whether stewardship should be a distinct funda- mental objective of financial reporting. Ó 2008 Elsevier Inc. All rights reserved. 1. Introduction The IASB was created in 2001 as a successor to the IASC. The new body is a full-time professional board with strong support staff. It was designed to be an independent world standard-setter, reflecting the new demands created by the IOSCO endorsement of International Accounting Standards and the European Commission’s decision to require the use of those standards in the group accounts of com- panies listed within the EU (both decisions made in 2000). The IASB inherited a remarkable legacy from its predecessor body, not only in terms of the standards that it had promulgated but also in terms of international support and goodwill. Since the IASC was essentially a voluntary body, created by the accounting profession and its stakeholders rather than legislators or government regulators, this level of support is evidence of the underlying demand for international accounting standards in the global capital market. 0278-4254/$ - see front matter Ó 2008 Elsevier Inc. All rights reserved. doi:10.1016/j.jaccpubpol.2008.09.006 * Tel.: +44 122 3764027; fax: +44 122 3760576. E-mail address: gw12@cam.ac.uk J. Account. Public Policy 27 (2008) 495–502 Contents lists available at ScienceDirect J. Account. Public Policy journal homepage: www.elsevier.com/locate/jaccpubpol