Constructing and contesting legitimacy of IASB

The absence of effective regulation from national and multilateral perspective has led to several private initiatives in an interconnected world improving the quality of the global business environment. The standardization of accounting and financial information for companies raising funds in the capital markets have been emerged consequently. The International Accounting Standards Board (IASB) is considered as one of the instances in which private actors define issues, make rules, and monitor compliance. Indeed, the IASB has devoted a great effort to defending its legitimacy, that is the key of its success. The legitimacy of this international accounting standard institution is based on the expertise of its members and the inclusiveness and transparency of its processes. Nevertheless, recently several voices have been raised against these norms, questioning its effectiveness, representativeness, but also its legitimacy.In this regard, our paper aims to highlight the factors that have propelled the international recognition of IFRS standards. Besides, this work presents the factors that have recently been raised to challenge this legitimacy and limit the scope and benefits of this standardization