Accounting standardisation : the road to norms or principles ?

According to Jacques Manardo and Dominique Ledouble who addressed a Guest Speakers’ evening at the Ecole de Paris in May 2000, global accounting standardisation makes progress as a result of a body, the IASC (International Accounting Standards Committee) which is not subject to American domination. Florence Lustman, general secretary of the regulatory committee on insurance does not share their optimism. In her opinion, the IASC appears to be full of American values, and puts too much emphasis on the share holder’s point of view. This goes against the interests of the insured parties, who rely on the durability of the insurance contract to which they have subscribed. Accounting methods should therefore allow the insured parties and the regulators to judge such a contract. This should also be the case with respect to banks. To defend her point of view, she came to the École de Paris ‘armed’ with insurers, bankers and her counterpart in the Banking Commission. Jacques Manardo and Dominique Ledouble were also invited. Standardisation is a serious business which deserves discussion.