Sometimes wonder why China, which could be setting its own accounting standards for the foreseeable future, supports International Financial Reporting Standards, as established by the International Accounting Standards Board. The ultimate power to set accounting standards, which is a legislative act, rests with the state. A one party state would appear to be disinclined to see such power eroded through adherence or accommodation to international accounting standards.
Then sometimes wonder if it is not so much an erosion of state power, as actions in furtherance of expanded global influence. Who controls the International Accounting Standards Board? China is represented on the Board; Canada is not.