Question 2: (minimum 500 words) how, in your opinion, IFRS further financialises our society (not business/ companies), and with what effects

Please consider how financialisation relates to arguments about the morality of
markets (see for example the work of Michael Sandel here Is our financial regulatory system, both
domestically and internationally, dominated by the concerns of financial markets
rather than broader issues of societal development and well-being? Are we measuring
and standardising the right things? Are we losing core professional skills and the
incentives to innovate by rising levels of standardisation, regulation, and oversight?
Are our organisations and companies sufficiently resilient and capable of
withstanding, unanticipated, external shocks? For example, are our present
accounting, auditing, governance, and accountability systems sufficiently well suited
to deal with challenges presented by the current global, Covid-19, pandemic?
You could also consider whether the effects of financialisation in IFRS are more
positive than those most prominent in Chiapello’s analysis? Is financialisation perhaps
justifiable/inevitable given the broader developments of our capitalistic system? Does
financialisation in relation to IFRS/Fair value lead to maximising shareholder profits
which benefits society more broadly? Or is such a claim/argument coming under
increasing critical scrutiny, as demands increasingly extend, even in publications such
as the Financial Times, to ‘save capitalism’?

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