Due Process of the International Accounting Standard Board

The article is devoted to the investigation of the due process of the International Accounting Standards Board to identify the means of influence of the national interested parties on the global publishers of standards, and to build a similar system of accounting regulation in Ukraine. The stages of the due process of the International Accounting Standards Board are revealed in the context of mandatory procedures and the procedures of type ‘comply or explain’. It is found that the main instrument of influence of the national interested parties is a comment letters to documents and projects for discussion. It is found that the due process of the IASB observes all the four prerequisites of a ‘wise crowd’: 1) diversity of opinions; 2) independence; 3) decentralization; 4) aggregation of opinions. The necessity of active participation of national accountants in the creation of global standards by sending comment letters is emphasized. The advantages of the egalitarian approach to the regulation of accounting are substantiated.