Standard setting institutions (the IASB) are highly politicised

THE PROBLEM WITH ACCOUNTING RESEARCH 

Accounting academics remain disconnected from standards setting, which weakens accounting frameworks.

Problem solving in accounting has, as a result, mainly been left to standard-setting institutions, not universities - in environments that are typically highly politicised and in which academic freedom is conspicuous only for its absence.

Prof Mark Bunting
Rhodes University

The problem with accounting research,  Accountancy SA, May 2013, p 15