THE PARTICIPATION OF INTERNATIONAL ENTITIES ON THE PUBLIC CONSULTATION PROCESS OF PUBLIC INTERNATIONAL ACCOUNTING STANDARD ABOUT INTANGIBLE ASSETS

The public accounting follows the same direction of financial accounting on the search for convergence to international standards, where IFAC is the body responsible for issuing international standards of public accounting. In this context, this study aims to analyze the process of development of the international public accounting standard about public intangible assets. The analysis was performed based on the suggestions available in comment letters sent to the consultation process. As a theoretical background, we used the threedimensional Theory of Law developed by Miguel Reale where fact, value and norm are always present and correlated in the standard-setting process. The research population refers to the suggestions on 19 comment-letters sent, however, the final sample consists of 117 suggestions identified in 18 documents, which was analyzed on content analysis. From 117 suggestions identified, about 51 contributions (44%) were somehow considered for preparation of the final version of the standard. We highlight the participation of the Accounting Standards Board (South Africa) and KPMG as the ones that provided more contributions. Evidence suggest that the participation of both public bodies and private entities on the public consultation process can contribute to issuing a standard shaped in order to be implemented by different countries.