Most popular questions from this chapter
Question: What is the benefit of a single set of high-quality accounting standards?
Question: What was the Committee on Accounting Procedure, and what were its accomplishments and failings?
Question: What might explain the fact that different accounting standard-setters have developed accounting standards that are sometimes quite different in nature?
Question: Economic consequences of accounting standard-setting means:
(a) standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard.
(b) standard-setters must ensure that no new costs are incurred when a new standard is issued.
(c) the objective of financial reporting should be politically motivated to ensure acceptance by the general public.
(d) accounting standards can have detrimental impacts on the wealth levels of the providers of financial information
Accounting standard-setters use the following process in establishing accounting standards:
- Research, exposure draft, discussion paper, standard.
- Discussion paper, research, exposure draft, standard.
- Research, preliminary views, discussion paper, standard.
- Research, discussion paper, exposure draft, standard.
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