Revamping the Standard Setting for Accounting

Related BrainMass Solutions

• Politicalization of Accounting Standards

  An argument that can be raised to support the politicalization of accounting standard setting is characters of previously adopted standards by the boards. An example of these standards is the fair value accounting for several asset classes.

• Advanced Financial Reporting and Theory

  In principle based standard setting, there is little exception to principles, like if a standard makes exception from a principle for a particular type of transaction, the standard needs to define the transaction and needs to specify accounting need for

• reasons for international differences in accounting.

  Explain why each country's system is the way it is. Highlight the similarities and differences between the 2 countries' sets of accounting systems. 1. United States - ? Standard-setting body: FASB - Financial Accounting Standards Board ?

• Standards FASB & IASB. What is the objective of convergence?

  This has been a long term project, with the easier areas converging first and the harder areas still a work in progress. Last year the Accounting Standards Advisory Forum (ASAF) was formed to gather broad input for standard-setting.

• Private, Investor Owned and Public Schools

  This is related to knowing which standard setting body governs which - these bodies recommend how each of these transactions are actually accounted for each of the three different models.

• The Accounting Standards Setting Process

  How does government involvement in standard setting affect investor confidence? This paper answers this question with a thorough history on the accounting standards setting process.

• Characterized Political Processes

  An example of political process in setting accounting standard was debate that occurred over the issue of accounting for business combinations.

• Why should managers be allowed some flexibility in their financial accounting and reporting choices? Of the two approaches to accounting standard setting that are mentioned above, which best describes the current financial reporting environment in the United States?

  to accounting standard setting that are mentioned above, which best describes the current financial reporting environment in the United States?

• expected profits of introducing a new product

  If the rival enters, the firm will lose $20,000 if it introduces the new product, whereas revamping the production facilities will earn it $50,000 in profits.