Standard Setting Process Wk 1 D1

timer Asked: Jun 4th, 2018
account_balance_wallet $5

Question description

Read: Chapters 1, 2, and 3.

Write: Make sure your response addressing the following question is more than 200 words and you include an in-text citation or a brief quote from the reading material where appropriate.

Briefly explain how the financial statement preparers, users, and other interested parties are involved in the standard setting process for U.S. GAAP. Referring to the Forbes article “The only three reasons entrepreneurs need accounting and finance (Links to an external site.)Links to an external site.", explain how the need to measure progress is satisfied by GAAP and the process used to derive GAAP.

Tutor Answer

School: UC Berkeley


Running head: U.S GAAP


Student’s Name


Part 1

“It is natural that environmental factors - legal, economic, political and social - shape
and influence the financial reporting process.” (Gordon, Raedy, & Sannella, 2016). There is a
receptive and a proactive mold that financial accounting interface. Another enormous impact is
when the false action changes financial reporting standards to counteract comparable
circumstances later on. Our economy continually evolves with the innovation and that can be
followed through open financial reporting.
The standard setting procedures of the financial articulations are affected by various
gatherings, and the essential clients are speculators, moneylenders, and different creditors. The
standards may change as the clients acclimate to the driving purposes of the market. The
Financial Accounting Standards Board (FASB) is in char...

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