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Assignment
After reading case 1-1 Standard Setting: "A Political Aspect" in the textbook, write an essay that includes the following elements:
- A formal introduction.- Answers to questions (a) through (d) of the case, focusing on the role of accounting standard setting in the private sector.- A conclusion.
Your submitted paper should be at least 2-3 pages long and written according to
Required
a. "Financial statements must provide a neutral scorecard of the effects of transactions." Comment.
b. "Costs of transactions exist whether or not the FASB mandates their recognition in financial statements." Comment.
c. In the United States, standard setting is in the private sector. Comment.
d. Few, if any, accounting standards are without some economic impact. Comment.
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