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Arrow (1963) warns that public participation and a consensual approach to social issues can lead to democratic

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Arrow (1963) warns that public participation and a consensual approach to social issues can lead to democratic paralysis; that is, to a failure to act due to an inability to agree on goals or objectives. How did such a situation lead to the demise of the APB (review Chapter 3)? Why is the FASB faring somewhat better?
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The rejection of ARS 1 and ARS 3 by the accounting profession was a failure ...View the full answer


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