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Please answer the following questions based on your readings, lecture materials, and research ofthe FASB Accounting Standards Codification. Responses should be in your own words.

Please answer the following questions based on your readings, lecture materials, and research ofthe FASB Accounting Standards Codification. Responses should be in your own words. You areallowed to quote language from other sources, but please do not plagiarize. Any informationused from other sources must be cited. There is no requirement to utilize any specific citationformat, so long as the author is given credit.
Discuss how a new GAAP pronouncement comes to be. What process does the FASBtake in creating new GAAP?

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