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Q1. The accounting standards are set by specific Organizations depends on the country location and regulations. You are asked to answer the following questions :

Q1.The accounting standards are set by specific Organizations depends on the country location and regulations. You are asked to answer the following questions :

What are the developing US Financial Accounting Standards Organizations with each organization responsibilities? Please write one paragraph. (1.5 marks)

What are the processes of setting a new accounting standard in the USA? Please write one paragraph. (1.5 marks)

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