Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

riefly explain how the financial statements preparers, users, and other interested parties are involved in the standard-setting process for U.S. GAAP Select all that apply.)

image text in transcribed
riefly explain how the financial statements preparers, users, and other interested parties are involved in the standard-setting process for U.S. GAAP Select all that apply.) A. When deliberating on issuing a final standard, the standard setters consider the input obtained from outside parties at these various stages in the standard setting process. B. Once an issue is added to the agenda, standard setters usually have public meetings where they seek comment from these irterested partios C. When an exposure draft is issued, interested parties are invited to prepare comment letters D. After an exposure draft is issued, standard setters sometimes hold roundtables discussions, or public forums, which include thesa ] E. Once a decision is reached to issue a now standard, an Accounting Standards Update (ASU) is issued for consideration. The ASU requres a various partes majority vote d F. The Financial Accounting Foundation (FAF) identifios a financial reporting issue based on recommendations from analysts, govemment agencies, or other G. Accounting standard setters follow a process to set accounting standards which involves considering the input of financial statement preparers, users and other interested parties, including financial statement preparers, financial statement users and auditors, and others for the standard to be enacted market participants. The FAF Chairperson then decides whether to add the issue to the technical agenda. interested parties at several stages. Standard setters consider input from these parties to identily financial reporting issues to pursue

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Health And Safety Audits

Authors: Lawrence B. Cahill, Raymond W. Kane

9th Edition

1605907081, 9781605907086

More Books

Students also viewed these Accounting questions

Question

Solve S( 3 1-x +6sinx+10 sinh x | dr =?

Answered: 1 week ago