• What do generally accepted accounting principles (GAAP) mean? In the process of setting accounting standards, the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and the International Accounting Standard Board (IASB) are confronted with certain issues.
• What are the issues confronting FASB, SEC, and IASB in the standard-setting process for Generally Accepted Accounting Principles (GAAP)? Do you think these issues can be resolved? If so, what measures would you propose to resolve the issues?