You and your friend, Cletus, meet up for drinks (non-alcoholic, of course) while he is back in town. Cletus says that he managed to do well on his first financial accounting exam but is worried about his upcoming presentation in that class. "I was at a regional pig hollerin' contest the day we discussed GAAP and all of that in class," he says, "and I am totally unprepared for my presentation." You tell Cletus that you will help him prepare for his presentation. Required Help Cletus prepare for his upcoming presentation by explaining the standard-setting environment in accounting