Tags Business Accounting and Bookkeeping

Animals & Plants Arts & Entertainment Auto Beauty & Health Books and Literature Business Electronics Engineering & Technology Food & Drink History Hobbies Jobs & Education Law & Government Math People & Society Science Social Studies Sports Travel & Places

0

Subjects>Business>Accounting

What is the due process approach in setting accounting standards?

Anonymous

∙ 15y ago

Updated: 4/28/2022

The due process approach allows any interested parties to express their view about any issue being considered by the FASB

Wiki User

∙ 15y ago

Still curious? Ask our experts.

Chat with our AI personalities

Maxine

I respect you enough to keep it real.

Chat with Maxine

Rene

Change my mind. I dare you.

Chat with Rene

Jordan

Looking for a career mentor? I've seen my fair share of shake-ups.

Chat with Jordan

Add your answer:

Earn +20 pts

Q: What is the due process approach in setting accounting standards?

Write your answer...

Submit

Still have questions?

imp

Continue Learning about Accounting

What problems arise in setting accounting standards?

explain accounting policy involves politics?

What are the two primary organizations in the US that are responsible for setting standards related to the preparation of accounting information?

Financial Accounting Standards Board (FASB) and Public Company Accounting Oversight Board (PCAOB)

Is accounting standard setting political in nature?

The setting of accounting standards and best practices is not political in nature. It is intended to ensure integrity and consistency throughout the profession.

Why is hierarchy of generally accepted accounting principles needed?

Accounting and financial reporting guidance is provided not only by the two major accounting standards-setting bodies, but also by the AICPA, the staffs of the accounting standards-setting bodies, and even professional literature. Because of the heavy workloads of the standards-setting bodies, they may not have issued guidance on a particular issue of concern to a practitioner. A hierarchy of generally accepted accounting principles allows a practitioner to look to the guidance of other bodies in the event the Board with jurisdiction has not issued a standard on a particular matter.

When was the FASB founded?

The Financial Accounting Standards Board (FASB) was founded in 1973 and was the very first international standards-setting board that was ever founded.

Trending Questions

What happens after all the closing enteried have been posted to the general ledge? What is average amount of taxes taken out of a paycheck in California? Is accounts payable on an income statement? If you fail to claim a schedule k-1 how far back can the IRS audit you? What percentage of gross income is withheld as an employees contribution medicare? How much does a tax preparer make? Define Market Price? Do you get more back on taxes if married? Do young people have to pay taxes? What is disadvantage of variable cost? What is the pay period called when you get 24 paycheck a year? How do you report a foreclosure on your tax return? Where do I fax IRS 8379? How is a multicolumn special journal proved at the end of each month? Why do holding companies get used by banks? What is the service balance? What retailers use transunion? What standards organizations has established guidelines for installing network cables in commercial buildings? What organizations are responsible for governing financial reporting? What are factor inflows and outflows of an economy of a country and give examples?

Related Questions

What problems arise in setting accounting standards?

explain accounting policy involves politics?

What is the fourth method the GASB uses to establish standards?

Consider significant areas of accounting and financial reporting that can be improved through the standard-setting process.

What are the two primary organizations in the US that are responsible for setting standards related to the preparation of accounting information?

Financial Accounting Standards Board (FASB) and Public Company Accounting Oversight Board (PCAOB)

Is accounting standard setting political in nature?

The setting of accounting standards and best practices is not political in nature. It is intended to ensure integrity and consistency throughout the profession.

Why is hierarchy of generally accepted accounting principles needed?

Accounting and financial reporting guidance is provided not only by the two major accounting standards-setting bodies, but also by the AICPA, the staffs of the accounting standards-setting bodies, and even professional literature. Because of the heavy workloads of the standards-setting bodies, they may not have issued guidance on a particular issue of concern to a practitioner. A hierarchy of generally accepted accounting principles allows a practitioner to look to the guidance of other bodies in the event the Board with jurisdiction has not issued a standard on a particular matter.

How are business ethics developed?

The process for setting standards needs to be a top-down approach--management must develop and support an ethical code.

When was the FASB founded?

The Financial Accounting Standards Board (FASB) was founded in 1973 and was the very first international standards-setting board that was ever founded.

The bodies that make up the International Accounting Standards?

The International Accounting Standards Board (IASB) is an independent group of 15 experts with an appropriate mix of recent practical experience of standard-setting, or of the user, accounting, academic or preparer communities.Source: IASB website

What authority for compliance with GAAP has existed throughout the period of standard settings?

The Financial Accounting Foundation (FAF) is the private-sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and their advisory councils, the Financial Accounting Standards Advisory Council (FASAC) and the Governmental Accounting Standards Advisory Council (GASAC). The FAF selects the members of the standard-setting Boards and Councils, and protects the independence of the Boards.

Who is responsible for setting auditing standards for audits of publicly-traded companies?

PCOAB Public Company Accounting Oversight Board

What were the historical antecedents to the Financial Accounting Standards Board?

The first two standard-setting organizations in the United States were the Committee on Accounting Procedure (CAP), which was established in 1938, and the Accounting Principles Board (APB), which replaced the CAP in 1959

What is the definition-organization as a process?

The definition of Organization as a process is the establishing and maintaining of a set od useable process\' as assets and setting standards for the work place.

Still have questions?

imp

Resources

Top Categories

Product

Company

Copyright ©2025 Infospace Holdings LLC, A System1 Company. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.