Question

Why was it believed that accounting standards that were issued by the Financial Accounting Standards Board would carry more weight than standards previously issued

Answer 1

Incomplete question. The options;

a. The FASB has small membership.

b. The FASB board members are well paid.

c. The FASB board members must be CPAs.

d. The FASB engages in due process.

Answer:

d. The FASB engages in due process.

Explanation:

Interestingly, the FASB (Financial Accounting Standards Board) issued standards involve more due process than previously issued standards.

For example, the board on a federal level provides detailed guidelines on how non-profits organizations, public companies, and private companies should report their financial information. By visiting the FASB website, we can find it's due process information.