Kansas State University ACCTG 642 CHAPTER 3 1)Discuss the environmental factors that influence the standard-setting process

Kansas State University

ACCTG 642

CHAPTER 3

1)Discuss the environmental factors that influence the standard-setting process.

2. What is an underlying reason for the establishment of accounting standards?

3. Describe the rule-making or due process procedures of the FASB in the establishment of a standard.

4. What is the FASB conceptual framework project? Explain the bene?t of this project to the practitioner.

5. Discuss the authority of the Statements of Financial Accounting Concepts.

6. Identify the authoritative publications of the AICPA.

7. Give examples of authoritative and non authoritative U.S. GAAP.

8. What are the typical contents of ASUs.

9. Are ASUs authoritative?

10. What type of pronouncements do ASUs include and how are they issued and designated?

11. What is the purpose of GASB? Why should the public have an interest in governmental ?nancial reporting?

12. What constitutes U.S. GAAP?

13. What are the implication of U.S. GAAP and authoritative support to the researcher?

14. To conduct efficient research, where should one start in reviewing the accounting literature in search of a solution to a problem?

15. How can the promulgation of an accounting standard impact economic behavior? Discuss a speci?c example.

16. Distinguish between primary authoritative support and secondary authoritative support.

17. What two governmental organizations were added to the list of sponsoring organizations of the FAF due to the establishment of the GASB’s authoritative status?

18. Identify the advantages and disadvantages of rules-based versus principles-based accounting standards.

19. Explain the overload of accounting standards. How is the FASB attempting to overcome this issue?