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Intermediate Accounting Homework

In: Business and Management

Submitted By songwriter19
Words 344
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When establishing accounting standards is basically saying they want you all accounting firms and accountants to be uniform. They don’t want any outliers doing something completely different on their accounting reports when another accountant is following the set of standards given to him by AICPA and FASB. FASB has a need for balancing their accounting considerations and economic consequences. Political process is basically a process that forms and administrates public policy that is usually between the interaction between social groups and political institutions. Sometimes it is even between political leaders and the public opinion. Economic consequences of accounting standard-setting means accounting standards can have detrimental impacts on the wealth levels of the providers of financial information. FASB has been around throughout the years trying to keep up to date with all of the accounting standards and forming them around what everybody finds understandable. The Accounting Principles Board was always superseded by the FASB statements, that were recognized as accepted practices and constituted as the requirements to be followed by all business. Statements of the Financial Accounting Standards Board are currently represented by the accounting profession’s authoritative pronouncements on financial accounting and reporting practices.
How politics influence the creation of accounting standards? The accountancy profession has been setting international accounting standards under the pressure from all political parties. This has which led to an increasing concern by the ACCA (Association of Chartered Certified Accountants) on the political interference in the accounting standard setting process. The political view in setting of accounting standard argues that the best solution varies from group to group and from person to person. Policy decision have always brought out the choices between two of the conflicting interests and can be better served by use of different parties. Therefore, this makes setting accounting standards a political activity. When politicizing creation of accounting standards is not just inevitable but just. Institutions which are politically reactive have the decisive right to control others to obey their rules and this happens in a society which is highly committed to democratic legitimization of authority.

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