Identify Standard Setting Policies And Procedures And Develop Implications For The Accounting Profession

1008 words - 5 pages

The standards setting process is a very complex but necessary process in the accounting world. The Financial Accounting Standards Board accomplishes this mission through a comprehensive and independent process that encourages broad participation, objectively considering all stakeholder views, and by being subjected to oversight by the Financial Accounting Foundation’s Board of Trustees. Through these few necessary requirements they help form a very effective and sound standard setting process.
The first part of the standard setting process that plays a crucial role in this process is the Rules of Procedures. The Rules of Procedure of the standards setting process describes the FASB’s ...view middle of the document...

It also explains the various forms of communications, including the form and content of Accounting Standards Updates, Exposure Drafts, and Concepts Statements. Along with going into detail regarding the protocols for meetings of the FASB and voting requirements it explains the rules governing public announcements and the kinds of information made broadly available to the public. Those are some of the things laid out in the Rules and Procedures portion of the standard setting policy.
As stated previously the standard setting process includes the forms and content that comes from Accounting Standards Updates. An Update is a transient document that summarizes the key provisions of the project that led to the Update, details the specific amendments to the FASB Codification, and also explains the basis for the Board’s decisions. Although Accounting Standards Updates will update the FASB Codification, the FASB does not consider Updates as authoritative in their own right. That is a quick overview of the Accounting Standards Update portion of the Standard Setting Policy.
Furthermore, the Financial Accounting Standards Board plays an integral part in the Standard Setting Policy. One key principle that assists in guiding the Board's work is that they issue standards when the expected benefits of a change justify the perceived costs of that change. The FASB has also developed a plain-language Cost-Benefit Analysis summary that explains how the consideration of benefits and costs is integrated throughout the FASB’s standards-setting process. It explains how the FASB gathers information about potential costs and benefits of standards, as well as how the cost-benefit analysis differs from an analysis of economic consequences. Because, in order for someone to make better decisions in regards to allocating investment capital, high-quality financial reporting is required. Investors, creditors, donors, and other users of financial reports require credible, transparent, comparable, and unbiased financial information. As an independent setter of accounting standards, FASB is focused on the needs of financial statement users for neutral information and fair presentation. The FASB does not attempt to influence behavior or to achieve a particular outcome.
This is accomplished by the FASB in part by...

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