Discuss the importance of due process in standard setting

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Reference no: EM132656331

According to Howieson (2011, p 8), the "independence and quality of accounting standard setting processes falter[ed]" in part because of a "mismatch between standard setters and politicians as to the language and nature" of due process, "which resulted in a 'tit-for-tat' series of piecemeal amendments to accounting standards" (Howieson 2011, p 7).

Question 1: Discuss the importance of due process in the standard setting area, and the concerns Howieson (2011) demonstrated regarding the political interference following the global financial crisis in (GFC) 2008. Why was Howieson (2011) concerned about the political interference following the GFC and its effects on the standard setting process?

Reference no: EM132656331

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