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Financial statement users often liken accounting standard setting to a political process. One user asserted that: My view is that the setting of accounting standards is as much a product of political action as of flawless logic or empirical findings. Why? Because the setting of standards is a social decision. Standards place restrictions on behavior; therefore, they must be accepted by the affected parties. Acceptance may be forced or voluntary or some of both. In a democratic society, getting acceptance is an exceedingly complicated process that requires skillful marketing in a political arena. Many parties affected by proposed standards intervene to protect their own interests while disguising their motivations as altruistic or theoretical. People often say, "If you like the answer, you"ll love the theory." It is also alleged that those who are regulated by the standard-setting process have excessive influence over the regulatory process. One FASB member declared: "The business community has much greater influence than it"s ever had over standard setting. I think it"s unhealthy. It is the preparer community that is really being regulated in this process, and if we have those being regulated having a dominant role in the regulatory process, that"s asking for major trouble."
Required:
Discuss the relevance of the accounting standard-setting process to analysis of financial statements.
How would this rank order change if the return for each class [i.e., the E(r)] were each reduced by a 3% inflation factor?
You are interested in investing in a five-year bond that pays a 6.18 percent coupon with interest to be received semiannually. Your required rate of return is 9.66 percent. What is the most you would be willing to pay for this bond?
Your great-aunt left you an inheritance in the form of a trust. The trust agreement states that you are to receive $2,500 on the first day of each year, starting immediately and continuing for fifty years. What is the value of this inheritance tod..
Therefore, the company attempted to move the suit from the federal court to a state court, arguing that the federal court had absolutely no jurisdiction over the case. Which court has jurisdiction? Support your answer.
The probability of this tactic succeeding is (1/2), in which case he will get a payoff of 3, and the probability of it failing is (1/2), in which case he gets a payoff of -4. If he doesnt bring up the issue he neither gains nor loses and so his pa..
You are an executive with a company that prepares budgets annually for each calendar year. You have just finished the first quarter of the year and you discover that the company's actual performance for the quarter is nowhere near what you had bud..
Using the theory of optimal bank funds management, please write an essay (3/4 - 1 pg) discussing some of the implications for what we should see US banks doing and whether US banks seems to operate according to these basic principles.
Assume that the car will be driven 120,000 miles over its lifetime of 10 years. The motorist can earn 6% per year on investment.
Using the profitability index, rank the projects, starting with the most attractive.
A business wants to raise $1.2 million by selling some coupon bonds at par. Comparable bonds in the market have a 6.5 percent annual coupon, 15 years to maturity, and are selling at 97.687 percent of par. What coupon rate should be set on its bond..
Which one of the following alternatives is commonly used to reduce agency problems as they relate to corporate control?
What should be the amount of Baruch's annual contributions? Show all steps in your work.
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