What are the processes of setting a new accounting standard

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Question 1 : Mr. Eid is a businessman and your friend. He is having difficulty understanding the objective of financial reporting and why it is important to his business users. Please write a letter to Mr. Eid explaining the objective of financial reporting and why it is important to his business users.

Question 2 : The accounting standards are set by specific Organizations depends on the country location and regulations. You are asked to answer the following questions :

What are the developing US Financial Accounting Standards Organizations with each organization responsibilities? Please write one paragraph.

What are the processes of setting a new accounting standard in the USA? Please write one paragraph.

Reference no: EM132066264

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