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What kind of consequences should be considered

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Reference no: EM132735510

Question: Topic: New or revised accounting standards often result in significant "economic consequences" to preparers, users, and other parties (e.g., auditors, society). Should "economic consequences" be considered by the FASB in the accounting standard-setting process? If not, why not? If so, in what way and to what extent (e.g., what kind of consequences should be considered? How much weight should they carry?)? Your answers should be very specific.

Regardless of your opinion, be sure to adequately address the theoretical and practical advantages and disadvantages of considering economic consequences and the parties that stand to benefit or lose.

Reference no: EM132735510

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