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ISSUES IN FINANCIAL ACCOUNTINGQUESTION 2Provide arguments for the free-market and regulatory approaches to standard-setting. In your opinion which approach is better and why?
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ASSIGNMENT AF 321 ISSUES IN FINANCIAL ACCOUNTING QUESTION 2 Provide arguments for the free-market and regulatory approaches to standard-setting. In your opinion which approach is better and why? ANSWER Accounting standards dominate the accountant's work. These standards are being constantly changed, deleted, and / or added to, both in the United States and aboard. The establishment and enforcement of standards is an important problem to the accounting profession and to interested users. Determining the best mechanism to employ in establishing uniform accounting standards may be essential to the acceptability and usefulness of accounting standards. Financial accounting is quite heavily regulated in many countries, and would be expected to remain so. We can see that the accounting standards-setting process is a very political process. Most accounting issues are politically partitions wealth between different groups. As a result, different groups interested in a particular accounting issue can be expected to attempt to lobby for the standard most beneficial to...
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