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BE1-5 (book/static) Question Help Brlefly explain how the financial statements preparers, users, and other inmerested parties are involved in the standard-setting process for U.S GAAP Select al that apply) A. Aher an exposure drant is issued, standard seters sometimes hold roundtables discussions, or putblic Iorue, which inckude these various parties B. When deliberating on issuing a final standard, the standard setters consider the input obtaned from outside paries at these various stages in the standard setting process ? Aco urtin standard setters follow a pro ss to se accounting standards which moves considen the rout o nancial state ent p ep ers users and other n e este panes at several sta e san a setters cors er input on hese parties to idendity Snancial reporting issues to pursue. D D. When an exposure draft is issued, interested parties are invhed to prepare comment letters E. The Financial Accounting Foundation (FAF) Identifies a financial reporting issue based on recommendations from analysts, government agencies, or other market partcipants The FAF Chairperson then decides whether to add the ssue to the techrical agenda. once an issue is added to the agenda, standaro setters usuaty have public meetings where they seek comment from, these interested parties ? F, G. Once a decision is reached to issue a new standard, an Accounting Standards Update (ASU) is issued for consideration. The ASU requres a majonity vote of interested pames, incuding financial statement preparers, tinancial statement users and auditors and others for the standard to be enacted

Solution

As per policy only first question will be answered completely. You need to post each question in different question.

Answer 5

-Accounting standard setters follow a process to set accounting standards that involves financial statement preparers, users and other interested parties at several stages. Standard setters consider inputs from these parties to identify financial reporting issues to pursue.

- In identifying issues to consider by the FASB, standard setters consider input from these parties.

- Once an issue is added to the agenda, standard setters usually have public meetings where they seek comments from these interested parties.

- When an exposure draft is issued, interested parties are invited to prepare comment letters.

- After an exposure draft is issued, standard setters sometimes hold roundtable, or public forums, which include these various parties.

- When deliberating on an issue before publishing a final standard, the standard setters consider the inputs obtained from outside parties at the various stages in the standard setting process.