Question: Concepts Statement 8 includes a discussion of the cost effectiveness constraint. Assume that the FASB is considering revising an important accounting standard. Required: 1. What

Concepts Statement 8 includes a discussion of the cost effectiveness constraint. Assume that the FASB is considering revising an important accounting standard.
Required:
1. What is the desired benefit from revising an accounting standard?
2. What are some of the possible cost that could result from a revision of an accounting standard?
3. What does the FASB do in order to assess possible benefits and costs of a proposed revision of an accounting standard?

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