Some individuals have indicated that the FASB must be cognizant of the economic consequences of its pronouncements.
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Some individuals have indicated that the FASB must be cognizant of the economic consequences of its pronouncements. What is meant by “economic consequences”? What dangers exist if politics play too much of a role in the development of financial reporting standards?
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Economic consequences means the impact of accounting reports on the wealth positions ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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