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 GAAP?

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Intermediate Accounting

ISBN: 978-0470587287

14th Edition

Authors: kieso, weygandt and warfield.

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Question Posted: Oct 11, 2011 09:26 AM

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Some individuals have indicated that the FASB must be cognizant of the economic consequences of its pronouncements.

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Economic consequences means the impact of accounting reports on the wealth positions ...View the full answer

Intermediate Accounting

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