Question: Explain the five basic steps in accounting research. Review Figure 1.2 in the text to become familiar with the standard setters involved in establishing accounting

  1. Explain the five basic steps in accounting research.
  2. Review Figure 1.2 in the text to become familiar with the standard setters involved in establishing accounting guidance.
    • Access the IASB websiteLinks to an external site. and briefly explain the role of the IASB and the standards issued by the Board.
    • Access the FASB websiteLinks to an external site. and briefly explain the role of the FASB and standards issued by the Board.
    • Access the GASB websiteLinks to an external site. and briefly explain the role of the GASB and standards issued by the Board.
    • Brainstorm an example of an accounting issue for which the FASB standards would apply.
    • Brainstorm an example of an accounting issue for which the IASB standards would apply.
    • Brainstorm an example of an accounting issue for which the GASB standards would apply.

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