Question: Question No. 1: (L01) (10 Marks) 1. Explain the due process procedures followed by the FASB in developing a financial reporting standard. (3 Marks) 2.

Question No. 1: (L01) (10 Marks) 1. Explain the due process procedures followed by the FASB in developing a financial reporting standard. (3 Marks) 2. What is meant by economic Consequences in accounting standard-setting? (3 Marks) 3. Explain in your own words the importance of Financial Accounting and Financial Reporting (4 Marks)

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