Question: Question No. 1: (LO1) (10 Marks) Explain the due process procedures followed by the FASB in developing a financial reporting standard. (3 Marks) What is

Question No. 1: (LO1) (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)

Explain in your own words the importance of Financial Accounting and Financial Reporting.

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