The costs and benefits of changing accounting standards are discussed. While the costs are more measurable and quantifiable, the benefits are not as easy to measure. Thus, do you think the costs get more consideration when the FASB deliberates over a new standard? Who would be more likely to lobby for or against a standard based on costs? Who might lobby based on benefits? Do you think the lobbying by these parties and the interests they represent demonstrates a balanced approach? How could this approach be improved?

Answer rating: 100% (QA)

This can be improved through improving our accounting standards in the following ways The latter stage of the decade has signaled the need for automation for businesses Functions that took considerabl... View the full answer