room for history in accounting. Convince Joe to major in ac ting in the United States. In your response, address the follow When did financial reporting standard setting begin in the U Who had initial authority tO set accounting standards Which organizations were delegated the authority to sct stam issued and concems with the standard-setting process under Who currently sets accounting standards in the United States What tyn

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter1: The Demand For And Supply Of Financial Accounting Information
Section: Chapter Questions
Problem 6C
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El-4. History of Standard Setting in the United States. Joe Choi, a history major, is considering transferring to
your school of business to study sccounting. Joe is having somme doubts because he is uncertain if there is
any room for history in accounting. Convince Joe to major in accounting by providing a history of standard
setting in the United States. Ia your response. address the following items:
a. When did financial reporting standard setting begin in the United States?
b. Who had initial authorty to set accounting standards?
c. Which organizations were delegaled the authonty to set standards? Comment on the types of standards
issued and concerns with the standard-setting process under cach organization.
d. Who currently sets accounting standards in the United States? What is the structure of the organization?
What types of sandards ane issued?
Transcribed Image Text:El-4. History of Standard Setting in the United States. Joe Choi, a history major, is considering transferring to your school of business to study sccounting. Joe is having somme doubts because he is uncertain if there is any room for history in accounting. Convince Joe to major in accounting by providing a history of standard setting in the United States. Ia your response. address the following items: a. When did financial reporting standard setting begin in the United States? b. Who had initial authorty to set accounting standards? c. Which organizations were delegaled the authonty to set standards? Comment on the types of standards issued and concerns with the standard-setting process under cach organization. d. Who currently sets accounting standards in the United States? What is the structure of the organization? What types of sandards ane issued?
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