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The FASB standard setting process is accomplished through a comprehensive and independent process which objectively considers the views of all stakeholders, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees. “A key principle guiding the Board’s work is to issue standards when the expected benefits of a change justify the perceived costs of that change.” (Standard-Setting Process, n.d.) The basic major steps involved in the standard setting process for almost every agenda project are; identifying the financial reporting issues requested and recommended; deciding whether to add a project to the agenda after analysis of the issues; issues identified are deliberated at public meetings; stakeholders input are solicited; comment letters and all other relevant information obtained through due process are analyzed; the board redeliberate stakeholders input received at another public meeting; “The board finally issue an Accounting Standards Update describing amendments to the Accounting Standards Codification.” (Standard-Setting Process, n.d.) I do agree with the way the US sets financial accounting standards because it takes into consideration the input from stakeholders and the public before analyzing and deliberating the issue to ensure that, “standards are issued only when the expected benefits of a change justify the perceived cost of that change.” (Standard-Setting Process, n.d.)
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