Posted: January 4th, 2017

Given the process involved in developing standards – which involves asking constituents to make submissions on exposure drafts – do you think that accounting standards developed within the United States of America would be the same as accounting standards developed in another country?

(a) Given the process involved in developing standards – which involves asking constituents to make submissions on exposure drafts – do you think that accounting standards developed within the United States of America would be the same as accounting standards developed in another country? Explain and support your view.  (b) Is it appropriate for accounting standard-setting bodies to consider ‘culture’ and ‘religion’ when devising accounting regulations,  particularly given that the output of financial reporting is expected to be objective and unbiased? Explain and support your view.

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