CA1-14Solution - CA 1-14(a The process by which a topic is...

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CA 1-14 (a) The process by which a topic is selected or identified as appropriate for study by the Financial Accounting Standards Board (FASB) is described below. Problems or issues come to the attention of the FASB from – the Emerging Issues Task Force which may identify significant emerging accounting issues that it feels the FASB should address. – the Financial Accounting Standards Advisory Council which addresses the FASB on the priority of problems and encourages the FASB to undertake new projects. – the Research and Technical Activities Staff of the FASB, which monitors business perio-dicals for stories concerning unusual transactions or events and may detect an emerging problem. – the close contact it maintains with various business, industry, government, professional financial groups, and the SEC. – its staff which may learn of emerging problems as it responds to technical inquiries received from preparers and auditors. Topics are then placed on the FASB agenda.
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This note was uploaded on 02/14/2011 for the course ACCT 251 taught by Professor Bouker during the Spring '11 term at Bergen Community College.

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CA1-14Solution - CA 1-14(a The process by which a topic is...

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