In this assignment, you will discuss the process for the development
of "authoritative guidance" that influences the accounting profession and how you can influence this process. Write a 3 to 5- page paper discussing the rule-making or standard setting process for one of the accounting regulatory bodies. Select an accounting regulatory body, such as the Financial Accounting Standards Board, the Public Company Accounting Oversight Board, etc., and discuss the process for rule making or standard setting. In addition to explaining their process, prepare a discussion memorandum/comment in response to a proposed standard or rule. Be sure to integrate accounting theory and concepts in your commentary. Your response is to be prepared in the proper format to comply with the regulatory body's requirements and should be a document that you would be willing to send to that regulatory body.
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