Standard Setting Process Wk 1 D1

Read: Chapters 1, 2, and 3.

Write: Make sure your response addressing the following question is more than 200 words and you include an in-text citation or a brief quote from the reading material where appropriate.

Briefly explain how the financial statement preparers, users, and other interested parties are involved in the standard setting process for U.S. GAAP. Referring to the Forbes article “The only three reasons entrepreneurs need accounting and finance (Links to an external site.)Links to an external site.“, explain how the need to measure progress is satisfied by GAAP and the process used to derive GAAP.

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