Chapter

 Auditing and Accounting Standards: Their Roles and Usefulness to Independent Public Accountants and Investors

George J. Benston, Michael Bromwich, Robert E. Litan and Alfred Wagenhofer

in Worldwide Financial Reporting

Published in print March 2006 | ISBN: 9780195305838
Published online February 2006 | e-ISBN: 9780199783342 | DOI: http://dx.doi.org/10.1093/0195305833.003.0003
  Auditing and Accounting Standards: Their Roles and Usefulness to Independent Public Accountants and Investors

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Following a description of the ways that standards benefit users and producers of financial statements, this chapter considers alternative organizational procedures for setting those standards. The benefits and costs of having standards determined by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) rather than by professional accountancy organizations are analyzed. Principles-based versus rules-based accounting standards are also examined.

Keywords: GAAP; generally accepted accounting principles; GAAS; generally accepted auditing standards; FASB; Financial Accounting Standards Board; IASB; International Accounting Standards Board; accounting standards

Chapter.  4487 words. 

Subjects: Financial Markets

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