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QUESTION
What issues do you see with the current standard-setting process for Generally Accepted Accounting Principles (GAAP)?
What issues do you see with the current standard-setting process for Generally Accepted Accounting Principles (GAAP)? Assuming you have complete authority in the matter, how would you propose GAAP be developed and enforced? How would your answer be different if the standards in question are the International Accounting Standards Board (IASB)’s Conceptual Framework?
