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Worldwide Financial ReportingThe Development and Future of Accounting Standards$
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George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer

Print publication date: 2006

Print ISBN-13: 9780195305838

Published to Oxford Scholarship Online: February 2006

DOI: 10.1093/0195305833.001.0001

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

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

Chapter:
(p.39) 3 Auditing and Accounting Standards: Their Roles and Usefulness to Independent Public Accountants and Investors
Source:
Worldwide Financial Reporting
Author(s):

George J. Benston (Contributor Webpage)

Michael Bromwich (Contributor Webpage)

Robert E. Litan (Contributor Webpage)

Alfred Wagenhofer (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0195305833.003.0003

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

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