Question

19. What is the difference between the Codification and the Codification Research System? 20. What are the primary advantages of having a Codifica- tion of generally accepted accounting principles? 21. What are the sources of pressure that change and influ- ence the development of GAAP? 22. Some individuals have indicated that the FASB must be cognizant of the economic consequences of its pro- nouncements. What is meant by "economic conse- quences"? What dangers exist if politics play too much of a role in the development of GAAP? 23. If you were given complete authority in the matter, how would you propose that GAAP should be developed and enforced?

Answer 1

Refer the below images for the above asked questions, in a detailed way of information.
Answer: what is the 19) difference between Codification the Ond the coditication Research System ? * Codification Finantial Auonting standards Board, The AccOonting Standards Coditico tion (codification) is a of all Compilation is to integrate GAap in and ynthesize It (reates One place existing eAne porpose (reate New AAP. Considered and not to One level of which is a uthorita tive. * Codification Research System : The FASB codification Desearch System (cRS) is an on-line Provides easy a ccess time data bese which real the Codificahon. The odification to topically orgariged into CRS provide Subdivided and related the Strocture which is Subropics, topic, Sechions and perographs. 20) what primary advantages of having prinaples ? are the codifica hon of generally acceped accounting - Hopefully, codification better the help users to will Und erstand CAAP is. what If this occurs, krely to a conting Companies Comply will be more and issues with GAMP will be kme reseavch to the scbstantially redured. electronic web-based format, opdated In addition, through the ta sily -> help osers will can be which stay Corrent.

what the are Curces of pressure and that Change influence development the of laAp. The Soorces of ave innomer able, to change pressure Contin uous bot the mast intense and pressore principles Cor) (tanderds îndviduals Compani'es Industry associations Govermental agencies lor) influence from: accanting Come practrcing academicians a crcun tants protessional accanting organi zations and public opinion 1, Some individuals 22) have indicated that the FASB most be of its pronouncements darfess development Cognigant of the elonomic Conseguences meant by what (onsequoences "2, of a Yole e Conomic what it politics play too in the much ex ist of GAAP 2 Economic the impoct of accoonting reports Conrequences means of financial decrsion making behavicor relolting from that impacts Vavioes weal th transfers weatth of position s and ssoers ard users on: the informetion the accounting information Leads impact Sn words Other to different ways which Users in many these yavious groops. among

* îf politics alconting manipulahion play an important Yele in the development will be of priples Iroles for the the Yules Subjut to whatever potres purpose of No matter may be, if informotion is destgned investing in a furthering how well intentioned prevaits the Yule at the moment. maicer to irvolues de signed to ecenomy, indicate that parkcular enterprise lor) less visk than it actually does, in e parercular Loffer encoutage investment segment of the financial reporting wll an irreplaceable loss of tredibility. 23 you were how woold and en forced ? given Complete matter should be developrd au thority in the that you propose NO Particolar one proposal is (spected Student's preposal s, however, follawing to this in answer question. defensible The Should be Yelative to the criteria : method mast be eftrint i respensive and er peditious. 1. The 2. The method mult be free of bias and be above cor) fvom pressure insolated gsaops. must Command widespread Support legistative. 3. The it does not method it have authority. produce Scond yer practical accanting 4. The method musT principles Cor) standards. Student's propesals might form of alterahions taike the The acconting Coort ta) Jovernmental devce. (as enisting metho dolog y, Leonard Spacek), of the an propesed by