Question

riefly explain how the financial statements preparers, users, and other interested parties are involved in the standard-setting process for U.S. GAAP Select all that apply.) A. When deliberating on issuing a final standard, the standard setters consider the input obtained from outside parties at these various stages in the standard setting process. B. Once an issue is added to the agenda, standard setters usually have public meetings where they seek comment from these irterested partios C. When an exposure draft is issued, interested parties are invited to prepare comment letters D. After an exposure draft is issued, standard setters sometimes hold roundtables discussions, or public forums, which include thesa ] E. Once a decision is reached to issue a now standard, an Accounting Standards Update (ASU) is issued for consideration. The ASU requres a various partes majority vote d F. The Financial Accounting Foundation (FAF) identifios a financial reporting issue based on recommendations from analysts, govemment agencies, or other G. Accounting standard setters follow a process to set accounting standards which involves considering the input of financial statement preparers, users and other interested parties, including financial statement preparers, financial statement users and auditors, and others for the standard to be enacted market participants. The FAF Chairperson then decides whether to add the issue to the technical agenda. interested parties at several stages. Standard setters consider input from these parties to identily financial reporting issues to pursue

Answer 1

Solution: Option A and Option G

Explanation:

Before publishing a final standard when deliberating on an issue, the standard setters discuss the inputs obtained from outside parties at the many stages in the standard setting process. In identifying problems to consider by the FASB, standard setters includes the input from these parties.

Accounting standard setters follow a process for setting the standards in accounting standards that involves the consideration of the input of financial statement​ preparers, users and other interested parties at several stages. These input from these parties are involved in financial reporting issues to pursue.