What is meant by the term economic consequences in accounting standard setting?

Economic consequences of accounting standard-setting means: accounting standards can have detrimental impacts on the wealth levels of the providers of financial information. accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.Click to see full answer. In this manner, what is GAAP comprised of?true. GAAP stands for: Generally Accepted Accounting Principles. Before the codification, GAAP was comprised of: FASB standards, interpretations, ETIF consensus, and accounting rules issued by FASB predecessor organizations.Beside above, what is the purpose of GAAP? GAAP (generally accepted accounting principles) is a collection of commonly-followed accounting rules and standards for financial reporting. The acronym is pronounced “gap.” The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another. Correspondingly, what is meant by the term expectations gap ?’? According to the the American Institute of Certified Public Accountants (AICPA) in 1992, the expectation gap could be defined as “the difference between what the public and financial statement users believe auditors are responsible for and what auditors themselves believe their responsibilities are. History.Which of the following is an ethical concern of accountants?The ethical dilemmas that accountants sometimes face include conflicts of interest, payroll confidentiality, illegal or fraudulent activities, pressure from management to inflate earnings, and clients who request manipulation of financial statements. Explore whether the issue is regulated by law or policy.

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