ACC 305 ACC305 Week 1 DQ 1 Standard Setting Process (Ashford)
ACC 305 Week 1 Discussion 1 Standard Setting Process / Intermediate Accounting I
Standard-Setting Process. 1st Post Due by Day 3. Read: Chapters 1, 2, and 3.
Write: Make sure your response addressing the following question is more than 200 words and you include an in- text citation or a brief quote from the reading material where appropriate.
Briefly explain how the financial statement preparers, users, and other interested parties are involved in the standard setting process for U.S. GAAP. Referring to the Forbes article “The only three reasons entrepreneurs need accounting and finance", explain how the need to measure progress is satisfied by GAAP and the process used to derive GAAP.
Guided Response: You are required to respond in a substantive manner to at least two of your classmates’ postings by Day 7 to receive full discussion participation credit.
Attendance Notification: To meet attendance requirements in this class, you must post to the discussion board at least once every seven days. Completing work in MyAccountingLab does not count as attendance.
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