accounting memo

During the winter quarter the formal presentations have addressed financial accounting issues:

Financial accounting standard setting evolution and process,

Obstacles to standard setting

Successes in standard setting

Recent developments in financial accounting standard setting

Companies attempts to circumvent standard setting/transparency in financial accounting

Based upon the winter quarter formal presentations prepare a two page memo that answers the following. Your answer should reference information from at least 5 different presentations.

Users of financial statements depend upon the financial statements to assist them in making investment, credit, employment, etc. decisions. Financial accounting in the public sector is supposed to provide users with a sense of trust.

How has the evolution of the significance of reported earnings and earnings per share influenced financial statement standard setters and financial statement preparers? FASB’s goals and statement preparers goals… are they in agreement or in conflict. How are the priority of different goals reconciled in the preparation of financial standards and statements?