| Description |
This paper will review the development of accounting standards in the private sector, and look at the different roles which both the Securities and Exchange Commission (SEC), and the private sector have taken in establishing these guidelines. The legislation dealing with accounting rule-making will be noted in order to assess whether or not the current rule-making is being conducted by the most authoritative body. Finally, the best interests of the accounting profession, business world, and public will be considered in deciding where this authority should be given or maintained. Within these parameters, the principles and standards used by the accounting profession will be evaluated to ensure that the group with the legal authority is the promulgating body. |
