Why was it believed that accounting standards that were issued by the Financial Accounting Standards Board would carry more weight?

Question

Quizplus · Accepted Answer

The FASB had a due process system in place for issuing accounting standards, which gave stakeholders the opportunity to provide feedback and input on proposed standards. This process added legitimacy to the standards and helped ensure that they were widely accepted and followed by the accounting profession. The size of the board, the compensation of its members, and their CPA status are not necessarily indicative of the weight or credibility of the standards they produce.

Why Was It Believed That Accounting Standards That Were Issued