In establishing financial accounting standards, "due process" refers to
A)the process of giving interested parties ample opportunity to express their views.
B)the practice of researching, creating a task force, issuing an exposure draft and establishing the new GAAP.
C)the researching of the legal implications of proposed new accounting standards.
D)the requirement that all accountants must receive a copy of financial standards.

Question

Quizplus · Accepted Answer

"Due process" in establishing financial accounting standards refers to giving interested parties ample opportunity to express their views. This includes public exposure drafts and the opportunity for public comment, public hearings, and roundtable discussions. The process aims to gather the input of stakeholders before the final accounting standard is established.

In Establishing Financial Accounting Standards, "Due Process" Refers to