When developing a new proposed accounting standard, after FASB has determined that the proposed standard meets the objective of financial reporting, the next step in the development process is to ________.
A) determine which elements of the financial statements are affected by the proposed standard
B) consider whether the proposed standard possesses the qualitative characteristics that make accounting information useful
C) weigh constraints on issuing the new standard, which may deter requiring the new standards
D) identify recognition and measurement concepts used to support the proposed standard

Question

Quizplus · Accepted Answer

After determining that the proposed standard meets the objective of financial reporting, FASB considers whether the proposed standard possesses the qualitative characteristics that make accounting information useful, such as relevance and faithful representation.

When Developing a New Proposed Accounting Standard, After FASB Has