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 belief that accounting standards issued by the Financial Accounting Standards Board (FASB) would carry more weight is due to the due process followed by the FASB. The due process includes an extensive public consultation process, which involves input from various stakeholders, including investors, financial analysts, auditors, and other interested parties. This process ensures that the accounting standards issued by the FASB are well-informed and have broad acceptance in the accounting and financial reporting community.

Why Was It Believed That Accounting Standards That Were Issued