The Rosenblum case ruling was of concern to the accounting profession because it implied that
A) Full joint and several liability would be reinstated
B) All possible third party users of financial statements must be anticipated
C) The concept of contractual privity would no longer be important
D) Financial liability would occur when scienter was a factor

Question

Quizplus · Accepted Answer

The Rosenblum case ruling implied that all possible third party users of financial statements must be anticipated, which was a concern to the accounting profession as it would require greater care and attention to be given to the preparation of financial statements.

The Rosenblum Case Ruling Was of Concern to the Accounting