Explain your position about who should set accounting standards in the United States and provide a well reasoned argument to support your view.

One view is that the Monetary Accounting Requirements Board (FASB) ought to proceed to be the first group answerable for setting accounting requirements. The FASB is an unbiased, private-sector group that’s funded by the sale of its requirements and publications. This independence is seen as a power as a result of it permits the FASB to make choices with out being influenced by exterior events, resembling the federal government or particular curiosity teams. Moreover, the FASB follows a radical and clear course of for growing requirements, together with soliciting enter from stakeholders and conducting analysis.

Nevertheless, others argue that the federal government ought to play a higher position in setting accounting requirements. Some imagine that the federal government is extra accountable to the general public and due to this fact could be extra attentive to the wants of traders and different customers of economic statements. Moreover, some argue that the federal government has the mandatory assets and experience to handle the advanced and continually evolving points going through the accounting trade.

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