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Examine the sources of pressure that change and influence

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Examine the sources of pressure that change and influence the development of GAAP.

Determine the sources of pressure that have the greatest impact. Justify your rationale.

Determine the organization that has the greatest impact in developing GAAP. Justify your rationale.

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Solution Summary

Your tutorial is 466 words and indicates the organization that has the biggest ability to "get its way" in standard setting, the organization that has probably had the largest impact on current US GAAP and gives the main sources of pressure on US GAAP.

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Examine the sources of pressure that change and influence the development of GAAP.

The sources of pressure for developing US GAAP are changes in the business climate and the needs of the stakeholders (owners, investors, professionals, business managers, regulators, public at large). Examples of changes in business climate are the notorious frauds that change our perception of safety and risk and make us want new principles that increase our understanding and transparency so that fraud are more difficult to perpetrate and easier to find and prosecute. Another change in business climate is from the change in the business instruments that are used. Take, for instance, mandatory redeemable preferred stock. Isn't that just debt? We didn't need GAAP about this instrument before it was created. The needs of the stakeholders include their ...

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Carol Sargent, PhD
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  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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