Evolution and Standard Setting Organizations
Standards observed by the accounting profession are not developed overnight, or through a sudden stroke of brilliance, or accidental discovery in a laboratory. These standards are the results of careful study, research, discussion, and exposure to users of accounting information. This rigorous process helps in the acceptability of standards. The credibility of standards starts with the stature, competence, and respectability of those charged with developing them. Standard setting organizations have the most experienced, highly educated, and respectable professionals to conceptualize, develop, and implement standards.
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