The chair of the FASB at one time noted that “the flowof standards can only be slowed if (1) producers focus less on quarterly earnings per share and taxbenefits and more on quality products, and (2) accountants and lawyers rely less on rules and law and moreon professional judgment and conduct.” Explain his comment.
The chair of the FASB at one time noted that “the flowof standards can only be slowed if (1) producers focus less on quarterly earnings per share and taxbenefits and more on quality products, and (2) accountants and lawyers rely less on rules and law and moreon professional judgment and conduct.” Explain his comment.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The chair of the FASB at one time noted that “the flow
of standards can only be slowed if
(1) producers focus less on quarterly earnings per share and tax
benefits and more on quality products, and
(2) accountants and lawyers rely less on rules and law and more
on professional judgment and conduct.”
Explain his comment.
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