Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.
Accounting is a service activity. Like any services, it has clients to serve and satisfy. The client judges the quality of that service according to certain standards.
Why this course
Knowing the standard setting process gives the accountant insights on the issues surrounding the issuance of standard, or the reasons for its adoption, revision, or discontinuance. Anybody interested in standards can actively participate in their development in many ways. They can comment on exposure drafts, participate in research, issue position papers, or support lobby groups. Active interest in standard setting means a genuine concern for the development and future of the profession.
What you will learn
The course discusses the standard setting process followed by the leading standard setting authorities. It explores the series of events leading to the adoption of a standard, from agenda setting to final issuance, and subsequent maintenance. The course also traces the chronology of pronouncements and issuances by the International Accounting Standards Board and the Financial Accounting Standards Board, the two leading standard setting authorities in the world.