After reading case Standard Setting: "Politicization of accounting standards - A necessary act?" in the textbook, write an essay that includes the following elements:
A formal introduction.
Answers to questions (a) through (e) of the case, focusing on the possible erosion of the independence of the accounting standard-setting process.
a. The Emergency Economic Stabilization Act of 2008 was passed during a time of substantial stock market declines in the United States and the world. In your opinion, was Congress correct in directing a review of an accounting standard? Discuss.
b. Did the SEC play a proper role in addressing the standards that governed mark-to-market accounting? Discuss.
c. Did the SEC have the authority to change mark-to-market accounting for U.S. GAAP? Discuss.
d. Did the FASB follow its usual procedures in addressing the mark-to-market issue? Discuss
e. Is politicization of accounting standards justified under material economic turmoil? Comment.
A conclusion.
Your submitted paper should be at least 2-3 pages long and written according to following APA style, and properly referenced.
Note that the textbook author is citing a source in this case, which must be considered when forming your references and citations.
Case study 1-2 attached in 2 files, I suggest to print them. Thank you.
Case study reference
Gibson, C. H. (2011). Financial Reporting & Analysis: Using Financial Accounting Information (13th Ed.). Mason, OH: South Western/Cengage. ISBN-13: 9781133188797.