Trends in business generally are related to changes in accounting practices. For example, the globalization of business lead to the plan to harmonize GAAP for providers of capital in world markets. Which of the following best describes the implications and consequences for standard setting for the accounting profession?
A. SOX emphasized the need for professional accountants to tend to business to ensure the viability of Private CPA firms as profitable ventures.
B. Enron and WorldCom debacles lead to the creation of the Securities and Exchange Commission.
C. The influence of the International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) will be as influential (or more so) than SOX on accounting practices.
D. Unfettered private enterprise seems to be able to manage itself in a way that leads to benefits for all stakeholders.