#1 Developing accounting standards is challenging and requires coordinated efforts among various parties to successfully execute....

#1 Developing accounting standards is challenging and requires coordinated efforts among various parties to successfully execute. If you were given complete authority in this matter, how would you propose that GAAP should be developed and enforced? What process would you put in place to protect all parties that are impacted ?

Expert Solution

The current requirements have allowed the PGCA standards to be developed to the point of globalizing these standards worldwide through the IFRS where it seeks to have clear parameters for multinationals and medium and large companies.

The companies that do not yet adopt the IFRS scheme are the medium, small companies and SMEs on which the currently established PCGA standards must be developed.

The GAAP seeks to show a financial image of the results obtained by the companies and that these results in Financial Statements are made known to the State's regulatory agency.

These regulations establish accounting valuation parameters with legal and legal parameters that must be met; as well as the regulating organism establishes the diverse sanctions on the breach of the same ones; therefore, the development and improvement of these must be in accordance with the governmental needs of each country, as well as the cash flows managed by the companies.

In any case, they must maintain the established accounting principles.

ekkarill92 answered 1 year ago

Developing accounting standards is challenging and requires coordinated efforts among various parties to successfully execute. If...

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