Development of Accounting Promulgations Conduct an Internet search on responses
ID: 2488140 • Letter: D
Question
Development of Accounting Promulgations
Conduct an Internet search on responses to PCAOB notices (of proposed rules). You will find responses from various stakeholders to PCAOB notices.
Select one.
Examine the development of accounting promulgations by reviewing which stakeholders responded to a proposed rule. Analyze why they are interested in the proposed rule and how they may have an impact on the development process. Consider the phases in the process and how these groups have an impact on the final promulgation.
Review a response to a PCAOB notice of a proposed rule and analyze the competing influences of stakeholders in the development of accounting promulgations.
http://www.pwc.com/us/en/cfodirect/publications/comment-letter-pcaob.html
Explanation / Answer
The stakeholder which responded to proposed rule of accounting promulgations is the one captioned with Proposed Framework for Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Auditing Standards and Rules.
They were interested in the proposed rule because believe shareholders believe that this approach preserves the context that is necessary to understand the entirety of an individual auditing standard yet still achieves the objective of enhancing the usability of the Board’s auditing standards.
share holder also believe that as a part of the reorganization process, it also encourage the Board to eliminate outdated references to accounting standards and references to generally accepted auditing standards in conjunction with its stated plans to update the reference numbers and cross references to reflect the new section numbers for the PCAOB auditing standards and to remove references to rescinded standards.
The impact on final development from the proposed framework for reorganization of the PCAOB auditing standards is from using a four-digit numbering system that would facilitate the grouping of auditing standards into logical categories and subcategories by topic and would avoid potential confusion with the standards of other auditing standards setters. As stated above, it would also help users navigate the standards more easily.
The phases in which they have an impact on the final promulgations are
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