The most recent example of the political process at work in standard-setting is the heated debate that occurred on the issue of:
A) Pension plan accounting.
B) Accounting for postretirement benefits other than pensions.
C) Accounting for business combinations.
D) Accounting for fair values.

Question

Quizplus · Accepted Answer

The most recent debates in the political process of standard-setting have revolved around the accounting for fair values. This is because fair value accounting, which involves valuing assets and liabilities at current market values, has significant implications for financial reporting and is subject to differing views on how it should be implemented.

The Most Recent Example of the Political Process at Work