Major complaints aimed at the FASB's standard setting process include:
A)the cost of preparing standards is too high.
B)some standards are very difficult to understand.
C)both a and b
D)none of the above

Question

Quizplus · Accepted Answer

Both options A and B are major complaints about the FASB's standard setting process. The cost of preparing standards can be high, which increases the burden on companies, especially small businesses. Additionally, some of the standards can be too complex or difficult to understand, which can make it challenging for companies to implement them effectively. These complaints suggest that there may be room for improvement in the standard setting process to make it more efficient and accessible to companies of all sizes.

Major Complaints Aimed at the FASB's Standard Setting Process Include