Politicization of Standard Setting History Term Paper

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Investors want to know how a stock will perform in the future, not just its historical value and capital maintenance expenses.

What arguments can be raised against the "politicization" of accounting standard setting?

One accountant believes that the FASB "has outlived its usefulness and that the SEC, adequately funded, should exercise its 1934 mandate and take full control of accounting standards. Furthermore, the SEC should also reaffirm the use of historic cost as the measurement base, and the basic need for the attestation by an independent public accountant as to the stewardship of management," in short that accountants should serve the public good (the public good including the shareholder's 'good) and the public good does not gain a really good assessment of future performance, because too many subjective variables are present in the portrait of corporate health created by current accounting policies (Flegm, 2005).

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The "FASB does not recognize that the greatest risk any company faces is strategic risk" (Flegm, 2005).

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