The accounting standards setting process are the steps and rules controlled by the Financial Accounting Standards Board. The board engages the users of the financial statements as the investors and the creditors so as to create an understanding of their perspectives in relation to the intended standards. The users are then informed and educated on the proposed standards as their argument on possible effects on the financial reporting is considered. The collaborative involvement of these participants in the due process is mainly to input critiques and diverse opinions in the standard setting process to increase the validity of the standards setting process.
Accounting Standards: True