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Accounting and Auditing Research and Databases: Practitioner's Desk Reference by Thomas C. Pearson, Natalie Tatiana Churyk, Thomas R. Weirich

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The Accounting Environment

A variety of factors influences accounting standard development, including:

1. Federal government and other regulatory requirements.
2. Various tax laws affecting the financial reporting process.
3. Specialized industry practices, such as the motion picture and insurance industries.
4. Inconsistencies in practice.
5. Disagreements among constituents as to the objectives of financial statements.
6. Professional organizations.
7. International differences among countries in setting international accounting standards.
8. Increasing litigation concerns.

This chapter concentrates on U.S. financial accounting standard- setting bodies (the Securities and Exchange Commission [SEC] and the Financial Accounting Standards Board [FASB] along with its predecessors), U.S. standard-setting processes, and U.S. research processes (SEC's EDGAR and the FASB's Accounting Standards Codification Research System [the Codification]).

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