The Purpose of the Emerging Issues Task Force Is to

question 43

Multiple Choice

The purpose of the Emerging Issues Task Force is to

• A)develop a conceptual framework as a frame of reference for the solution of future problems.
• B)lobby the FASB on issues that affect a particular industry.
• C)do research on issues that relate to long-term accounting problems.
• D)issue statements which reflect a consensus on how to account for new and unusual financial transactions that need to be resolved quickly.

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Definitions:

Normative Values

Values that are widely accepted and upheld by a group or society, guiding behavior and setting standards for what is considered right or wrong.

Economic Institutions

Organizations and structures that shape the production, distribution, and consumption of goods and services within an economy.

Social Institutions

Structures and mechanisms of social order and cooperation governing the behavior of a set of individuals within a given human community.

Ethical Culture

A corporate or organizational environment that promotes ethical behavior among its members through shared values, practices, and leadership.