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Prior to 2009, the FASB Issued Several Types of Pronouncements

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Essay

Prior to 2009, the FASB issued several types of pronouncements which had differing levels of authority. Explain the differing types of pronouncements, provide a brief explanation as to what changed after 2009 and why is it still important today?


Definitions:

Bargaining Relationship

The ongoing interaction between parties involved in negotiation, defined by their communication, transactions, and adjustments.

Procedural Issues

Concerns related to the methods, rules, and procedures governing how decisions are made or negotiations are conducted.

Protocol Questions

Structured queries designed to elicit specific information or responses according to a predefined protocol.

Wishes

Expressions of desire or hope for something to happen.

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