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Discuss the Steps in the Accounting Standard-Setting Process and Explain

question 53

Essay

Discuss the steps in the accounting standard-setting process and explain why it may not be capable of dealing with the complex environment of the 2000s and beyond.


Definitions:

Saturation

A state or process in which a quantity has reached its maximum capacity or a point beyond which no additional absorption or reaction can occur.

Sensory Adaptation

A process whereby sensory receptors grow less responsive to stimuli that do not vary with time.

Absolute Threshold

The minimum intensity of a stimulus that one can detect 50% of the time.

Sensory Overload

A condition where one or more of the body’s senses experiences over-stimulation from the environment.

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