Who is Public Accountant suppose to serve? Is there a heavy emphasis on “public interest”?
Who are the people in control of financial standards setting process?
Do we all need such complex accounting standards? Are the accounting standards complex because the standards setting people want them to remain complex? For what? To ensure that we still have a job?
Or is it just the demand of some groups? Who then are these groups?
Could large public accounting firms, who have amassed valuable expertise regarding the intricacies of accounting standards and of corporations issuing financial statements be one such group?
I am reading this article entitled “What is the meaning of “the public interest”?” by Richard Baker. The article examined rhetorical claims by American Institute of Certified Public Accountants (AICPA), the Financial Accounting Standards Board (FASB), and PriceWaterhouseCoopers (PWC).
I am doing an injustice to the article by paraphrasing them as above. If you are interested to read the full article, buzz me.
Till then, smile.