The website of the FASB (as at early 2009) states that FASB intends:
To promulgate standards only when the expected benefits exceed the perceived costs. While reliable, quantitative cost-benefit calculations are seldom possible, the Board strives to determine that a proposed standard will meet a significant need and that the costs it imposes, compared with possible alternatives; are justified in relation to the overall benefits.
Do u think that cost benefit considerations will be different in different countries? If so how would cost-benefit considerations be determined by a global accounting standard setter as the IASB?
Evaluate the argument for and against? Which argument do you consider more compelling ? Write in 1000 words on accounting based.