Problem
1. How did the APB pave the way for the FASB?
2. In what ways does the FASB differ most markedly from its two predecessors?
3. What is the weakness of Grady's approach in arriving at principles in ARS'7?
4. Do you think that the nonbinding status of the FASB's statements of financial accounting concepts (like that of APB Statement 4) is a good idea or not?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.