The term “due process” is used in various settings to describe the steps taken t

Question

The term “due process” is used in various settings to describe the steps taken to ensure that an administrative matter receives the consideration required to adequately protect the interests of those involved. Due process is an integral part of the legal and legislative processes, for example.

The Financial Accounting Standards Board (FASB) also uses a set of due process procedures to ensure that the interests of its constituents are considered in the development of accounting standards.

Identify the steps in the set of due process procedures used by the FASB.

Explanation / Answer

The FASB has developed the following procedures for developing accounting standards. These procedures are considered in major projects.

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