Accounting Judiciary

Since the setting of accounting standards is a legislative act, is there any formalized judicial element in accounting? Somewhere that one can turn to, in order to find precedents as to appropriate accounting treatment? It would seem that this comes primarily from public company regulation. Quite apart from what any accounting standard might say or what any accounting practice might influence, a securities regulator can require that a certain accounting treatment be adhered to, as a condition of being listed or remaining listed. Now, if such hearings could be public, as a matter of course, and involve the possibility of intervenor status and published precedents, with reasons…


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