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A series of defining events and decisions have brought the accounting profession to where it is today: [of which one is] The gradual withdrawal of the big firms from active participation in the dialogue over accounting principles, partly stimulated by their exclusion from the standard setting process when the FASB replaced the APB in 1973." (S. A. Zeff, "How the U.S. Accounting Profession Got Where It Is Today: Part II, Accounting Horizons, December 2003, p. 280). What is Professor Zeff's support / rationale for this statement? Standard setters maintain that financial accounting rules should be guided by a set of concepts and principles (i.e., a 'Conceptual Framework'). What are the qualitative characteristics of accounting information, as per the 'Conceptual Framework"? In accordance with present-day U.S. GAAP, how are a company's expenditures on Research & Development accounted for (i.e., what type of account is 'debited)? Is this accounting for R&D compatible with the qualitative characteristics in the 'Conceptual Framework'? Why or why not? A series of defining events and decisions have brought the accounting profession to where it is today: [of which one is] The gradual withdrawal of the big firms from active participation in the dialogue over accounting principles, partly stimulated by their exclusion from the standard setting process when the FASB replaced the APB in 1973." (S. A. Zeff, "How the U.S. Accounting Profession Got Where It Is Today: Part II, Accounting Horizons, December 2003, p. 280). What is Professor Zeff's support / rationale for this statement? Standard setters maintain that financial accounting rules should be guided by a set of concepts and principles (i.e., a 'Conceptual Framework'). What are the qualitative characteristics of accounting information, as per the 'Conceptual Framework"? In accordance with present-day U.S. GAAP, how are a company's expenditures on Research & Development accounted for (i.e., what type of account is 'debited)? Is this accounting for R&D compatible with the qualitative characteristics in the 'Conceptual Framework'? Why or why not

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