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What is the role of theory in accounting? Discuss this issue as it relates to...

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Accounting

What is the role of theory in accounting? Discuss this issue as it relates to its current role, its optimal role, and what you feel should be its role in the future. What implications do the efficient markets hypothesis have for the role of accounting?

Why do economic consequences present a threat to standard setting? Should the FASB or the SEC make decisions based on economic consequences? Why or why not?

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