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Accounting standards are too important to be left to accountants

Some interesting questions arise out of last week's announcement by the SA Institute of Chartered Accountants (Saica) that South Africa was the first country to adopt the International Accounting Standards Board's new statements of Generally Accepted Accounting Practice for small entities (Small GAAP).

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Share your thoughts on whether Accounting Standards should be set by a Accounting Body in the country or there should be a separate standard setting body.

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cma gururajan said…
The answer to this question is a set of other questions?..

1. Whether health standards are too important to be left to health care professionals only?

2. Whether Statute Delivery is too important to be left to legal professionals only?

3. Whether engineering standards setting and surveillance is too important to be left to engineering professionals?

By this time you have got my answer!!!

The process of issuing Accounting Standards in every country will be inclusive the sense, prior to issuing an AS comments are invited from almost all the stake holders...The process that goes through in the issuance of AS is

a. Issue of Draft AS and the authority seeks comments on the Draft AS...

b. Stake holders respond

c. The Council responsible for issuing AS discusses/debates the comments...

d. Finalised AS issued under the common seal of the relevant authority...

" Therefore yes AS is too important and is the domain of Accountants only...while other stake holders can be participative only Accountants must have the final authority.."

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