• Solutions to the standards-overload problem
approach, suggested by the AICPA Special
Committee:
• The setting and enforcement of accounting
standards have emerged as complex regulatory
problems because:
• it is not based on broad, debated principles and a
comparison of the pros and cons of tidal theories
• there are conflicts of interest and needs among the
entities
• the development of accounting principles has been
chaotic
• there has been a struggle to find workable protocols
to improve the standard-setting process.