Answer
Contentions against the politicization of the accounting rule-setting process:
1. The utilization of agreement to create accounting standards would diminish the expert status of the accounting.
2. This methodology would prompt "lobbying" by different groups to influence the foundation of accounting standards.
3. Numerous accountants feel that accounting is primarily technical. Thus, they feel that substantive, essential research by independent, fair-minded and objective scientists, at last, will result in the best answers for critical issues, for example, the concepts of capital and income, regardless of whether it is acknowledged that there isn't a solitary "right" arrangement.
4. Regardless of whether it is acknowledged that there are no "outright truths" as far as critical issues are concerned, many people feel that professional accountants, considering the differing interests of the different groups utilizing accounting information, are in the best position, because of their education, independence, objectivity and training to choose what generally accepted accounting standards should be.
5. The complex situations that emerge in the business world necessitate that trained accountants create suitable accounting standards.
Work Step by Step
Politicizing anything always shifts power to the members of the public and politicizing the accounting rule setting process would undermine its intended objective with members of the public siding with what ensures that they attain minimum loss and this may not be the best move for an economy with a very large public expenditure.
