Answer
The private/public mixed methodology is the best method for developing standards in the United States.
Work Step by Step
In numerous aspects, the FASB is a semi-legislative agency in that its standards are required to be pursued in light of the fact that the SEC has offered help for this approach. The SEC has the ultimate power to set up standards yet has allowed the private sector to create these standards. By accepting the standards created by the FASB as legitimate, it has allowed much authority to the FASB. However, it is also important to note that not all nations follow this model. For instance, the purely political methodology is utilized in France and West Germany. The private, professional methodology is also utilized in Australia, Canada, and the United Kingdom.
