Answer
The diverse nature of the accounting standards is attributed to the distinct user groups that give varying input on the contents of the accounting standards. Depending on their interests, user groups may pressure one accounting body to modify the accounting standards. Different users impact the accounting standards development bodies. The lobbyists who influence one body may not necessarily be the same ones who influence the other body. Similarly, political factors incorporated during the development of the accounting standard vary from one accounting body to another.
Work Step by Step
The diverse nature of the accounting standards is attributed to the distinct user groups that give varying input on the contents of the accounting standards. Depending on their interests, user groups may pressure one accounting body to modify the accounting standards. Different users impact the accounting standards development bodies. The lobbyists who influence one body may not necessarily be the same ones who influence the other body. Similarly, political factors incorporated during the development of the accounting standard vary from one accounting body to another.
