Answer
The expectations gap is the difference between what people think accountants should be doing and what accountants think they can do. It is a difficult gap to close. The accounting profession recognizes it must play an important role in narrowing this gap. To meet the needs of society, the profession is continuing its efforts in developing accounting standards, such as numerous pronouncements issued by the FASB, to serve as guidelines for recording and processing business transactions in the changing economic environment.
Work Step by Step
The expectations gap is one of the leading causes of conflicts between accountants and members of the public. The profession is creating and enforcing policies to close this gap, but I feel that members of the public should also seek awareness of such policies so that this gap can be sealed effectively.
