Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 1 - Financial Accounting and Accounting Standards - Review and Practice - Questions - Page 23: 25


The expectation gap is usually the difference between what people perceive accountants should be doing and what the accounts think they can do. It is a difficult gap to close, however; the accounting profession normally recognizes that it plays a rather vital role in narrowing this gap.

Work Step by Step

Additionally, to meet the needs of the society, the profession is continuing to push through its efforts in developing accounting standards such as the numerous pronouncements issued by the FASB to serve as guidelines for recording and processing business transactions in the changing economic environment.
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