International Accounting Standards Board (IASB)’s Conceptual Framework, Accounting Discussion Post

Answer should be informal, and around 2-3 paragraphs with 2 in-text citations from internet sources. See below for question. (I check for plagiarism) 

What issues do you see with the current standard-setting process for generally accepted accounting principles (GAAP)? Assume you have complete authority in the matter; how would you propose GAAP be developed and enforced? How would your answer be different if the standards in question are the International Accounting Standards Board (IASB)’s Conceptual Framework?

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