This paper will demonstrate that the continuous evolution of the accounting profession is in response to the major problems and regulations that exist in any given period. This metamorphosis yields opportunities, challenges, and sometimes results in stark contradictions that the profession must...

Purpose – This paper aims to describe the SFAS 109/Financial Accounting Standards Board (FASB) Accounting Standards Codification 740. Design/methodology/approach – This paper is an overview of a topic. Findings – SFAS 109 establishes the financial accounting and reporting standards for the...