Katrina Smith
Position Paper: Principles vs. Standards Based Accounting
The question posed was whether the recent scandals in corporate America would have occurred if GAAP for U. ... businesses were more principle based like IASB International Accounting Standards rather than Standards based like the FASB U. ... Standards. After much research and investigation, I have come to the conclusion that the presence of principle based accounting standards would not have prevented these scandals. ... currently operates under a rule (or principle) based accounting system. This system provides accounting standards that are extremely detailed that attempt to contemplate almost every application of the standard. ... Some examples of this rule-based system include accounting for derivatives, and leasing. ... The rule-based system has derived from several factors.
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