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Advantages and Disadvantages of Principles-Based Accounting

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Issue:

Miscellaneous

 

Written by:

Christian C

 

Date added:

May 15, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

2 / 372

 

Was viewed:

8790 times

 

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Essay content:

Herz has claimed that a principles-based system would lead to standards that would be less than 12 pages long, instead of over 100 pages (BusinessWeek online, 2002). Principles would be easier to comprehend and apply to a broad range of transactions. Harvey Pitt, former SEC chairman, explained this as follows: “Because standards are developed based on rules ...
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Principles would be easier to comprehend and apply to a broad range of transactions. Harvey Pitt, former SEC chairman, explained this as follows: “Because standards are developed based on rules ... they are insufficiently flexible to accommodate future developments in the marketplace. This has resulted in accounting for unanticipated transactions that is less transparent...
displayed 300 characters

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