Principles-Based Accounting And Rules-Based Accounting

Essay specific features

 

Issue:

Business

 

Written by:

Deborah J

 

Date added:

November 24, 2016

 

Level:

University

 

Grade:

A

 

No of pages / words:

2 / 342

 

Was viewed:

4844 times

 

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Essay content:

Many accountants favor the prospect of using rules-based standards, because in the absence of rules they could be brought to court if their judgments of the financial statements were incorrect. When there are strict rules that need to be followed, the possibility of lawsuits is diminished. Having a set of rules can increase accuracy and reduce the ambiguity that can trigger aggressive reporting decisions by management...
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When there are strict rules that need to be followed, the possibility of lawsuits is diminished. Having a set of rules can increase accuracy and reduce the ambiguity that can trigger aggressive reporting decisions by management. The complexity of rules, however, can cause unnecessary complexity in the preparation of financial statements...
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