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22 Pages • Complete Study Notes • Year: Pre-2021
Rules based accounting – list of detailed rules that must be followed when preparing financial statements Principles- based accounting – laying out key objectives of good reporting and provides guidance explaining objectives and relating it to some common examples - Rules are sometimes unavoidable, but the aim is to not provide specific guidance or rules for every possible situation - If in doubt, refer back to the principles. Provides conceptual basis instead of detailed rules Pros and cons - Rules present opportunities for financial engineering gives chance for people to bend around the rules - Much harder to work around underlying principle than specific rules - Rules provide consistency, whereas principles are more open to interpretation - US accounting – FASB is more rules based - International accounting standards (IFRS) – more principles based, less specific rules than US standards - Australian Accounting Standards Board (AASB) is more or less the same as IFRS – principles based
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