Question: Compare principle based and rule based accounting giving reason, examples and scholar references. What is the FASB position to move from rules based accounting to

Compare principle based and rule based accounting giving reason, examples and scholar references. What is the FASB position to move from rules based accounting to principle based What is the AICPA position to move from rules based accounting to principle based What is the SEC position to moved from rules based to principle based accounting?

Step by Step Solution

★★★★★

3.26 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

classmate Date Page O Define xule based and principle based Accounting Rule Based Accounting Rule ba... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

What is the FASB Accounting Standards Codification? Why did the FASB undertake this project? How did it change GAAP? Prior to the Codification, what types of pronouncements comprised GAAP?

What is the FASB conceptual framework project? Explain the benefit of this project to the practitioner.

What do the SEC disclosure rules and PCAOB Rule 3526 have in common with auditors relations with an audit clients board of directors and its audit committee?

Star Manufacturing, manufacturer of Starlite brand small appliances, has a process engineering department (PED). The departments major task has been to help the production departments improve their...

1. Is your firm highly vertically integrated? If yes, does it also employ taper integration? 2. Are any of the vertical value chain operations off-shored? If so, list some of the pros and cons of...

1. Prepare a SWOT analysis based on the case to support Starbuckss expansion plans in China. Based on your SWOT analysis, what recommendations would you make to Starbuckss CEO with regard to the...

EZtronics, a manufacturer of small appliances, has an Engineering Consulting Department (ECD). The departments major task has been to help the production departments improve their operating methods...

You are the HR director of Moore Markets, a grocery retailer that is in the process of overseas expansion. The company is U.S. based and just opened up several stores and branch offices in Mexico,...

Assume Music Makers has begun to produce blank CDs for its use and for sale to outside customers. Because the CDs are produced in a continuous process and are identical, management at Music Makers...

Among those who took the Civil Service Exam, Mr. Imelda received the highest score on the written portion. Feeling confident, he applied for a position with the city of Cary. The position requires...

January events

An administrative assistant should have the following functionality on behalf of the CEO: Make calls. Retrieve calls. Join active calls. Pick up calls on hold. Which Teams Phone feature can achieve...

The Katash Company is a leader in the poultry market. It produces, sells and markets fresh and ice packed commodity chicken and frozen products known for their value and healthful qualities. Katashs...

A toggle press is shown with a force F = 300 N applied perpendicular to the toggle arm. Ram CD slides on the smooth vertical bar. Determine the compressive force on E when theta is 60 degrees. -250...

The cross-section of an aeroplane elevator is shown below. If the elevator is 2 m long constructed from aluminium alloy with G = 30 GN/m, calculate the total angle of twist of the section and the...

Maruti Suzuki Drives Business Growth on a Full Oracle Stack Youtube video: In regards to Business Intelligence effects on Maruti Suzuki, answer the following questions: 1.) What were the business...

Ahmad is considering an investment where he will receive a series of 10 annual cash flows of RM1,000 each. Assuming his required return is 8% per annum, what is the maximum amount he is willing to...

AB CORPORATION ISSUED THE FOLLOWING 850 COMMON STOCKS PAR VALUE P100 750 PARTICIPATING PREFERRED STOCKS PAR VALUE P100 AT 3% AB CORPORATION DECLARED P100,000.00 DIVIDEND IN 2022.

Puntarelli Contracting keeps its accounting records on a cash basis during the year. At year-end, it adjusts its books to the accrual basis for preparing its financial statements. At the end of 2015,...

The FASB is organized to establish generally accepted accounting principles. It is assisted by various groups and operates under a set of procedures. Required: Prepare a short written report that...

During the current accounting period, Page Company makes the following errors. The company uses a perpetual inventory system. Required: Indicate the effect of each error on the net income, total...

=+b. A 1998 survey based on peoples own assessments revealed that 20% of all adult Americans consider themselves obese. Does the estimate of part (a) suggest that the 2002 percentage is more than 1.5...

=+g. Assuming that the data in part (f) was selected from a normal distribution (is this assumption justified?), calculate a confidence interval for (which for a normal distribution is identical to...

=+? Hint: , y2 occurs if either all n of the observations exceed the median or all but one of the xi s does. e. With yn21 denoting the second largest xi , what is P( . yn21)?