What are they pros and cons of eliminating the provision of Rule 203 of the AICPA's professional

Question:

What are they pros and cons of eliminating the provision of Rule 203 of the AICPA's professional ethics that permits non conformance with GAAP if, in the opinion of the CPA, following GAAP would result in misleading financial statements?
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Managerial Accounting

ISBN: 978-1118338445

2nd edition

Authors: Charles E. Davis, Elizabeth Davis

Question Posted: