Wednesday, January 16, 2008 With the ongoing discussion around more principle-based (IFRS) accounting standards versus the more familiar rules-based (GAAP) standards in the US, many are interested - if not regularly dialed into - the discussion of adoption and the implications of domestic adoption of IFRS. In the published white paper, "Principles-based Accounting Standards", characteristics of an effective framework are proposed. Of interest will be how well a principles-based framework can hold up in the litigious US, where obscure precedent can often trump reasonable and professional judgment. Tides of Change - Retooling of Accounting Standards Labels: Global Public Policy Symposium, IFRS, principle-based accounting standards Previous articles Top audit firms push to use their own judgment
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