Essay: Setting Accounting Standards

Essay: Setting Accounting Standards
June 8, 2011 Comments Off on Essay: Setting Accounting Standards Academic Papers on Business Studies,Sample Academic Papers admin

Sample Essay

The proposition evaluated in this paper implies that principle based approach is better than rule based approach to setting accounting standards. The Financial Accounting Standards Board of United States applies rules and regulations in setting accounting and auditing standards whereas principles and concepts of accounting are applied in formulation of standards through other countries of the world.

This difference in use of approaches not only alters amounts and values reported on financial statements prepared under the two approaches but also the transparency and reliability of these standards. The analysis of processes involved in the preparation of accounting standards based these approaches and the evaluation of advantages and disadvantages of these approaches indicate that applying principle based approach to setting standards is much more effective and reliable than using rule based approach.

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