How to make US GAAP principles based


A

A. L. Meyers

The FASB has a very easy way to make US GAAP principles
instead of rules based:

put the SFACs (Statements of Financial Accounting Concepts)
at the very top of the hierarchy of GAAP.

After observation of the Big X, law firms' and investment banks'
"whatever isn't explicitly prohibited is allowed" mentality, the FASB
should IMHO be encouraged to take this simple, swift but possibly
quite effective step.

A. Lucien Meyers, CIA, CMA
 
Ad

Advertisements

You must log in or register to reply here.

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Rules-based vs. principle based standards 0
Need Help on GAAP Principles in Accounting? 1
US GAAP 0
us GAAP 0
How to handle return of principle 6
Ireland Main differences between UK GAAP AND US GAAP 0
USA IFRS vs US GAAP 2
USA Intercompany elimination - US GAAP 1

Top