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
 
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