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This paper examines rules-based GAAP accounting and principles-based accounting, explaining why the provision of a true and fair view required by law is not sufficient in and of itself, and why the other regulations currently part of GAAP are still needed. The issue of ethics is addressed as part of the solution to the rules- vs. principles-based accounting controversy.
From the Paper:"The true and fair view concept is a legal financial reporting standard in the UK, EU, Singapore, Australia and New Zealand that is largely principles-based. (Kirk) A competing rules-based concept prevalent in the United States is the present conformity with generally accepted accounting principles or GAAP accounting standard. (Kirk) Each of these standards has both advantages and disadvantages in terms of the financial reporting quality that can be achieved through its use and there are proponents on both sides of the..."
Cite this Comparison Essay:
Accounting Standards (2008, December 01) Retrieved July 12, 2020, from https://www.academon.com/comparison-essay/accounting-standards-121143/
"Accounting Standards" 01 December 2008. Web. 12 July. 2020. <https://www.academon.com/comparison-essay/accounting-standards-121143/>