The Global Public Policy Symposium IV was recently held in NY, with representation and discussion among the top international auditing firms.
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.