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Tides of Change – Retooling of Accounting Standards

Tides of Change – Retooling of Accounting Standards

by Toby Lucich on January 16, 2008

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.

Tides of Change – Retooling of Accounting Standards

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