The Scotsman: The Institute of Chartered Accountants of Scotland will tell high-powered US financiers at a conference in New York that individual judgment should play a bigger role than strict adherence to a rule book. Ah, this old classic. Once again the rules-based US system is coming under attack by external sources, this time fromContinue reading “Scots tout principles in the Big Apple”
Tag Archives: rules
More discussion of rules versus principles
Dennis over at AccMan Pro has commented on the difference between rules-based US GAAP and international principles-based IFRS, and his thoughts echo mine: Recent commentary has suggested the idea of convergence between US GAAP and IFRS won’t happen until hell freezes over. I’ve long held the view that the rules based US GAAP system isContinue reading “More discussion of rules versus principles”