Here is the synopsis of our sample research paper on ACCOUNTING STANDARDS: PRINCIPLES VERSUS RULES. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 6-page paper provides an argument between what offers the best utility, relevance and timeliness: principles-based accounting or rules-based accounting. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: D0_MTacctrule.rtf
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Unformatted sample text from the term paper:
cash flow. However, as corporations became larger and began starting entities and branches in other areas of the world, and began doing business in different ways, the standard rules-and-regulations method
of accounting began to fray at the edges. Amendments had to be added to the rules to ensure theyd work in the brave, new international global accounting area.
Around this time, the argument for principle-based accounting standards was on the rise, with its adherents arguing that principles based standards were necessary in
the global economy, and adhering to rules would do nothing other than ensure corporations would find ways to break those rules. With
the U.S. accounting system so bound to its rules, we need to ask the question: To what degree does a system of accounting standards based on principles rather than rules
increase the relevance, utility and timeliness of accounting information? Well attempt to answer that question in this paper by bringing in arguments
from both sides. Some Definitions Before we move onto the question above and attempt to answer it, we should first define what,
exactly, rules and principals are as they pertain to accounting. Its comforting to reach for rules in times of crisis, in order to know what should be done in an
accounting or financial situation that may have an odd twist. Rules, as can be guessed, are set in stone - theyre mandates
from a particular institution (in the United States, the Financial Accounting Services Board) to do things in a certain way. Rules are the way in which procedures are standardized. Its
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