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Essay / Research Paper Abstract
This 4 page paper asks: will liberalizing the rules, while relying on a conceptual framework, result in an improved situation? Both sides of the issue are considered. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: RT13_SA725acc.rtf
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Unformatted sample text from the term paper:
issues where the organization technically may have met the rule while clearly violating the principle involved." This would suggest that the rules do not make a difference. In other words,
some of the situations involved instances where individuals were able to conform to the letter of the law, but not to its spirit. Will liberalizing the rules, while relying on
a conceptual framework, result in an improved situation? George Batavick comments in respect to principle based accounting practices. He says that todays greatest challenge, aside from keeping up with
Sarbanes-Oxley, is "making sure financial statements clearly reflect the business, from an earnings perspective as well as on the balance sheet and the statement of cash flows" (qtd. in "
A Conversation with George J. Batavick," 2003). In respect to principle based accounting specifically, Batavick believes that all standards that exist today are based on principles (" A Conversation with
George J. Batavick," 2003). This is because the rules are based on the current conceptual framework (" A Conversation with George J. Batavick," 2003). However, he goes on to say
that despite the fact that principle based accounting practice is alive and well, the future holds something else. He notes that the board is trying to create accounting standards that
are defined in terms of objectives but do not rely on "specific rules" (" A Conversation with George J. Batavick," 2003). This appears to be a liberalization, but in reality,
this comment suggests that accountants will be expected to act in accordance with the spirit of the law and not just what it says in respect to rules. This way,
accountants cannot just say they were following the rules when they abused rules to engage in unethical behavior. Batavicks writes: "A principles-based standard provides a framework for management working
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