Financial Accounting
Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter B, Problem 5DQ
To determine

Examine the differences between (A) rules-based approach, and (B) principles-based approach, in setting the accounting standards.

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Briefly discuss the difference between (A) a “rules-based" approach to accounting standard setting and (B) a “principles- based" approach to accounting standard setting.
What is the difference between a conceptual framework and accounting standards ?
Which is the first step within the hierarchy of guidance when selecting accounting policies? a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework d. Consider the most recent pronouncements of other standard setting bodies
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