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Problem 1: Read and understand the meaning of 'principles-based' and 'rules-based' accounting standards.
Problem 2: Identify key characteristics of principles-based and rules-based accounting standards.
Problem 3: Identify advantages and disadvantages of principles-based and rules-based accounting standards.
Post your answer to the following question:
Generally accepted accounting practice/principles in a country can be based on legislation and accounting standards that are either:
Very prescriptive in nature; or
Principles-based
Required:
Problem 4: Identify and explain advantages of having principle-based accounting standards as opposed to prescriptive accounting standards.
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