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Ifsa

In: Business and Management

Submitted By lulug1120
Words 605
Pages 3
There is a tendency that many companies are required to prepare their financial statement as set out by the Financial Accounting Standards Board (FASB), which their standards are generally principle-based. In the following paragraph, this paper attempts to evaluate the significances of principle-based stands first and some discussion of whether the Interpretation Committee is necessary in world with global principle-based standards.

The Interpretation Committee would review on a timely basis widespread accounting issues that have arisen within the context of current IFRSs. The goal of Interpretation Committee is reaching consensus on the appropriate accounting treatment and providing authoritative guidance on those issues (IFRS, 2011). First of all, the fundamental benefit of principle-based standards is that its broad guidelines can be practical for a variety of circumstances. Broad principles may avoid the pitfalls with precise requirements which that allow contracts to be written specifically to control their intent. Besides, broad guidelines might improve the representational faithfulness of financial statements. Moreover, the principle-based standards are based primarily on the fundamentals of accounting with an appropriate level of specificity and implying extensive opportunities for professional judgment. At the same time, the professions of financial statement would be strengthened if people are required to utilize their judgment instead of relying on those detailed rules. Again, principle-based standards provide a comprehensive basis and have the flexibility to deal with new and different situations. It is easier to comprehend and apply to a broad range of transaction. In addition, it allows greater flexibility and room for interpretation. Also, the use of principle-based provides accounting statements that accurately reflect the actual performance of…...

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