IASB member discusses principle-based accounting
21 Jun, 2016
In an article published by Compliance Week, IASB member Gary Kabureck discusses keys to a successful principle-based approach.
Mr Kabureck focused on the following key aspects:
- The importance of a robust conceptual framework.
- An understanding that rules will not be able to cover all situations.
- Use of reasonable judgement in the decision making process.
- Comparability in the application in accounting rules and the benefit to primary users of financial statements.
For more information, see the article on the IASB’s Web site.