This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Financial Times urges US move to 'principles-based' standards

  • News default Image

28 Jun 2002

In an editorial titled 'The World After WorldCom', the Financial Times 27 June 2002 said: It is time for US accounting standards to move away from prescriptive rule-making towards the alternative used in many other countries, which focuses on 'substance over form'.

US regulators have been suspicious of principles-based standards drafted by the International Accounting Standards Board, arguing that the US approach is superior. As the list of US accounting scandals mounts, it is hard to maintain such a position.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.