Advanced Financial Reporting and Theory
Research on Critically assess how the use of principles-based standards will aid effective standard-setting by the IASB, and aid decision-usefulness for stakeholders Therefore I am looking for around 2000 words answer for the below questions I have:
1) Critically assess how the use of principles-based standards will aid effective standard-setting by the IASB, and aid decision-usefulness for stakeholders.
2) Who is the accounting standard board in UK? What are their objectives?
3) Who is the accounting standard board in US? What are their objectives?
4) Expalin in detail the difference between the rules v principles debate, please provide generalised theoretical argument, with examples, about the rules v principles debate.
5) Critically debate the arguments of rules and principles, rather than a conclusion either way as to whether UK are moving towards or away from a rule or principle-based approach.
6) Critically debate whether the UK (via the IASB) is now moving back to a principles-based approach, after a spell at the beginning of the ASB's period of office where rules were definitely in (FRS1, for example).
7) Debate whether the US definitely has a rule-based approach at the moment, but has tasked a group to consider a possible move to principles-based standards. Whether the current convergence project between the FASB and the IASB is the result of this.
From the point of view of the link to accounting theory, you should consider the perspective of the standard-setters, their Worldview, Concepts, Assumptions, Assertions, Implications and Consequences.