Sample Term Paper
The principles based approach for setting standards applies the concepts and principles of accounting to standards rather than rigid rules. The standards issued under this approach are quite easy to understand as the basic principles of accounting would be applied to formulate standards.
The adoption of standards based on principles would provide guidance and concepts on a more general basis rather than a specific one to allow accountants to apply their own judgment and discretion in evaluating assets, liabilities and other components of financial statements and preparing financial statements with more transparent and reliable disclosures of values. The flexibility and general nature of these standards is not only useful in application of these standards to various companies or industries but also in analyzing and evaluating valuation problems in contemporary accounting issues of recent times. The standards under this approach provide general guidelines for accountants who can use these guidelines and implement their own judgment for valuation of assets and liabilities and prepare financial statements based on underlying principles (Ng 2004).
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