ACC307 Accounting Theory

Task:

Theoretical Question 

Students are required to discuss all of the below questions. A reference list is compulsory. 

You are required to discuss your point of view for the following questions:

a) What is the difference between principles-based and rules-based accounting standards?

b) Can any single set of accounting standards really be purely principles-based or purely rules- based?

c) What are the alleged advantages and disadvantages of principles-based and rules-based accounting standards?

d) Which type of accounting standards do you think is better? Provide reasons for your choice

Required:

Based on material presented in this article, compare and contrast views about the fair value measurement model and the mixed attribute measurement model.