Assignment Task: You are required to discuss your point of view for the following questions:
Question 1: What is the difference between principles-based and rules-based accounting standards?
Question 2: Can any single set of accounting standards really be purely principles-based or purely rules- based?
Question 3: What are the alleged advantages and disadvantages of principles-based and rules-based accounting standards?
Question 4: Which type of accounting standards do you think is better? Provide reasons for your choice
Case Study: Bankers: Fair value is like throwing gasoline on a fire
Claiming a mixed attribute accounting model provides a better picture of a company's business and earnings engine, bank trade groups blast full fair value By Marie Leone
Required:
Based on material presented in this article, compare and contrast views about the fair value measurement model and the mixed attribute measurement model.
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Attachment:- AccountingTheory.rar