Sunday, October 22, 2006

Rules or principles: Is it time to throw out the rule books?


A fortnight ago, many of the great and the good of UK accountancy gathered in London to debate the feasibility of a global adoption of principles-based accounting standards.

Custodians of financial integrity are but the latest to add their voices to a growing clamour for regulators of many kinds to publish a simple set of guiding principles, in place of today’s voluminous rule-books.

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