How Principles-Based Accounting Standards Impact Litigation

Law360, New York (February 22, 2016, 10:39 AM EST) -- Adoria Lim

Chi Cheng The Financial Accounting Standards Board recently approved the final drafting of a new accounting standard that will likely bring a greater amount of lease assets and liabilities onto company balance sheets.[1] This standard, expected to be released any day now, is one in a series of new accounting standards designed to bring U.S. Generally Accepted Accounting Principles, generally considered "rules-based," closer to more "principles-based" International Financial Reporting Standards (IFRS). There have been heated debates as to whether a move to more principles-based standards will lead to improved financial reporting, including a stern warning by U.S. Sen. Carl...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!