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...

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