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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 26 / 29

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Principles-based standards

Discussion paper available at FASB’s website (fasb.org)

SEC report available at SEC website (sec.gov)

Report refers to “objectives-oriented standards”

What would principles-based standards imply?

No scope exceptions?

Example:   SFAS 133 provides for nine exceptions

Example:   Some industries (e.g., insurance) have specific guidance, and are often exempted from standards that would otherwise apply

No treatment alternatives?

Examples:   SFAS 115 (marketable securities), SFAS 95 (statement of cash flows), SFAS 123 (stock compensation)

Limited (or even no) implementation guidance?

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