X hits on this document

Powerpoint document

A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 28 / 29

64 views

0 shares

0 downloads

0 comments

28 / 29

28

Principles-based standards and the Sarbanes-Oxley Act of 2002

Conjecture about the future

Sarbanes-Oxley Act => opens the door to federal laws (and regulations) that prescribe, in detail, officer and director behavior and responsibilities

Supersede the broad fiduciary duties of loyalty and care and the business judgment rule?

Detailed expectations about behavior => increased demand for unambiguous and comprehensive financial reporting guidance?

FASB attempts to move to “principles-based standards”

Increased ambiguity (and requirements for the exercise of professional judgment) about financial reporting guidance?

Document info
Document views64
Page views64
Page last viewedSat Dec 03 22:23:13 UTC 2016
Pages29
Paragraphs508
Words2564

Comments