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

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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?

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