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5. Some people in the accounting profession claim that IFRS

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5. Some people in the accounting profession claim that IFRS is more Principle-based relative to U.S. GAAP, which is thought to be more Rule-based accounting standards. What is the difference between a rule-based and a principle-based system? If IFRS is really a more principles-based system, do you think this will be beneficial to users and practitioners in the Saudi Arabia if we move to IFRS, Why? Why NOT
Submitted: 9 months ago.
Category: Single Problem
Expert:  Barbara replied 9 months ago.

Welcome. My name is XXXXX XXXXX I would be happy to assist you with your question/problem.

 

Please advise your deadline and number of words/pages.

 

Thank you and best regards,

Barb

Customer: replied 9 months ago.

thank you very much in responding my dead line is within 12 hours from now and i just only need around one double space page .


 


 


best regards


 


ahmad

Expert:  Barbara replied 9 months ago.

Hi, Ahmad.

 

I apologize, but I will not be able to meet your deadline at this time.

 

Thank you and best regards,

Barb

Customer: replied 9 months ago.

it is fine , thank you for trying to help

Expert:  Alex replied 9 months ago.
Hi, if you still need this let me know. I can finish it for you in about an hour and have it ready this evening.

Please respond and let me know either way.

Thanks
Alex
Customer: replied 9 months ago.
yes please do it for me i still need it i need
Expert:  Alex replied 9 months ago.
Ok. No problem. I only work evening so just seeing this. I can have it at 9 PM CST tonight if you still need it. Let me know.

Thanks
Alex
Customer: replied 9 months ago.

yes I need it my due date is after 12 hours

Expert:  Alex replied 9 months ago.
Your answer is ready and is just over a page long. You can download it here as a word doc or you can copy the content directly from below. Your answer is 100% original. Please remember to rate my answer as I am only compensated when you provide a positive rating. Sorry about the back and forth it looks like we are online at different times.

http://ge.tt/8HynfRu/v/0

​There is a significant difference in rule based and principles based accounting systems. While the difference is somewhat subtle it is clear and provides for a distinction in terms of what is being reported. In looking at any rule based system the overreaching goal is to ensure that when preparing financial documents and statements everything is done according to a predefined set of rules. By using rules-based accounting accounts can ensure that they are reporting the financials according to guaranteed rule that will stand up in court and can be regarded as being justifiable as when following the rule-based approach they report the correct financial amounts. A more principles based approach doesn’t necessarily have a strict adherence to rules based reporting as the principle of the reporting is more important than the rules used to create the financial statements. In essence the goal is to provide a comparable framework such that companies can be compared against one another for the purpose of investments. While a rule is focused around adherence a principle is focused around the goal of what the financial statements provide.
​A move to IFRS would be significant as it would allow US companies to be compared alongside those countries in Saudi Arabia and other places that already use the IFRS standards. Currently most of the EU and several other Eastern countries use such standards in an attempt to have an internationally recognized for of accounting standards that is both rule and principle based providing an approach that allows all organizations to be compared against one another which makes financial statements internationally more recognized in terms of being valid. By having a single standard system it also allows for individuals to benefit from the single standards of knowing one system without having to do comparisons between two different ones which may leave room for interpretation and subjectivity.

Thanks
Alex
Expert:  Alex replied 9 months ago.
Hi, please remember to rate my answer. I am only paid when you provide a positive rating based on the amount of your deposit with JustAnswer.

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Alex
Alex, Bachelor's Degree
Category: Single Problem
Satisfied Customers: 2586
Experience: BS in Business Administration. Able to assist with business related homework.
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