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| Author: | Dennis, I. |
| Title: | A conceptual enquiry into the concept of a 'principles-based' accounting standard |
| Journal: | British Accounting Review
2008 : SEP, VOL. 40:3, p. 260-271 |
| Index terms: | accounting standards languages |
| Freeterms: | concepts |
| Language: | eng |
| Abstract: | In the post-Enron environment, there seems to be broad agreement that 'principles', or 'principles-based' accounting standards (here as: acc-stds.), would provide a solution to poor financial reporting problem. This paper deals with whether the SEC has succeeded in resolving the problems arising from the wide variety of views on the meaning of the term 'principles-based'. A conceptual enquiry into the meaning of this expression as it is used by the SEC performed. It is argued that the SEC is not explicit in identifying the kind of explanation of the expression 'principles-based' and, thus, the kind of concept that it expresses. Furthermore, the usefulness of different kinds of explanations of the concept in the context of the debate about the kind of acc-stds. that should be enforced by standard setters in an evaluative conceptual enquiry is examined. |
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