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I’m trying to workout an assignment and I need help on some questions :
1) Detail the arguments put forth by proponents of ‘principle based’ standards.
2) What are the reasons for FASB to favor ‘rule’ based standards?
3) Outline under which category do you classify IASB standards and provide reasons (principle or rule based).
4) Why is conceptual framework necessary in financial reporting?
5) Discuss why the IASB felt the need to update the foundations for financial reporting by issuing a revised Conceptual Framework in 2018.None of this is relevant for Paper FM. Financial management is not concerned with financial reporting rules at all.
I suggest that you ask in the Paper FR (financial reporting) forum, although were your questions not dealt with in whatever course of study you are following?
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