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Principles based vs rules based

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBL Exams › Principles based vs rules based

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Ken Garrett.
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  • November 7, 2021 at 6:06 pm #640181
    nicole321
    Member
    • Topics: 4
    • Replies: 0
    • ☆

    Can rules based and principles approach to corporate governance be governed by the same code/law – which then means that the difference between the 2 is consequence/action of failure to comply?

    Or is the rules based governed by law whereas principles based governed by codes set by professional bodies?

    November 7, 2021 at 6:24 pm #640184
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10194
    • ☆☆☆☆☆

    No, they are very different approaches and are part of the way the rules are framed and implemented.

    In the USA, the rules approach is governed by law, but it could have been governed by the stock exchange/professional bodies. In the UK, the principles based approach is enforced by the Stock Exchange rules, but it could have been enforced by statute.

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