Thursday, September 21, 2006
These are the 11 Precepts of the IASB and the FASB, which I've picked up during a recent meeting. They are very reasonable and appear applicable beyond accounting.
Concentrate on converging and fixing what's broken. Reason from "first principles". Don't confuse concepts with conventions. Focus on the underlying real-world economic phenomena. Weigh alternatives comprehensively and evenhandedly. Press naysayers for better alternatives. Be clear what the concepts mean - and don't mean. Resist the temptation to "peek ahead". Remember the consequences of diverging. Acknowledge that changing thinking will take time. Don't "Paper Over" Real Differences.