Thursday, September 21, 2006

Accounting precepts

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.
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