European Journal of Accounting, Auditing and Finance Research (EJAAFR)

EA Journals


International Financial Reporting Standards: Rules Based Approach or Principles Based Approach (Published)

The reason of the study is to evaluate and converse about the good and in depth approach to develop the IFRS. This study covers the importance of the different approaches to develop the IFRS, the effect of rules whether they  have  some  good  effects on  the development of International  Financial  Reporting Standards (IFRS) or have weaknesses  in this regard.  In opposition to the approach of rules these papers covers the explanation about the approach of principles and their complete and in detail effect on the development of IFRS. This research essay covers-a lot of secondary sources which provides many arguments about the IFRSs . In this study we will discuss the importance of some of the necessary factors to develop the IFRS which are very important for almost all the business. The research covers the details in the favor of each approach and also provides the weaknesses of each approach. The different arguments and discussions made by different writers arc-included in this essay that arc written and discusses by them on different occasions. Each writer has his own arguments in the same situation and gives better guidance to make the conclusion about the approach that is better to develop the IFRS.

Keywords: Approaches, IFRS, Reporting

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