By William Sinnett, Financial Executives Research Foundation
This informative Q&A sort file summarizes the problems and implications surrounding the potential for an industry-wide swap in accounting criteria from a spotlight on specified ideas to a specialise in wide rules. specialists from rate WaterhouseCoopers (PwC) and the monetary Accounting criteria Board (FASB) solution thought-provoking questions on the influence of principles-based accounting criteria at the total.
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Extra info for Accounting Standards: Are We Ready for Principles-Based Guidelines
The processing power and storage capabilities of the microcomputer continue to improve, while the hardware costs continue to decrease—making microcomputer-based tools increasingly viable. Modern audit software is more powerful and much easier to use than the mainframe software of ten years ago. As a result, auditors can make effective use of these tools with a limited investment in training. It is possible to equip a stand-alone microcomputer with audit software for under $2,000, and the required hardware and additional useful software for between $2,000 and $3,000.
The comparative picture of the audit entity, over years, helps to identify trends that would not be visible by examining the detailed transactions or by considering only one year of data. For instance, it is relatively easy to see that the average salary cost per person in the personnel department has decreased over the past three years, while the average salary cost per employee in the marketing department has increased significantly. A report of this type would also highlight any anomalies, such as an invalid department, or unreasonable conditions, such as unexplained, overly large increases from one year to the next for a given department.
In response to the Auditape System, many accounting, auditing, and software firms developed audit software packages that supported parallel simulation within computer families and against limited file and data types. This proliferation of audit software and the overwhelming variety of data and file types to be audited led to the design of a generalized Audit Command Language (ACL), the implementation of several prototypes, and repeated calls for joint implementation efforts by all concerned. In the late 1980s and early 1990s, the advent and proliferation of end user computing and the birth of the microcomputer became a major driving force in the computing world.
Accounting Standards: Are We Ready for Principles-Based Guidelines by William Sinnett, Financial Executives Research Foundation