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4 Cards in this Set
- Front
- Back
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Professionalism versus Statutory Control
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a preference for the exercise of individual professional judgment and the maintenance of professional self-regulation as opposed to compliance with prescriptive legal requirements and statutory control.
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Uniformity versus Flexibility
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a preference for the enforcement of uniform accounting practices between companies and for the consistent use of such practices over time as opposed to flexibility in accordance with the perceived circumstances of individual companies.
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Conservatism versus Optimism
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a preference for a cautious approach to measurement so as to cope with the uncertainty of future events as opposed to a more optimistic, laissez-faire, risk-taking approach.
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Secrecy versus Transparency
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a preference for confidentiality and the restriction
of disclosure of information about the business only to those who are closely involved with its management and financing as opposed to a more transparent, open, and publicly accountable approach. |
