Our panel â Homer Simpson, Henry David Thoreau and Gordon Gekko â completes its discussion of Lehman Brothers and Accounting Rules vs Principles:
Gekko â I'm still in the no harm, no foul camp for accounting that follows the rules â but you have a point- a time honored one. Tomes have been written on the fundamental accounting issue of rules vs principles. If you want to see the fullest expression of rules based accounting â look at tax accounting. Uncles Sam knows the taxpayers will take advantage of broad principles, so he makes a rule for everything then makes another rule...