There has been much debate on whether principles-based accounting is more efficient than the popular rules-based accounting.

The Accounting Review, Vol. 81, No. 1 (Jan., 2006), pp. 179-206 (28 pages) This paper examines accounting and nonaccounting factors behind accounting losses over a 50-year period. Using multivariate ...

Financial accounting is the process of recording, summarizing, and reporting the myriad of a company’s transactions to provide an accurate picture of its financial position.