CIMA F1 Syllabus A. Regulatory Environment Of Financial Reporting - Rules or Principles - Notes
CIMA ethics code is based on principles
Advantages of using Principles
Makes the user think about ethics rather than just a list of rules
Stops people finding loop-holes to the laws
Can be used in many situations
Can contain certain rules where principles are not enough
Shows the minimum standards
Disadvantages of using Principles
Needs a very good understanding of the principles
Doesn't take into account regional and cultural differences
Difficult to legally enforce
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Syllabus A. Regulatory Environment Of Financial Reporting
A2. Corporate Governance
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Syllabus A. Regulatory Environment Of Financial Reporting
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