- What is a principle based approach?
- What is the difference between rules based and principle based governance?
- What is outcome based regulation?
- What are the 3 golden rules?
- What are the principles of good regulation?
- Is IFRS principle based?
- Which is the best example of rule based approach?
- What is the rule based approach to ethics?
- What are the 4 main objectives of the FCA?
- What are the TCF principles?
- What are the 4 principles of GAAP?
- What is the basic principle of accounting?
- What is an outcomes based approach?
- What are the 5 basic accounting principles?
- What are principle based ethics?
- What are the 5 principles of better regulation?
What is a principle based approach?
A principles-based approach seeks to set principles that specify the intention of regulation, rather than set rules detailing requirements of a financial institution..
What is the difference between rules based and principle based governance?
A rules-based approach instils the code into law with appropriate penalties for transgression. A principles-based approach requires the company to adhere to the spirit rather than the letter of the code.
What is outcome based regulation?
Outcomes-based regulation represents a different approach. Outcomes-based regulation is a move away from reliance on detailed prescriptive rules, to high level, broadly stated outcomes that must be achieved. … It “levels the playing field” between firms with different risk appetites for rules based regulatory risks.
What are the 3 golden rules?
Debit the receiver and credit the giver. The rule of debiting the receiver and crediting the giver comes into play with personal accounts. … Debit what comes in and credit what goes out. For real accounts, use the second golden rule. … Debit expenses and losses, credit income and gains.
What are the principles of good regulation?
The principles of good regulationEfficiency and economy. … Proportionality. … Sustainable growth. … Consumer responsibility. … Senior management responsibility. … Recognising the differences in the businesses carried on by different regulated persons. … Openness and disclosure. … Transparency.
Is IFRS principle based?
The largest difference between the US GAAP (Generally Accepted Accounting Principles) and IFRS is that IFRS is principle-based while GAAP is rule-based. Rule-based frameworks are more rigid and allow less room for interpretation, while a principle-based framework allows for more flexibility.
Which is the best example of rule based approach?
A classic example of a rule-based system is the domain-specific expert system that uses rules to make deductions or choices. For example, an expert system might help a doctor choose the correct diagnosis based on a cluster of symptoms, or select tactical moves to play a game.
What is the rule based approach to ethics?
An approach to ethics management wherein the morality of an action is judge based on rules. When deviation from the code occurs, the organisation takes corrective action.
What are the 4 main objectives of the FCA?
protect consumers – we secure an appropriate degree of protection for consumers. protect financial markets – we protect and enhance the integrity of the UK financial system. promote competition – we promote effective competition in the interests of consumers.
What are the TCF principles?
The six outcomes of TCF are.1 Culture and Governance. Clients are confident that they are dealing with firms where the fair treatment of customers is central to the firm culture.2 Product Design. … 3 Clear Communication. … 4 Suitable Advice. … 5 Performance and Standards. … 6 Claims, Complaints and Changes.
What are the 4 principles of GAAP?
Understanding GAAP1.) Principle of Regularity.2.) Principle of Consistency.3.) Principle of Sincerity.4.) Principle of Permanence of Methods.5.) Principle of Non-Compensation.6.) Principle of Prudence.7.) Principle of Continuity.8.) Principle of Periodicity.More items…•
What is the basic principle of accounting?
GAAP attempts to standardize and regulate the definitions, assumptions, and methods used in accounting. There are a number of principles, but some of the most notable include the revenue recognition principle, matching principle, materiality principle, and consistency principle.
What is an outcomes based approach?
The outcomes-based approach is completely student-centred, which focuses on what students know and can actually do. Sharpening the focus onto student learning outcomes goes beyond mere tinkering with traditional structures and methods; it really constitutes a paradigm shift in educational philosophy and practice.
What are the 5 basic accounting principles?
These five basic principles form the foundation of modern accounting practices.The Revenue Principle. Image via Flickr by LendingMemo. … The Expense Principle. … The Matching Principle. … The Cost Principle. … The Objectivity Principle.
What are principle based ethics?
An approach to ethics that focuses on theories of the importance of general principles such as respect for autonomy, beneficence/nonmaleficence, and justice. …
What are the 5 principles of better regulation?
The 2005 report by the then Better Regulation Task Force (the former, independent advisory body to the government), “Less is More: Reducing Burdens, Improving Outcomes”, confirmed the five principles of good regulation developed by the Better Regulation Task Force: proportionality; accountability; consistency; …