SEC FASB Should the FASB Term Paper

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Also, unlike the broad ethical guidelines provided by other professional organizations, the FASB's standards have been rule-based, as opposed to principle-based which may provide extremely detailed guidelines but also can eliminate the ability of the individual accountant to exercise personal judgments (Herdman 2002). The SEC, in contrast, attempts to provide principle-based guidelines and can back up those guidelines with the force of law.

However, there is still an argument for the existence of the FASB. Rule-based standards certainly have their place in a field as technically detailed as accounting.

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Also, because it is not a legal arm of the government, the FASB can have greater flexibility and sensitivity in setting accounting guidelines, as it is not establishing government policy. Finally, and perhaps most importantly, because it is primarily concerned with accounting, unlike the SEC which has host of other concerns pertaining to the open market and the sale of securities, the FASB can devote itself entirely to the business of examining the implications of GAAP standards.

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