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The concept of universalizability was set out by the 18th-century German philosopher Immanuel Kant as part of his work Groundwork of the Metaphysics of Morals.It is part of the first formulation of his categorical imperative, which states that the only morally acceptable maxims of our actions are those that could rationally be willed to be universal law.
Materiality principle: The significance of an item should be considered when it is reported. An item is considered significant when it would affect the decision of a reasonable individual. Consistency principle: The company uses the same accounting principles and methods from period to period.
Accounting Principles Board Opinions, Interpretations and Recommendations were published by the Accounting Principles Board from 1962 to 1973. The board was created by American Institute of Certified Public Accountants (AICPA) in 1959 and was replaced by Financial Accounting Standards Board (FASB) in 1973.
Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting was introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent ...
His principle of universalizability requires that, for an action to be permissible, it must be possible to apply it to all people without a contradiction occurring. Kant's formulation of humanity, the second formulation of the categorical imperative, states that as an end in itself , humans are required never to treat others merely as a means ...
The principle itself does not specify which moral properties these are, so it does not constitute a universalizability test. However it is often considered a necessary feature of any moral truth, and hence is often thought to rule out certain general theories of morality (see meta-ethics ), even if it cannot forbid many particular actions.
This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation.It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.
Management accounting principles (MAP) were developed to serve the core needs of internal management to improve decision support objectives, internal business processes, resource application, customer value, and capacity utilization needed to achieve corporate goals in an optimal manner.