Private Companies Have Different Users and User Needs Than Public

question 6

Essay

Private companies have different users and user needs than public companies. As a result, many countries have decided to have a separate set of accounting standards that can be followed by private enterprises.
Required:
Describe the five different possible sets of GAAP that a country might adopt for private companies and briefly explain how each might be implemented. Discuss any advantages or disadvantages for these methods.

---

Definitions:

Inscrutability of Reference

The philosophical doctrine that it is inherently difficult to ever know exactly what words refer to, if anything at all.

Quine

A self-referential paradox concerning a sentence that quotes itself to make a statement about its own verifiability or a philosopher, Willard Van Orman Quine, known for his work in logic and philosophy of language.

Universal Statements

Claims or propositions that are meant to apply to all instances of a particular subject matter.

Rationalists

Philosophers or individuals who emphasize reason as the primary source of knowledge and truth over empirical evidence.