Generally, an opportunity to propose a different GAAP should mean to alter the existing methodology other than completely altering the whole GAAP and it might take the following criteria: i. The method to be used must be efficient, expeditious and responsive. ii. The method must be free of bias and be above or segregated from pressure groups. iii. If it happens that the method does not have any legislative authority, it must command a widespread support.
Work Step by Step
Additionally to the above stated criteria, is the fact that the method must not only produce sound but also practical accounting principles or rather standards.