In so far as accounting is concerned:
- Principles are set by the accounting industry and oversight committees / agencies (AICPA, SEC, PCAOB, FASB, GASB, etc.)
- Policies are set by the company - usually to deal with iodisynchracies specific to that company or industry.
Difference between Customer Service Standards and Policies and Procedures
The difference between accounting and auditing?"
there is none
muchas cosas
There is one main difference between rules and policies. A policy sets a standard for how things should go. A rule is a steadfast policy that cannot be bent for any reason.
Merit Principles are the "do's" and Prohibited Practices are the "don'ts"
The difference between objectives and policies is that one is deciding what to do something and one is deciding how to do something. An objective is something you aim for and the way to get it. A policy is in place in a company or government to tell employees how to do something.
Platform
what is definition of inventory? what is the difference between inventory and asset?
What risk? Assumed by who?
Local policies are the policies that are made for the welfare of the city or county. State policies are made for the people of an entire state. The main difference is that an activity may be legal on the state level, but illegal in a locality.
Going against accepted principles or policies may be justified when those principles or policies are unethical, harmful, or illegal. It may also be justified when circumstances have significantly changed, making the existing principles or policies no longer relevant or effective. Additionally, if following the principles or policies would result in greater harm than deviating from them, it may be justifiable to do so.