A distinction was made in the chapter between two types of regulation (a) the refinement and standardization of financial statements and (b) expanded disclosure Why is the distinction important in evaluating the regulation question ...

The Refinement and standardization is probably more aesthetically pleasin ...

A distinction was made in the chapter between two types of regulation: (a) the refinement and standardization

Question:

A distinction was made in the chapter between two types of regulation: (a) the refinement and standardization of and (b) expanded disclosure. Why is the distinction important in evaluating the regulation question?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...