Question: Consider the statement: The best standards are the ones that eliminate all management discretion in reporting. That way one gets uniform numbers across all companies

Consider the statement: "The best standards are the ones that eliminate all management discretion in reporting. That way one gets uniform numbers across all companies and don't have to worry about doing accounting analysis." Do you agree? Why or why not?

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Financial statements are prepared in accordance with accounting standards These statements are prepared in accordance with general rules and concepts These rules are known as basic accounting principl... View full answer

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