Question: Explain the difference between a rules-based and principles-based approach to accounting standard setting. Which model do you think helps to better present financial position, results

Explain the difference between a rules-based and principles-based approach to accounting standard setting. Which model do you think helps to better present financial position, results of operations, and changes in cash flows? Why?

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To address this question lets break down the main differences between rulesbased and principlesbased approaches to accounting standard setting followed by an evaluation of which model might provide a ... View full answer

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