12. If you had to explain or define "generally accepted accounting principles or standards," what essential char- acteristics would you include in your explanation? 13. In what ways was it felt that the pronouncements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Accounting Principles Board? 14. How are FASB preliminary views and FASB exposure drafts related to FASB "statements"? 15. Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts. 16. What is Rule 203 of the Code of Professional Conduct? 17. The chair of the FASB at one time noted that "the flow of standards can only be slowed if (1) producers focus less on quarterly earnings per share and tax benefits and more on quality products, and (2) accoun- tants and lawyers rely less on rules and law and more on professional judgment and conduct." Explain his comment 18. Explain the role of the Emerging Issues Task Force in establishing generally accepted accounting principles