9 PROJECT Medule 5- Principle Based and Rules Based Accounting You have looked at the FASB and TASB on several issues. You will now look at Rales and Principle Based Accounting. I have assisted you in your research efforts by providing some reading materials to assist you for this project, which would be posted on Blackboard. Compare and contrast the two. Consider the pros and cons of each. Sepport your statements with reasons, examples and reference to scholarly literature. Define rale based and principle based accounting. Explained pros and cons of principle based and rule based accounting. Compare principle based and rule based accounting giving reason, examples and scholar references What is the FASB position to move from rules based accounting to principle based What is the AICPA position to move from rules based accounting to principle based What is the SEC position to moved from rules based to principle based accounting