Question: It should be possible to state accounting standards in such a way that they will be useful guides to procedures over a wide area of

It should be possible to state accounting standards in such a way that they will be useful guides to procedures over a wide area of application. . . . Standards, therefore, should not prescribe procedures or rigidly confine practices; rather standards should serve as guideposts to the best in accounting reports. (p. 5-6) Does U.S. GAAP currently meet this ideal? Why or why not? Provide specific examples supporting your assertions

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