Ron Stewart is an accounting major at the University of Technology, Jamaica. He is completing a project relating to the Regulatory Framework for Financial Reporting. Ron Stewart has been reading about the regulatory framework but is uncertain of the difference between the principles based and rules-based accounting systems. 

Required:

Explain the two systems to Ron Stewart, clearing highlighting the advantages and disadvantages of both systems.

Answer rating: 100% (QA)

The two main accounting systems are the principlesbased and the rulesbased accounting systems The pr... View the full answer