Section B 1 compulsory question (25 marks) Please write your explanation and show your reasoning on the paper provided Question 6 Unethical accounting practices enabled companies like Enron to bilk investors out of huge sums of money. In response, Congress passed the Sarbones-Oxley Act of 2002 to authorize the Securities and Exchange Commission to explore reforms to rules-based accounting systems. While debate continues about the best approach to accounting standards more than a decade later, accountants generally support a trend toward incorporating principles-based accounting into accounting standards for businesses. Required: State the pros and cons of each approach through explaining the meaning and rational beyond each of them by using Enron case study to contextualise this debate