Question: Standards are based either on principles or rules. a) Explain what is meant by each. b) illustrate the benefits and concerns of each. c) giving

Standards are based either on principles or rules.

  1. a) Explain what is meant by each.
  2. b) illustrate the benefits and concerns of each.
  3. c) giving an example for each.
  4. d) describe the standards set by FASB, IASB and UK GAAP as rule, principles or rule/principles based.

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