Question: Consider the statement: The best standards are the ones that eliminate all management discretion in reporting. That way one gets uniform numbers across all companies

Consider the statement: "The best standards are the ones that eliminate all management discretion in reporting. That way one gets uniform numbers across all companies and don't have to worry about doing accounting analysis." Do you agree? Why or why not?

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Financialstatements are prepared in accordance with accounting standards Thesestatements are prepared in accordance with general rules and concepts Theserules are known as basic accounting principles ... View full answer

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