Rules based vs. Principle based accounting principles

Rules based vs. Principle based accounting principles

Provide a 3 page paper comparing and contrasting rules based versus principle based accounting standards. You can use the following study and response by the SEC and FASB as well as additional research. In the paper, identify where bright lines currently exist in the statement of financial position, and areas in which we might expect revisions in the future. Must be in a Word file.

https://www.iasplus.com/en/binary/usa/0602fasboffbalsheet.pdf

SEC study:
https://www.sec.gov/news/studies/principlesbasedstand.htm