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If financial statements conform with accepted rules, the bases for a lawsuit are diminished.
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In addition, principles-based accounting standards allow accountants to apply professional judgment in assessing the substance of a transaction. This approach is substantially different from the underlying “box-ticking†approach common in rules-based accounting standards. FASB Chair Robert Herz has stated that he believes the professionalism of financial statements would be enhanced if accountants are required to utilize their judgment instead of relying on detailed rules...
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Advantages and Disadvantages of Principles-Based Accounting
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