RECOMMENDED!!Explain how ‘rules-based’ accounting standards differ from ‘principles-based’ standard

  

Explain how ‘rules-based’ accounting standards differ from
‘principles-based’ standards. How might fundamentally changing accounting
standards from bright-line rules to principle-based standards help prevent
another Enron-like fiasco in the future?
Are there dangers in removing bright-line rules? What
difficulties might be associated with such a change?

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