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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 27 / 29

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27

Principles-based standards

What are the effects of detailed guidance?

Increased comparability?

Empirical question:  what is the amount of comparability under the current reporting system?

How much comparability would be lost if the amount of detailed guidance were reduced?

Reduced necessity for professional judgment?

Would the amount and nature of preparer and auditor expertise have to change if the amount of guidance were reduced?

What are the implications for accounting education?

Reduced enforcement and litigation costs?

Enforcement => clear indications of what is expected

Empirical question:  would less detailed guidance lead to       more (or less) litigation?

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