It is concluded that financial accounting procedures are much more effective and completed rapidly with the use of principle base standards rather than rule based standards. The financial statements prepared with application of principle based standards are much more transparent and reliable for users of these statements.
The regulatory bodies can save much valuable time by applying principle based approach as guidelines, concepts and general principles would be applied instead of specific rules and regulations. The interpretation of principle based standards would be much easier and would also save significant amount of time for accountants as they would interpret these standards quite easily and apply their personal judgment to complete the process of accounting and prepare financial statements.
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