How would you approach the implementation and application of new accounting standards?
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How would you approach the implementation and application of new accounting standards?
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- Between Principles- Based and Rules-Based Accounting Standards, which would you use and do you think that this is the right way to create accounting standards?Outline the technical benefits of a conceptual framework. What problems could occur if accounting standards were set without a conceptual framework?What are some of the costs of providing accounting information? What are some of the benefits of accounting information? Describe the cost-benefit factors that should be considered when new accounting standards are beingproposed.