Explain how principle-based accounting will facilitate the development of uniform accounting standards worldwide.

a) You have studied principle based and rule-based accounting. Consider the pros and cons of each. Compare and contrast the two. Support your statements with reasons and references to scholarly literature.

b) Research the transition from rule-based accounting to principle-based accounting.

 Research theoretical discussions and summarize the current positions on the issue.

 Find two examples where the transition is occurring at present.

 Choose an industry where the transition is complete. Describe and explain the effects of the changes on the industry.

 Explain how principle-based accounting will facilitate the development of uniform accounting standards worldwide.

Develop a five to seven-slide PowerPoint. Write a detailed analysis including citation in speaker notes.