Drawbacks to a principles-based approach to standards setting.  A lack of precise guidelines could create inconsistencies in the application of stand
{"Image DocumentName": "Drawbacks to a principles-based approach to standards setting.", "Image ImageDescription": "A lack of precise guidelines could create inconsistencies in the application of standards across organizations. For example, companies are required to recognize both an expense and a liability for a contingent liability that is probable and estimable. On the other hand, a contingent liability that is reasonably possible is only reported in the footnotes. With no precise guidelines, how should companies determine if liabilities are probable or only reasonably possible?", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}