by Wanda A. Wallace

The Sarbanes-Oxley Act of 2002 (July 30, 2002 H.R. 3763) has as Section 108 a provision that the Securities and Exchange Commission "conduct a study on the adoption by the United States financial reporting system of a principles-based accounting system." The question is whether a principles-based system is intended to be parallel to substance, in contrast to a rules-based system being parallel to form.

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