Historically, the FASB has tended to issue very precise rules on how businesses must account for particular transactions. The IASB has instead tended to decide on general principles to be followed, and has expected accountants and businesses to use their judgment in applying the principles. This difference has been referred to as the debate over rules versus principles. Explain whether you think that, in general, the use of specific rules that all companies must follow would be better, or worse, than setting general principles with regard to the following criteria of information:

A. Predictive value B. Neutrality C. Comparability across companies D. Low cost of producing information E. Understandability F. Verifiability