‘The Accounting Standards Board (ASB) should spend less time on developing a vague set of principles and more time on specifying clear accounting practices.’ To what extent do you agree with this statement?

As in the self-assessment question for Chapter 1, you should Justify your response and construct your answer as an essay of 300 to 500 words, or as comprehensive notes for such an essay. Again, we have provided feedback as a list of points that you should have covered.