But We Need Only One Accounting Standard -- Fairness (Discussion Case 1-21 from the text)

In the 1970s, a leader in the accounting profession proposed that there really needed to be only one underlying standard to govern the establishment of generally accepted accounting principles. That standard was identified as fairness. Financial statements should be prepared so that they are fair to all users: management, labor, investors, and creditors. As changes occur in society, financial reporting should change to fairly reflect each user's needs. Because the financial statements are the responsibility of management, such a standard would require management to determine what reporting methods would be fair. What advantages do you see to this proposal? What would be managment's most serious problem in applying a fairness standard?