Question One (25 marks) a) During their internship in their third year at Botho University, a student discovered that the company they are attached to is considering purchasing 100% shares of a company in Namibia. They have heard that the accounting standards in Namibia are 'rules based' and that there are significant differences of opinion as to whether 'rules based' standards are superior to principles based' standards. The student feels that from the knowledge they acquired in one of their modules that 'principles based standards have a greater ethical challenge than 'rules based standards. Required: Discuss the philosophy behind 'rules based' and 'principles based accounting standards, setting out the ethical challenges which may be faced by finance managers or accountants if there were a switch in a jurisdiction from rules based' to 'principles based' accounting standards