The Australian reported that one of Australia's top accountancy firms said that company annual reports have become too long and it wants trimmed. Representatives of the firm said that IFRSs had complicated accounting-for reporting financial instruments alone, there was more than 300 pages of rules, and guidance that did not exist under 'the old rules'. Are IFRSs rules-based or principles-based? If IFRSs are principles-based, why do you think the standard focusing on financial instruments is accompanied by 300 pages of rules and guidance? Do you think that the existence of such lengthy guidance notes is what was referring to when he commented on the tension between a principles-based interpretation of IFRSs and a rules-based interpretation