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What are the advantages and disadvantages of a rules-based approach, for example, FASB ASC 840-30 (formerly FAS 13) on capitalization of leases and a principles-based

What are the advantages and disadvantages of a rules-based approach, for example, FASB ASC 840-30 (formerly FAS 13) on capitalization of leases and a principles-based approach, such as IAS 17 accounting for leases?

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