(3 points) Katherine Schippers PowerPoint presentation discussed the controversy of rule-based versus principle-based accounting standards (At…

(3 points) Katherine Schipper”s PowerPoint presentation discussed the controversy of rule-based versus principle-based accounting standards (At the same time, the U.S. Congress, through the Sarbanes-Oxley Act, directed the SEC to study the feasibility of moving to Principle-based standards). This creates an issue regarding standard setting. Specifically, (1) what is the standard setting issue?