Yes, I'm listening to a podcast discussing the relative merits of principles-based vs. rules-based accounting standards.
Bad life choices, I guess.
Rules-based: rules exist to be gamed
Principles-based: requires carefully constructed enforcement regime
A principles-based standard strikes me as a rules-based standard without clearly enunciated rules.
@emdeesee Isn't Metafilter moderation essentially principles-based?
@RexfordGTugwell Yeah, you're right.
I guess I think of financial data as being less ambiguous and open to interpretation than posts on metafilter, and therefore more amenable to clearly stated rules. (With the understanding stated above that rules are game-able in a different way from standards enforcing moderated, who, IMHO, are also game-able.)
@RexfordGTugwell IANAAccountant
