Introduction for case

Introduction
Some people in Europe utilised the opportunity to make a point that their principles-based approach to developing accounting standards is superior to your rules-based approach after hearing about the scams at WorldCom and Enron in the United States. Many Americans have begun to look more closely at the principles-based method used by the European Community, which may have loopholes that make it relatively simple to avoid the laws but depends less on clear-cut regulations to establish standards than is the case in the United...