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- Title
A PRESCRIPTION TO RETIRE THE RHETORIC OF "PRINCIPLES-BASED SYSTEMS" IN CORPORATE LAW, SECURITIES REGULATION, AND ACCOUNTING.
- Authors
Cunningham, Lawrence A.
- Abstract
The article examines the misconception about whether complex regulatory systems can be described as either rules-based or principles-based. It relates that excessive use of the terms have increased since the implosion of Enron Corp. and users show an increasing habit of celebrating systems dubbed principles-based and scoring those called rules-based. According to the author, it needs an analysis for the application and interaction of all provisions in order to describe of design systems as principles-based or rules-based.
- Subjects
CORPORATION law; ERRORS; SECURITIES industry laws; BY-laws; ENRON Corp.; PRINCIPLE (Philosophy); INTERACTION (Philosophy); PROVISIONAL application of treaties; ACCOUNTING laws; ECONOMICS
- Publication
Vanderbilt Law Review, 2007, Vol 60, Issue 5, p1411
- ISSN
0042-2533
- Publication type
Article