Please identify what accounting standard is the UK and US using at the moment.
Detail describe what is the difference between principle based accounting standard and rules based accounting standard.
What is the US current status/objectives on current convergence project between the FASB and the IASB.

Critically assess how the use of principles-based standards will aid effective standard-setting by the IASB, and aid decision-usefulness for stakeholders.
(Please provide arguments between rules based & principles based accounting standard. I am looking for an exploration of arguments between rules and principles)

Please use accounting theory examples to back up your arguments.
Please consider the perspective of the standard-setters, their worldview, purpose and objectives.
Using the Kolb diagram will really help, and consider how which model is (or should be) being applied -- is it normative, positive etc.?