Within a command-and-control regulatory program, performance-based standards may offer advantages over standards specifying design, behavior, or manner of compliance.
But it is a sign of how far the political ground has shifted that Mr. King also suggested governments could be more explicit in specifying the time over which high inflation be bought back to target.
The confrontation between the accounting profession and its critics has two distinct but related rounds: Round One is over accounting principles--the rules specifying acceptable methods of measuring company finances.