Take the following as truth: However, some participants cautioned that principle-based standards should not be viewed as a panacea to solve the problems with financial reporting and could lead to an undesirable situation where you would not have comparability or agreement as to the treatment of similar transactions.
Then the following statement: " some participants cautioned that principle-based standards should be viewed as a panacea to solve the problems " is true, false, or inconclusive?
Answer: False