There was general agreement that (1) a combination of principle-based and rule-based standards would be needed and (2) principle-based accounting rules were not a panacea to solve financial reporting problems.
The first agreement is invalid without the second one being put in place.
mnli hypothesis: The first agreement is invalid without the second one being put in place. premise: There was general agreement that (1) a combination of principle-based and rule-based standards would be needed and (2) principle-based accounting rules were not a panacea to solve financial reporting problems.