indicates
that they exhibit a mix of principles- and rules-based
features. Sixteen of the 19 standards are substantively
based on definitions of assets and liabilities (two of the income-
based accounting standards were from the early
1980s). Only three of the 19 contain bright-line criteria
for application of the standard consistent with principlebased
accounting standards. Two of the three dealt with
control issues (50% ownership) and the other with pension
accounting. Considering only the asset/liability-based approach
and the limitation of bright lines, the FASB has been
producing objective-based accounting standards.