Looks like "bright-line rules" are the opposite of "principles-based standards"The same issue has been discussed in terms of accounting standards for publicly traded corporations:
"During his time as SEC chief accountant, Robert K. Herdman captured concerns with recent standard setting before a congressional subcommittee: “[E]xtremely detailed rules that attempt to contemplate virtually every application of the standard … encourage a check-the-box mentality to financial reporting that eliminates judgments.”
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"the quest for
bright-line accounting rules has shifted the goal of professional judgment from consideration of the best accounting treatment to concern for parsing the letter of the rule."
http://snipurl.com/g0cx
