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 part of the agreement was that standards of both principle and rule basis were needed.
The term United States is defined in the INA and Part 1626 as the continental United States, Alaska, Hawaii, Puerto Rico, Guam, and the Virgin Islands of the United States.