Will principle based accounting improve financial reporting?

In a recent article at The Vancouver Sun, they look at Canada's current switch of public companies to the IFRS accounting system. They believe that the standards are important, but one must also consider the quality of the accounting and financial statements that are in use. They did a study and found out that a principle based approach to accounting can improve the reporting, but the auditors must also have a principle based approach to auditing as well. Read the full article to see how they found that accounting was affected by the different approaches.