Though the approach is desirable, it is to be focused that the practical implementation of the same is not that easy. As an example, in case of contract costing, there are certain rules that pertain to revenue recognition when a certain percentage of contract work is completed. Determination of the percentage of that would require judgment and hence the elimination of professional prudence cannot be eliminated in rules based accounting too. It is difficult to comprehend each and every transaction and incorporate them in the rules as the business environment is ever evolving and thus, anticipating of all the evolutions is an impractical task. There always remains the scope for finding a key hole in the rules based approach to. On the other hand, principles based approach ensure that certain basic guidelines are being implemented by the managers and presence of powerful institutional machinery to check the validity of application of the same can further lead to consistency in the process. Thus, the authors rightly point out that a mid-way approach is needed in this situation but the use of both accounting rules and principles, along with effective audit mechanisms, would ensure that there is consistency in the application of the same.