Does 'However, some participants cautioned that principle-based standards should not be viewed as a panacea to solve the problems with financial reporting and could lead to an undesirable situation where you would not have comparability or agreement as to the treatment of similar transactions.' stand in direct opposition to the premise ' some participants cautioned that principle-based standards should not be taken lightly'
However, some participants cautioned that principle-based standards should not be viewed as a panacea to solve the problems with financial reporting and could lead to an undesirable situation where you would not have comparability or agreement as to the treatment of similar transactions.### some participants cautioned that principle-based standards should not be taken lightly